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• What does the year end procedure do?

What does the year end procedure do?

Depending on the option selected, the year end procedure does one of the following:

1. If you are creating a new Time file, the year end procedure:

   • Checks to see if the current file is in the last active period. Note that you must be in the last active period to perform a year end close.
   • Checks for unapproved time and expense transactions, if the file uses time and expense entries approval.
   • Checks that recurring invoices have been processed for the month. Closing the year is not possible until all the recurring invoices have been processed.

   • Checks for proposed invoices. When ending the year, if you do not convert proposed invoices with current period dates to "interim" or "final", they will be purged from the file during the year end process. Thus, if there are any proposed invoices in the file, then in period 12, before processing the year end:

     • Convert them to "interim" or "final" invoices.
     • Change the date to one in a future period. Proposed invoices dated after the last day of the last period (12) will not be purged during a year end close.
   • Creates the new database tables and a new Time file (.ar file), leaving the old year file intact.
   • Adds a percentage increase to standard work code rates, if selected as an option in the wizard.
   • Creates next year's project for the current year, if selected as an option in the wizard.
   • Adds the old year file to the history manager, if selected as an option in the wizard.
   • Deletes the document roles, if selected as an option in the wizard.

   • Purges the following data:

     • Removes from the new file any "inactive" client and staff records that contain no unbilled time or expense entries;
     • Removes from the new file any recurring invoices whose recurrence periods have expired;
     • Carries over all outstanding WIP or accounts receivable information into the new year's file; and
     • Purges from the new year's file any billed Work-In-Process and account receivable data that are no longer outstanding.
   • Advances the year end date for the new file by one.
   • Resets the current active period to 1.

   Note: Therefore, do not attempt to advance the year end date or the current active period manually as this is completed for you.

2. If you are continuing with the current Time file, the year end procedure:

   • Checks to see if the current file is in the last active period. Note that you must be in the last active period to perform a year end close.
   • Checks for unapproved time and expense transactions, if the file uses time and expense entries approval.
   • Checks that recurring invoices have been processed for the month. Closing the year end is not possible until all the recurring invoices have been processed.

   • Checks for proposed invoices. When ending the year, if you do not convert proposed invoices with current period dates to "interim" or "final", they will be purged from the file during the year end process. Thus, if there are any proposed invoices in the file, then in period 12, before processing the year end:

     • Convert them to "interim" or "final" invoices.
     • Change the date to one in a future period. Proposed invoices dated after the last day of the last period (12) will not be purged during a year end close.
   • Adds a percentage increase to standard work code rates, if selected as an option in the wizard.
   • Creates next year's project for the current year, if selected as an option in the wizard.
   • Deletes the document roles, if selected as an option in the wizard.
   • Deletes the date from and date to fields in the document table.
   • Advances the year end date for the new file by one.
   • Resets the current active period to 1.