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How does monthly prorate calendar works with daily prorate convention?

in Assets 6 comments

Summary:

We have allocated monthly prorate calendar in asset book and while adding Assets using daily prorate convention. We noticed that system does not prorate depreciation in the 1st period. It takes the full month depreciation in the 1st period even when the Asset was added in the middle of the month of the 1st period. Please refer screenshots attached.

We have also tested by allocating daily prorate calendar and using daily prorate convention and in this case the system does prorates, however, it does not matches with the calculation which is being done in our existing legcay system i.e. Peoplesoft. Our business wants to maintain financial consistency accross Oracle and PeopleSoft, reason why we are looking for a solution. Please refer depreciation calculation example showing difference between the calculation of Oracle and Peoplesoft:

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