C-prorate conventions

Prorate and retirement conventions determine how much depreciation expense to take in the first and last year of life, based on when you place the asset in service. Oracle Assets lets you set up as many prorate and retirement conventions as you need.

(N) Setup > asset system > prorate conventions
Convention: Enter a Convention name. Description: enter description name. Fiscal year name: Enter the Fiscal Year Name for which you want to set up this convention. Depreciate when placed in service: Select the Depreciate When Placed in Service check box if you want to start taking depreciation in the accounting period that corresponds to the date placed in service, instead of the period that corresponds to the prorate date.

Note: For assets that use a calculated (straight-line) method, Oracle Assets ignores this option and always starts taking depreciation in the accounting period that corresponds to the prorate date. Another screen shoots down to explain.

Enter date ranges and corresponding prorate dates for assets where the date Placed in service is between the From Date and the To Date.