What is ment by prorate convention?
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Answer Posted / abhishek rai
The prorate calendar determines the number of prorate
periods in your
fiscal year. The depreciation program uses the prorate
calendar to
determine prorate period, which is used to determine the
annual
depreciation amount.
The prorate convention determines how much depreciation to
take in the
first and last year of an asset's life based on when you
place the asset in
service. Your tax department chooses the prorate
convention. The prorate
calendar and convention must be setup before adding the
assets. If you
retire an asset before it is fully reserved, the retirement
convention
determines how much depreciation to take in the period of
retirement. The
prorate convention, the retirement convention and the
depreciation method
work together to determine the depreciation for the first
and last year of an
asset's life. After setting up the prorate convention, you
specify the prorate
convention for each asset on the Books form and the
retirement convention
on the Retirements form in Asset Workbench. See the white
paper - The
Wonderful World of Prorate Conventions, located on
MetaLink, for more
details.
Thanks, Abhishek Rai
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