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Prorate Date - Half year convention - Change in Fiscal Calendar

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in Assets 2 comments


Change in fiscal year impacts converted assets with Half-Year convention.

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We onboarded a new market and the Assets were converted to our current organization.

Both systems use the Half-Year Prorate convention.

The former market fiscal year was Jul-Jun, but the new market is Jan-Dec. This change in fiscal year impacted the system depreciation calculation.

Because the system does not allow us to manually change the Prorate Date, we are not sure how to correct the issue. We do not want to change the In-Service date.

An example: Assets that would have fully retired by December generated 6 months of depreciation expense in June.

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