Performing the mid-quarter test

The mid quarter test uses total spend by quarter on qualifying assets. but this spend is available only when all periods in the quarter have been closed. To perform the test in the second quarter when only the first quarter has closed, you can estimate quarterly additions for the four quarters and use those estimates for all unclosed quarters and the actuals for closed quarters.

These estimate fields can be updated for a calendar year by selecting the Mid Quarter Amounts button the each book calendar.

Perform these steps on a tax book:

Select Assets > Asset Accounting > Reporting > Operations > Tax > Mid Quarter Test.
Click Project Mid Quarter Amounts to see the estimated MQ Depreciation amounts for all current book calendars.

The results are displayed in the MQ Convention column in the Book Calendar.
Select a book calendar or multiple book calendars and click Mid Quarter Test Assets.

Optionally, a user can click Reset Book Calendar Selections to reset the book selection.
Click Apply Mid Quarter Convention to apply the mid quarter convention to all qualified assets for the selected book calendars.

The MQ with Compute field is updated to Yes and computations are performed for all qualified asset books for that book calendar.
Click Release to release all assets that are in progress after applying the mid quarter convention.

You can click Reset to reset all in-progress assets to their original value.