Issue with Straight Line Mid-Month depreciation convention

[Former Member]

I have read the very helpful postings but continue to have an issue with the mid-month depreciation convention for tax books.

We are using a 24 period calendar for areas 10 and 11, since our book fiscal calendar is a 4-4-5. We are using period control 03/03/03/03 which is pro rata at mid-period.

When I add an asset on 1/10/YYYY for example, the depreciation key in the asset books does accurately populate to 01/16/YYYY and also accurately calculates a mid-month (1/2 the SL depreciation for the month). But if I use 01/20/YYYY it reverts to period 2 02/01/YYYY and skips the mid month for the first month placed in service.

I am certain I missed a setup in the Maintain period control key, which is shown below. I suspect this is not correct, as it only works for the first half of the period. What else am I missing?

For period 1, Calendar 24, I have 1     15     1

For period 2, Calendar 24 I have 1     31      1

[Former Member]

Hi,

According to me can you try to keep the Day from 1 then 16 then 1 then 16 and try rather then 15 and 31.

Regards,

Malhar

[Former Member]

Thank you for the recommendation, unfortunately that did not work. When I use the 24 calendar , any addition before the 15th works perfectly. If I add an asset say on the 20th, under my old setting (1 31) it reverted to 01/01. When I use your recommendation it reverted to 01/01 also. If I tick the box called mid-month the add from 1/20 reverts to 02/01. I have done additional research and may try setting the Half Month option in the fiscal year-in the sandbox only. Does anyone know if this will affect any other period control, like HY? Else I did see a comment that the depreciation start date can be manually changed. Feasible but tedious.