what asset depreciation rule do i need to select asset depreciation for a fixed asset where the asset starts depreciating the following month after acquisition.

AI generated answer (using internal Slack threads):

In NetSuite, the asset depreciation rule you need to select for a fixed asset where the asset starts depreciating the following month after acquisition is typically the "Mid-Month Convention". This rule is used when an asset is acquired in the middle of the month and it assumes that all assets are placed into service or disposed of at the midpoint of a month, regardless of the actual date. However, it's important to note that the exact depreciation schedule can depend on your specific setup of the Asset Class in NetSuite. The depreciation method you choose will determine how the depreciation expense is calculated and when it is recognized. For example, if you choose the "Exact Days" depreciation method, the system will depreciate the asset over the exact number of days in the month. If the asset was acquired on the 15th of the month and that month has 30 days, it will only depreciate it for 15 days, not the full month. On the other hand, if you choose the "Full-Month Convention", the system will depreciate the asset for the full month, regardless of when in the month the asset was acquired. In general, the depreciation journal is created at the end of the month as a standard practice, but you can run it prior to month end too. Remember to run the pre-compute script to generate a forecast of the depreciation schedule. This can help you verify that the depreciation is being calculated as expected. ****** Disclaimer: This response was generated by an artificial intelligence assistant based on previous conversations from multiple Slack channels, and may contain inaccuracies or mistakes. ******