What is ment by prorate convention?
Answer Posted / abhishek rai
The prorate calendar determines the number of prorate
periods in your
fiscal year. The depreciation program uses the prorate
calendar to
determine prorate period, which is used to determine the
annual
depreciation amount.
The prorate convention determines how much depreciation to
take in the
first and last year of an asset's life based on when you
place the asset in
service. Your tax department chooses the prorate
convention. The prorate
calendar and convention must be setup before adding the
assets. If you
retire an asset before it is fully reserved, the retirement
convention
determines how much depreciation to take in the period of
retirement. The
prorate convention, the retirement convention and the
depreciation method
work together to determine the depreciation for the first
and last year of an
asset's life. After setting up the prorate convention, you
specify the prorate
convention for each asset on the Books form and the
retirement convention
on the Retirements form in Asset Workbench. See the white
paper - The
Wonderful World of Prorate Conventions, located on
MetaLink, for more
details.
Thanks, Abhishek Rai
Is This Answer Correct ? | 3 Yes | 1 No |
Post New Answer View All Answers
HI, once we create the standard invoice then we can get journal entry item expense a/c-dr to liability a.c then item it will reflect through inventory, but liability a/c . it will reflect from GL , it is possible .
What is gap analysis, how do you defined. What are the pre-requisities?
How to Reconciliation AP to CM ? How to Reconciliation AR to CM ?
Payables Applications Technical Reference Manual
What are the inventory report to check inventory status.
What is the use of mo: security profile, while configure multiorg?
How to refund for a customer who returns goods and wants a refund for $600 in R12 In above scenarios customer does not want Credit Memo or On- Account Credit, he wants refund check . and as we know we do not issue check from AR. How can we issue Check from AP and how offsetting is done for the same in R12
what is the use of hr: security profile, while configure multiorg?
What is meant RD020
Explain about Localization (IND & US ) in Oracle Apps ?
could you please post some work around that any body have done in the financial modules.
What is gap analysis, how do you defined?
How do write a discoverer report to identify zero dollar suppliers/invoices where the supplier is on hold?
Can Adjustments be imported?
how to do customization while doing oracle implementation. what is the role of functional consultant in customization?