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Non calendar month accounting periods-impact on depreciation calculation
HI There
I have a scenario where the accounting periods used by a business are not equal to calendar month.
Instead, an accounting period varies and uses the 4-4-5 set up.
Is there a way to set up a diminishing value depreciation method for this?
At the moment, the depreciation formula used for most assets is is:
Prior year net book value*(depreciation rate/12).
This will calculate depreciation evenly however.
Thanks
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