@JaredDolich Thank you so much for sharing the additional information! Getting set up to write it will be even easier thanks to the information you provided. Once you suggested it I immediately added it to my list of goals for the next 2 weeks. I appreciate the encouragement. It is too good of an opportunity to pass up!
@JaredDolich I doubt you recall this exact exchange, but I had said that I would be starting up a Best Practice article in the next 2 weeks, but there's been some exciting career changes in the air for me that have been consuming a lot of my time as of late. I have to put drafting a Best Practice on the back burner for a short while, and didn't like that I posted a commitment to writing it in this forum and then did not follow through. We'll see if it hasn't been covered yet when I get back at it. 🙂
@nicole.johnson Very cool! We too have struggled through the transition to ASC 606, scars and all. Your use case sounds really powerful! We to do our revenue projections based on higher level trends for major lines of business and market segments vs. discrete projects/products so don't leverage a highly complex calculation (simple % per quarter). I could see something like this coming into play with the depreciation model we've been playing with as we apply different accounting profiles based on asset types. Thanks for sharing, you've got me to thinking!
@Tiffany.Rice That's great to hear! When I first learned about the profile function, fixed asset depreciation was the first thing that came to mind (I was formerly an Accountant that developed a fixed assets database in MS Access for a nonprofit). This use of profile for fixed assets is a perfect use case! I can see how you'd have a different profile for each depreciation type, and then each asset or asset type is assigned a depreciation profile. Then, incorporating David Smith's example, you'd have all of the depreciation calculating really efficiently.