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- Description – When creating a new asset, enter a description for the asset. The description may be up to 30 characters long. When reviewing or editing an existing asset, the description of that asset will display automatically.
- Long Description – For a new asset, enter a long description for the asset. The description may be up to 60 characters long. When reviewing or editing an existing asset, the long description for that asset will display automatically.
The Master Tab
The Master tab is the first of the 14 tabs in the Asset Master Maintenance screen. When reviewing or editing an existing asset, the information in this tab will display automatically.
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- Full Month Convention: Take a full month depreciation in the month of acquisition and nothing in the month of disposal (FM).
- Next Month Convention: Take a full month depreciation following acquisition, but take nothing in the month of acquisition or the month of disposal (NM).
- No Convention: Do not invoke any prorate convention on acquisition or disposal (NA).
Depreciation Formula Examples
The following example illustrates the use of the depreciation formula:
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Allocation of depreciation expense calculated using Composite Rate depreciation is based on information associated with each item within the group. Generally this would be asset department/cost center or location information.
Allocation of Depreciation Expense
Depreciation expense is allocated based on the cost center to which the individual item is assigned.
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