What is best practice to change the life of an asset mid year to avoid recalc (refer below for ?)
Concept: Considering changing the life of a number of assets that are currently being Depreciated. Verified an asset in our test environment (the period was for September 2023) by changing the life from 5 years to 10 years and expected results were obtained. However, JDE re-calculated the asset as if it was a 10 year asset from January through August. It is a very expensive piece of equipment which caused a very significate reduction in expense for this one asset in September. This created a very large reduction of depreciation expense for the company which we don’t want to happen.
1) Is there a way to change the life of a current asset in the middle of the year without the re-calculation starting with the first month of the year?