Welcome to the Year End Close Wizard

This wizard helps you perform a year end close. The Welcome screen is where you select the file option for the new year.

Important: Prior to performing a year end close, you must ensure you have completed all the necessary steps, including checking the diagnostics report for errors and backing up the current file. For more information, see Getting ready to perform the year end close.

Backup

Click the Backup button to perform a backup of the current file. The backup file has a .tbk extension.

Reset

If you have previously completed the year end close procedure, the Reset command uses your previous set of selections as the default values. Click the Reset button to revert all your setting changes to their default values.

Select file option for New Year

Do not create new file for New Year

Select this option if you do not want the wizard to create a new file for the new year. Instead, the wizard will use the existing file and create new period dates for the new year. In addition, the wizard will also keep the history of the file intact by storing last year's company profile dates. For more details, see Do not create a new file for New Year.

Create new file for New Year

Select this option if you want the wizard to create a new file for next year's project. If this option is selected, any Work-In-Process and account receivable data that are no longer outstanding will be purged. For more details, see Creating a new file for New Year.

Once you've made your selection, click Next to go to one of the following:

The Year End Options page if you selected the Do not create new file for New Year option. The next screen will guide you in selecting your year end options.
The New Year File page if you selected the Create new file for New Year option. The next screen will guide you in setting up next year's file.

Tip: For additional help, see the Time QuickVid -Year End Close.