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Mid-Quarter Convention Groups

Owned by Kyle Niekamp
Last updated: 06 20, 2022 by Claire Aleman

Overview:

If more than 40% of the total basis of property is placed into service during the last 3 months of the tax year, the mid-quarter convention applies. if configured properly, PENTA will automatically account for this rule, and calculate the appropriate depreciation adjustment when the mid-quarter convention applies. In some instances, two or more legal entity Organizational Units need to be combined prior to assessing this convention. The Mid-Quarter Convention Groups window allows you to define mid-quarter groups and link multiple Legal Entities together for mid-quarter convention calculation.  

Benefits:

  • System will automatically determine when a group of organizational units is subject to the mid-quarter convention and calculate appropriately
  • Allows the grouping of multiple legal entities that are subject (combined) to this convention

Roles:

  • Accounting Manager
  • CFO

Location:

  • Financial & Accounting > Setup > Organization Units > Mid-Quarter Convention Groups

Video:

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