About the Year End Close
After completing the fiscal year, Working Papers provides a means to close a file to the next year, creating a brand new file. Based on your choices, Working Papers rolls forward the current file’s closing balances to create the opening balances for the new file. The current year balances become the prior year balances in the new file based on the settings in the Engagement Properties. Performing a Year End Close ensures that client files do not build up over the course of a few years.
How it works
Use the Year End Close command to perform a Year End Close on the file currently open in Working Papers. You have the option of closing to a new file name or a file name that already exists. If next year's file does not exist, Working Papers automatically creates the file during the close.
Roll Forward
If the Roll Forward checkbox is checked in the properties of Documents and Issues, these items will be rolled forward into the next year's file. In other words, the files will be copied to the next year, with balances rolled forward one year. This is done in the properties of the relevant document or issue. Once documents and issues are marked appropriately with the Roll Forward option, the Year End Close can begin by
Multiple Year End Close
A Multiple Year End Close allows you to work with a new current year’s file, even though the previous year’s file is not yet complete. Once the prior year’s file is complete, another Year End Close can be performed from the prior year’s file to the new year’s already existing file. The new year’s data is not disturbed.
Other Considerations
Best practices: Cleanup and the Year End Close
It is recommended that a cleanup be performed before a Year End Close. Running the Cleanup process prior to a Year End Close ensures that the new file contains only the wanted documents and information.
