NetAsset - Override Depreciation Convention

Overview 

There may be situations where certain assets within a given asset type require a different depreciation convention than the default one assigned to the type. To handle this without disrupting the standard setup, users can create a customized depreciation method by copying an existing one and applying an override convention. 

Step-by-Step Process 

Step 1: Copy an Existing Depreciation Method

• Navigate to NetAsset > NetAsset Setup > Manage Depreciation Methods.
• Locate an existing method that aligns with the desired calculation (e.g., Straight-Line) and click View.
• Select Actions > Make Copy to create a duplicate.

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Step 2: Create New Method and Apply Override Convention

• A new depreciation method record will open.
• Rename the method to clearly distinguish it from the original (e.g., Straight-Line – Mid Period).
• Select the appropriate Override Depreciation Convention (e.g., Mid Period).
• Click Save. 

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Step 3: Assign the Customized Method to Assets

• Open the asset records that require a different depreciation convention.
• Update the Depreciation Method field to the newly created customized method.
• The system will apply the override convention defined on the method instead of the default convention from the asset type.

Step 4: Test and Validate 

• On the asset record, select Generate Schedule to confirm the depreciation schedule reflects the override convention and calculates as expected.