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Fixed Asset Management Custom Depreciation
Hi There
I am trying to calculate a diminishing value formula for depreciation.
Normally, the formula is
PB*(0.2/12)
where PB=Prior Year Book Value and the depreciation is 20%.
I am trying to migrate assets that are midlife from another system into Netsuite.
As a result, depending on when they were purchased, they might not have a prior year book value. For example, if an asset was purchased in Sep 2020, and the entity's financial year starts in April of each year.
In that scenario, I would use
NBV*(0.2/12)
where NBV=Net Book Value at the date the asset is being migrated.
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