• Overview
• Ensure that the Company Profile is set to Period 12
• Check that all staff are logged out of the file

Getting ready to perform the year end close

Prior to performing the year end close, ensure you complete the following steps. The steps will vary slightly, depending on the option you choose:

Creating a new file for New Year

1. Print and check the diagnostics report to verify that there are no errors in the file.
2. If you are working in a monthly file, ensure that the Company Profile is set to period 12. Show me
3. Ensure that all billing and time entries for the period are complete.

4. Process all recurring invoices for final month. Show me

   Closing the year is not possible until all the recurring invoices have been processed.

   Check the ending dates of all recurring invoices. If any that are to be continued into the new year have an end date within the year being closed, change the end date to occur in a future period. Recurring invoices whose recurrence periods have expired before the year end are not carried forward to the new year.

5. Enter all accounts receivable entries for the year.
6. Reconcile the WIP. Print the WIP detail report and agree this to the WIP Reconciliation report. Show me

7. Reconcile Accounts Receivable. Print the Accounts Receivable Trial Balance and agree this to the Accounts Receivable Reconciliation report. Show me

   To avoid purging proposed invoices from the system during the year end close, then before processing the year end, do one of the following:

   • Convert them to "interim" or "final" invoices.
   • Carry them forward by changing the date to a date in the new year.

8. Deactivate any applicable clients. Show me See the note below.

   Note: Clients with outstanding WIP or unpaid invoices cannot be marked as Inactive. During the year end close, Inactive clients will not be transferred to the New Year's file.

9. Deactivate any applicable staff. Show me See the note below.

   Remove the staff member's initials from the Partner and Manager fields in each client record using the Client Monitor Report.

10. In the Project Monitor report, remove the staff member's initials from the "Team Leader" and "In charge" fields for each project record.
11. Check that you have sufficient disk space available to perform the operation. During the year end close process temporary files are created and then deleted. Check the total size of the files in the Data folder and ensure that you have at least double this amount as free disk space.
12. Make sure all staff are logged out of the Time file; and
13. Back up the file and place the back-up in a separate location Show me

Notes

• During a year end closure, staff and client records marked inactive that contain no unbilled time and expenses will be purged. Show me
  Inactive staff or client records with outstanding time or expenses to be billed will be carried into the new year's file and kept inactive.

Do not create a new file for New Year

1. Print and check the diagnostics report to verify that there are no errors in the file.
2. If you are working in a monthly file, ensure that the Company Profile is set to period 12. Show me
3. Ensure that all billing and time entries for the period are complete.
4. Process all recurring invoices for final month. Show me
   Closing the year is not possible until all the recurring invoices have been processed.
5. Enter all accounts receivable entries for the year.
6. Reconcile the WIP. Print the WIP detail report and agree this to the WIP Reconciliation report. Show me
7. Reconcile Accounts Receivable. Print the Accounts Receivable Trial Balance and agree this to the Accounts Receivable Reconciliation report. Show me

8. To avoid purging proposed invoices from the system during the year end close, then before processing the year end, do one of the following:

   • Convert them to "interim" or "final" invoices.
   • Carry them forward by changing the date to a date in the new year.
9. Check that you have sufficient disk space available to perform the operation. During the year end close process temporary files are created and then deleted. Check the total size of the files in the Data folder and ensure that you have at least double this amount as free disk space.
10. Make sure all staff are logged out of the Time file; and
11. Back up the file and place the back-up in a separate location. Show me

When you choose the "Do not create a new file for New Year" option and perform a year-end close, this means:

1. A backup of your file is created before the year end procedure.
2. After the year end you retain the same databases, with the only difference being that they are now updated.
3. If you restore the backup file, you will revert to the data before you performed the year end close, regardless of where you restore the backup file, or the location of the backup file. As long as the same filename is used, the same database will be used as well.
4. If you want to review the data before the year end close, you can use the backup file; however, please note that you must open it in another instance of the SQL Server (e.g. open the file using your local SQL Server, instead of your network SQL Server).