formula for calculation daily depreciation for fixed asset

AI generated answer (using internal Slack threads):

The formula for calculating daily depreciation for a fixed asset in NetSuite's Fixed Asset Management (FAM) module is not explicitly mentioned in the provided conversations. However, based on the discussions, it seems that the depreciation calculation can be customized according to the company's requirements. For example, in the first conversation, the user wants to depreciate 20% at the end of the first calendar year and then split the remaining net book value (NBV) over 24 months. This indicates that the depreciation calculation can be set up to depreciate a certain percentage at a specific time and then depreciate the remaining value over a specified period. In the second conversation, the user is asking whether NetSuite recognizes depreciation for each day of the month or rounds it up. The responses suggest that this might depend on the company's setup and the asset class. One user mentioned the mid-month convention, which suggests that assets brought in on the 16th do not depreciate. However, this might not be the case for all companies. In general, the daily depreciation for a fixed asset can be calculated by dividing the total depreciation for the period by the number of days in the period. However, the actual calculation in NetSuite's FAM module might depend on the company's setup and the asset class. ****** Disclaimer: This response was generated by an artificial intelligence assistant based on previous conversations from multiple Slack channels, and may contain inaccuracies or mistakes. ******