Error received when attempting to change depreciation method on asset to composite rate

When creating a new asset and attempting to change the depreciation method to use a composite rate, an error is received:

To use composite rate depreciation, a depreciation rate must be set up on the subclass.

Capital Assets

Informational

1. In the Sub-Class Codes program (Financials > Capital Assets > Set Up > Sub-Class Codes), click Search

2. On the record for the class and subclass combination used on your asset, click Update

3. Add a composite rate of depreciation and click Accept