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Calculation

Apply the mid-quarter convention for assets acquired in prior years

The application automatically determines whether the mid-quarter convention applies and recalculates depreciation when necessary. To include or exclude prior-year assets from the automatic mid-quarter determination and calculation, follow these steps.
  1. Open the following:
    • Open the client and, if necessary, select an activity folder.
    • Open the Asset List window for an activity.
  2. Select the prior-year asset you want then select
    Modify
    .
  3. Select
    Tasks
     then
    Use Mid-Quarter Convention
    .
    The Use Mid-Quarter Convention - Prior Year Assets window opens.
  4. Complete one of the following:
    • Select the
      Calculate MACRS depreciation using mid-quarter convention
      checkbox on the tab for each of the treatments.
    • Select the
      Calculate all treatments using mid-quarter convention
       checkbox. If you select this checkbox, the
      Calculate MACRS depreciation using mid-quarter convention
       checkbox on each treatment tab is marked and not available.
  5. Select
    OK
     to save your changes.
    note
    • When you select to calculate MACRS depreciation using the mid-quarter convention for a specific treatment, that treatment column heading within the Depreciation tab shows in blue.
    • The application also indicates that the asset is being depreciated using the mid-quarter convention by showing the words
      Mid-Quarter Applies
       in blue near the Depreciation tab.

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