How to apply Midquarter or Half Year convention in Lite Depreciation

Solution Properties

Solution ID:

222924250017503

Last Modified Date:

Thu Mar 30 18:18:48 UTC 2023

Taxonomy Path:

Category//Payroll and HR//Payroll year end

Author:

sageadmin

How to apply Midquarter or Half Year convention in Lite Depreciation

Description

Cause

The MACRS Convention switch is not available in the Sage Fixed Assets Lite Depreciation, Sage Fixed Assets Lite Depreciation for Sage 50 or Sage 50 Fixed Assets products.

Resolution

[BCB:1:Backup warning:ECB]

To set the Convention to be used:

Go to: File, Edit Company, Book Override tab, under the Mid-quarter row select Half-Year or Mid-Quarter.
- NOTE: When creating new assets, the assets will have the Convention selected on the Book Override tab.
Create a group of current year assets to be switched:
- Use Group Criteria on the Placed In Service for the target year that needs to have the convention changed. (i.e. Tax Book Placed-in Service Date is between 01/01/2017 and 12/31/2017).
Select the group in Asset List view, select the Edit menu, Select ALL to highlight all of those assets.
Go to: Depreciation, select Reset Depreciation:
- Select the appropriate (tax related) books
- Select the Placed-in Service Date
- Put check in Clear MACRS Convention
- Click OK.
Go to Depreciation, Depreciate, The assets will depreciate using the selected convention.

NOTE: In order for an asset to be Mid-quarter it must be an asset that has 3-, 5-, 7-, 10-, 15-, 20-, or 25-year MACRS Personal property, and have a depreciation method of MA, MF, MT, MI, AA or AD.

[BCB:165:Chat Fixed Assets US:ECB]

Steps to duplicate