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.)

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.
  • Description accepts detailed information about the fixed asset.
  • The Control account field appears only when a custom control account made up of fixed assets exists.

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 Starting Balances in the Settings tab. Click the blue balance figure for the Fixed assets account. Click Edit for the asset you are migrating and enter Purchase cost. Return to the Starting Balances list and click on the blue balance for Fixed assets - accumulated depreciation. Click Edit for the asset you are migrating and enter depreciation to date for the asset you are migrating.

Northwind Traders is migrating its accounting system to Manager. The first fixed asset it migrates is a packaging machine. Following procedures described above, it creates the packaging 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.

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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