what is the amortization method that can make amortization schedules operate mid-month expense Straight-line, by even periods , Straight-line, prorate first & last period ,Straight-line, using exact days ,Straight-line, prorate first & last period (period-rate

AI generated answer (using internal Slack threads):

The amortization method that can make amortization schedules operate mid-month is the Straight-line, prorate first & last period method. This method allows for the proration of the first and last period of the amortization schedule, which can be useful in situations where an asset is acquired or disposed of in the middle of a month. In NetSuite, the amortization schedule is typically run by period. If your period is for 15 days, for example, it will amortize for 15 days in that period, and the next period will also be for 15/16 days. This allows for partial month amortization. If an asset is purchased in the middle of the month, the depreciation should start from that mid-month date. However, the system may use the last day of the month for depreciation calculations because that is the end of the month and that’s how accounting works. The exact days depreciation method will depreciate them over the exact 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. Depreciation journals are typically created at the end of the month as a standard practice, but you can run it prior to month end too. You release depreciation by the end date of the month, which is why it’s called month end. ****** Disclaimer: This response was generated by an artificial intelligence assistant based on previous conversations from multiple Slack channels, and may contain inaccuracies or mistakes. ******