What is ment by prorate convention?
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Answer Posted / kranthioracle
fiscal year - according to dictionary definition any
accounting peroid consisting of 12 months is fiscal year.
where as in assets while defining fiscal year we are just
mentioning the start and end period.
depreciation calender - determines the number of accounting
periods in the fiscal year ex- jan, feb, mar.
prorate calender/ convention - This determines over how
many periods
to spread the annual depreciation amount (or) else in
simple terms it specifies when an asset should be
depreciated.
Ex: purchased an assest on jan
and specified prorate date as mar, in this case the
system will run depreciation in the month on mar.
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