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How to switch from Current Month prorate convention to Daily prorate convention? — Cloud Customer Connect
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How to switch from Current Month prorate convention to Daily prorate convention?

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Summary:

How do we switch from Current Month prorate convention to Daily prorate convention?

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One of our customers has implemented Fixed Assets with a prorate convention that starts depreciating the asset at the beginning of the month. They now want to change it to a prorate convention that starts depreciating the asset as from the date placed in service.

Based on the documentation I found online, mainly the whitepaper on prorate conventions, I understand that we need to create a new prorate accounting calendar and a new prorate convention.

However, the prorate calendar is set at asset book level and can't be updated.

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