How to Import Fixed Assets from a Spreadsheet into Drake Tax
Use the Form 4562 Import utility. It accepts Excel 97-2003 and Excel 2007/2010 or later, tab delimited, and CSV files, and after import each asset appears on its own 4562 detail screen. Drake publishes blank templates per return type and per tax year, with a header row and date fields formatted as text, and the data has to match that format.
- Download the right template
- Keep the header row and the text date format
- Fill in the asset detail
- Import into the open return
- Review what arrived
- Open the return
- Import
- Form 4562 Import
| Trial balance account | Drake Tax screen and field | Lands on |
|---|---|---|
| Asset list from a prior preparer | Form 4562 Import utility | One 4562 detail screen per asset |
| Accepted file types | Excel 97-2003, Excel 2007/2010 or later, TAB, CSV | Form 4562 |
| Template per return type and year | Downloadable blank workbooks | Form 4562 |
| Date fields | Formatted as text in the template | Date placed in service |
| Beginning accumulated depreciation | Comes with the asset detail, not the trial balance | Schedule L line 10b |
| Exporting the other way | Drake can export the depreciation listing to a spreadsheet | For review or handoff |
Skip the spreadsheet template. Get a Drake ready import file in minutes.
Try it freeHow to Import Fixed Assets from a Spreadsheet into Drake Tax on a trial balance
| Acct # | Account | Debit | Credit |
|---|---|---|---|
| 1000 | Cash | 42,800.00 | |
| 1200 | Accounts receivable | 68,500.00 | |
| 1300 | Inventory | 55,000.00 | |
| 1500 | Equipment | 145,000.00 | |
| 1510 | Accumulated depreciation (the account this page is about) | 47,500.00 | |
| 2000 | Accounts payable | 28,400.00 | |
| 2100 | Accrued expenses | 9,200.00 | |
| 2400 | Notes payable | 92,000.00 | |
| 2450 | Due to shareholder | 15,000.00 | |
| 3000 | Common stock | 10,000.00 | |
| 3900 | Retained earnings | 86,300.00 | |
| 3950 | Shareholder distributions | 52,000.00 | |
| 4000 | Gross receipts | 612,000.00 | |
| 5000 | Cost of goods sold | 318,000.00 | |
| 6000 | Salaries and wages | 88,000.00 | |
| 6050 | Officer compensation | 72,000.00 | |
| 6300 | Depreciation expense | 21,500.00 | |
| 6900 | Other operating expenses | 37,600.00 | |
| Total | 900,400.00 | 900,400.00 |
Example journal entries
| Account | Debit | Credit |
|---|---|---|
| Equipment | 145,000.00 | |
| Accumulated depreciation | 47,500.00 | |
| Opening equity | 97,500.00 |
The one import that genuinely saves an hour
A new business client arrives with a depreciation schedule from the prior preparer: forty assets, each with a cost, a date, a method, a life and accumulated depreciation. Typing those in is the slowest part of a first year engagement.
The Form 4562 Import utility takes that list from a spreadsheet. It accepts Excel 97-2003, Excel 2007/2010 or later, tab delimited and CSV files, and each transaction arrives on its own 4562 detail screen.
Use the template for the right year and return type
Drake publishes blank workbooks per return type and per tax year, and they are not interchangeable: the templates for 2025 differ from those for 2021 to 2024 and from those for 2018 to 2020.
Two details in the template matter more than they look. There is a header row, and the date fields are formatted as text. Reformatting the dates as dates is a common reason an import does not produce what was expected.
What this does not solve
The asset list is not the trial balance. Importing assets gives you Form 4562, the depreciation deduction and the fixed asset lines on Schedule L, and leaves every other account on the trial balance to be entered.
It does solve one specific problem that nothing else solves: beginning accumulated depreciation. That figure is not on the current year trial balance, it is the single most common cause of an out of balance Schedule L, and it arrives with the asset detail.
Going the other way
Drake can also export the depreciation listing to a spreadsheet. That is useful for review, for giving a client a schedule they can read, and for handing a file to another firm without making them retype forty assets.
After the import
Check the asset count and the cost and accumulated depreciation totals against the schedule you started from. Then record disposals properly: an asset deleted from a 4562 screen rather than marked as sold is one of Drake's own listed causes of a balance sheet that will not tie.
Tax return treatment
| Form | Line |
|---|---|
| Form 4562 | Depreciation and amortization, from the imported assets |
| Form 1120S | Schedule L lines 10a and 10b, and page 1 line 14 |
| Form 1065 | Schedule L lines 9a and 9b, and page 1 line 16a |
Common questions
Can I import fixed assets into Drake Tax from Excel?
Yes, with the Form 4562 Import utility. It accepts Excel 97-2003, Excel 2007/2010 or later, tab delimited and CSV files, and each imported asset lands on its own 4562 detail screen.
Why did my asset import not work?
Most often the template. Drake publishes different blank workbooks per return type and per tax year, and the templates include a header row and date fields formatted as text. Changing the date formatting or using a template from the wrong year produces an import that does not match.
Does importing assets solve the beginning balance problem?
For the fixed assets, yes, and that is the most valuable part. Beginning accumulated depreciation does not appear on the current year trial balance and is the most common cause of an out of balance Schedule L, and it comes with the asset detail.
Can Drake export a depreciation schedule to Excel?
Yes. The depreciation listing can be exported to a spreadsheet, which is useful for review, for giving the client something readable, and for handing the file to another firm without them retyping every asset.
Related answers
Go deeper
This page is the short answer. These articles work through the same ground in detail.
Last reviewed October 18, 2026.