Migrate fixed assets from prior accounting system

When migrating to Manager from a prior accounting system, fixed assets must be carried forward at their book values from the previous system. This is accomplished in Manager in two steps:

  • Create the fixed asset.
  • Enter starting balances for purchase cost and accumulated depreciation to date being carried over from your old account system. (Manager will automatically calculate book value.)

These steps can be accomplished separately, or they can be combined into a single operation as the asset is being created. There is no difference in the final results.

Set a start date

Starting balances cannot be entered unless a start date is set. To set a start date, follow procedures in this Guide.

Create the fixed asset

Before you can enter any transaction related to a fixed asset, the fixed asset itself must be created in Manager. If the Fixed Assets tab has not already been enabled, click Customize below the left navigation pane. Check the box for Fixed Assets and click Update below the list:

To migrate a fixed asset, return to the left navigation pane, click Fixed Assets, then New Fixed Asset:

Complete the entry:

  • Item code is an optional alphabetic or numeric designation for the fixed asset.
  • Item name is the name that will appear for the fixed asset in reports and lists.
  • Depreciation rate is the notional annual percentage depreciation rate for the asset. This rate will be used by the Depreciation Calculation Worksheet in the Reports tab to calculate a daily depreciation rate, which will be used in calculations.
  • Description accepts detailed information about the fixed asset.
  • The Control account — At cost field appears only when a custom control account made up of fixed assets exists. Otherwise, the asset is assigned to the Fixed assets, at cost control account by default.
  • The Control account — Accumulated depreciation field appears whenever a custom control account for fixed asset depreciation exists. Otherwise, the asset’s depreciation will be posted to Fixed assets, accumulated depreciation.
  • When the Custom depreciation expense account box is checked, a dropdown field appears that allows you to select any regular expense account for posting current depreciation expenses for the asset. If nothing else is selected, current depreciation for the asset will be posted to Fixed assets - depreciation.

Click Create.

Enter starting balances

Original purchase cost and accumulated depreciation to date from your old accounting system must be entered as starting balances. General procedures for entering starting balances are contained in this Guide. Read it first.

When migrating fixed assets, go to the Fixed Assets tab. Click Edit for the asset you are migrating and enter Acquisition cost and Accumulated depreciation in the Starting balance fields. These amounts should be the closing balances for equivalent figures from your old accounting system.

Northwind Traders is migrating its accounting system to Manager. The first fixed asset it migrates is a packing machine. Following procedures described above, it creates the packing machine as a fixed asset, then enters starting balances:


The fixed asset, with starting balances carried over from your old accounting system, will show under the Fixed Assets tab. The purchase cost of the fixed asset will be combined with any other fixed assets’ costs and displayed under the Assets category on the Summary page. A contra account, Fixed assets, accumulated depreciation, will record depreciation to date for all fixed assets. The difference between the two account balances represents current book value of all fixed assets. Of course, if you assign the cost and accumulated depreciation of an asset to custom control accounts, applicable figures will be summed there, instead.

After migrating its first fixed asset, the packaging machine, Northwind’s fixed asset list and Summary show the results:


When migrating many fixed assets, consider using batch operations to accomplish the steps described above.

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