diff --git a/erpnext/assets/doctype/asset/asset.py b/erpnext/assets/doctype/asset/asset.py
index d54d15afaf6..cb9dc62da5c 100644
--- a/erpnext/assets/doctype/asset/asset.py
+++ b/erpnext/assets/doctype/asset/asset.py
@@ -1216,7 +1216,7 @@ def get_item_details(item_code, asset_category, gross_purchase_amount):
 				"depreciation_method": d.depreciation_method,
 				"total_number_of_depreciations": d.total_number_of_depreciations,
 				"frequency_of_depreciation": d.frequency_of_depreciation,
-				"daily_depreciation": d.daily_depreciation,
+				"depreciation_amount_based_on_num_days_in_month": d.depreciation_amount_based_on_num_days_in_month,
 				"salvage_value_percentage": d.salvage_value_percentage,
 				"expected_value_after_useful_life": flt(gross_purchase_amount)
 				* flt(d.salvage_value_percentage / 100),
@@ -1396,7 +1396,7 @@ def get_straight_line_or_manual_depr_amount(
 		)
 	# if the Depreciation Schedule is being modified after Asset Value Adjustment due to decrease in asset value
 	elif asset.flags.decrease_in_asset_value_due_to_value_adjustment:
-		if row.daily_depreciation:
+		if row.depreciation_amount_based_on_num_days_in_month:
 			daily_depr_amount = (
 				flt(row.value_after_depreciation) - flt(row.expected_value_after_useful_life)
 			) / date_diff(
@@ -1441,7 +1441,7 @@ def get_straight_line_or_manual_depr_amount(
 			) / number_of_pending_depreciations
 	# if the Depreciation Schedule is being prepared for the first time
 	else:
-		if row.daily_depreciation:
+		if row.depreciation_amount_based_on_num_days_in_month:
 			daily_depr_amount = (
 				flt(asset.gross_purchase_amount)
 				- flt(asset.opening_accumulated_depreciation)
diff --git a/erpnext/assets/doctype/asset/test_asset.py b/erpnext/assets/doctype/asset/test_asset.py
index e8ffae3015b..1272b2eff33 100644
--- a/erpnext/assets/doctype/asset/test_asset.py
+++ b/erpnext/assets/doctype/asset/test_asset.py
@@ -731,7 +731,9 @@ class TestDepreciationMethods(AssetSetup):
 
 		self.assertEqual(schedules, expected_schedules)
 
-	def test_schedule_for_straight_line_method_with_daily_depreciation(self):
+	def test_schedule_for_straight_line_method_with_depreciation_amount_based_on_num_days_in_month(
+		self,
+	):
 		asset = create_asset(
 			calculate_depreciation=1,
 			available_for_use_date="2023-01-01",
@@ -740,7 +742,7 @@ class TestDepreciationMethods(AssetSetup):
 			depreciation_start_date="2023-01-31",
 			total_number_of_depreciations=12,
 			frequency_of_depreciation=1,
-			daily_depreciation=1,
+			depreciation_amount_based_on_num_days_in_month=1,
 		)
 
 		expected_schedules = [
@@ -1703,7 +1705,8 @@ def create_asset(**args):
 				"total_number_of_depreciations": args.total_number_of_depreciations or 5,
 				"expected_value_after_useful_life": args.expected_value_after_useful_life or 0,
 				"depreciation_start_date": args.depreciation_start_date,
-				"daily_depreciation": args.daily_depreciation or 0,
+				"depreciation_amount_based_on_num_days_in_month": args.depreciation_amount_based_on_num_days_in_month
+				or 0,
 			},
 		)
 
diff --git a/erpnext/assets/doctype/asset_finance_book/asset_finance_book.json b/erpnext/assets/doctype/asset_finance_book/asset_finance_book.json
index ea1a8112843..cb7bc123686 100644
--- a/erpnext/assets/doctype/asset_finance_book/asset_finance_book.json
+++ b/erpnext/assets/doctype/asset_finance_book/asset_finance_book.json
@@ -8,7 +8,7 @@
   "finance_book",
   "depreciation_method",
   "total_number_of_depreciations",
-  "daily_depreciation",
+  "depreciation_amount_based_on_num_days_in_month",
   "column_break_5",
   "frequency_of_depreciation",
   "depreciation_start_date",
@@ -82,23 +82,23 @@
    "fieldtype": "Percent",
    "label": "Rate of Depreciation"
   },
-  {
-   "default": "0",
-   "depends_on": "eval:doc.depreciation_method == \"Straight Line\" || doc.depreciation_method == \"Manual\"",
-   "fieldname": "daily_depreciation",
-   "fieldtype": "Check",
-   "label": "Daily Depreciation"
-  },
   {
    "fieldname": "salvage_value_percentage",
    "fieldtype": "Percent",
    "label": "Salvage Value Percentage"
+  },
+  {
+   "default": "0",
+   "depends_on": "eval:doc.depreciation_method == \"Straight Line\" || doc.depreciation_method == \"Manual\"",
+   "fieldname": "depreciation_amount_based_on_num_days_in_month",
+   "fieldtype": "Check",
+   "label": "Depreciation amount based on number of days in the month"
   }
  ],
  "index_web_pages_for_search": 1,
  "istable": 1,
  "links": [],
- "modified": "2023-09-29 15:39:52.740594",
+ "modified": "2023-11-03 22:21:52.090191",
  "modified_by": "Administrator",
  "module": "Assets",
  "name": "Asset Finance Book",
diff --git a/erpnext/patches.txt b/erpnext/patches.txt
index d7e3d5af4b7..b11af4b46e4 100644
--- a/erpnext/patches.txt
+++ b/erpnext/patches.txt
@@ -346,5 +346,6 @@ erpnext.patches.v14_0.rename_over_order_allowance_field
 erpnext.patches.v14_0.migrate_delivery_stop_lock_field
 execute:frappe.db.set_single_value("Payment Reconciliation", "invoice_limit", 50)
 execute:frappe.db.set_single_value("Payment Reconciliation", "payment_limit", 50)
+erpnext.patches.v14_0.rename_daily_depreciation_to_depreciation_amount_based_on_num_days_in_month
 # below migration patch should always run last
 erpnext.patches.v14_0.migrate_gl_to_payment_ledger
diff --git a/erpnext/patches/v14_0/rename_daily_depreciation_to_depreciation_amount_based_on_num_days_in_month.py b/erpnext/patches/v14_0/rename_daily_depreciation_to_depreciation_amount_based_on_num_days_in_month.py
new file mode 100644
index 00000000000..9666c1734bb
--- /dev/null
+++ b/erpnext/patches/v14_0/rename_daily_depreciation_to_depreciation_amount_based_on_num_days_in_month.py
@@ -0,0 +1,16 @@
+# Copyright (c) 2023, Frappe Technologies Pvt. Ltd. and Contributors
+# License: GNU General Public License v3. See license.txt
+
+
+from frappe.model.utils.rename_field import rename_field
+
+
+def execute():
+	try:
+		rename_field(
+			"Asset Finance Book", "daily_depreciation", "depreciation_amount_based_on_num_days_in_month"
+		)
+
+	except Exception as e:
+		if e.args[0] != 1054:
+			raise