When are historical or future calendars used?

Historical and future calendars are optional. By default, the Asset Management application assumes that the previous year calendar and next year calendar are identical to the current year calendar and calculates previous year depreciation or future year depreciation projections. If that is the case for your organization, you do not need to define historical or future calendars.

The only time you will must define a historical calendar is if you need to calculate previous year depreciation and your organization used a different depreciation calendar in the previous year. For example, your organization might have had a short year in the previous year.

The only time you will must define a future year calendar is if you plan to change the structure of the calendar year for the next year. For example, you might want to switch the tax book from 12 periods to 4 periods. You would need this calendar to make accurate depreciation projections.