Year End Close and Roll Forward Dialog

The path to the new file. If closing into the same file, choose the existing file location; a warning will appear prompting you to proceed with a backup of the file.

The default path can be set in the Year End Close Path field specified under Tools | Options | Default Paths.

The name of the client file.

Use the Browse button to locate the new path and file name for next year's file. The arrow to the right of the Browse button allows specifications to be made whether to search for a folder or a file.

Note: The maximum length for a client file name is 100 characters, including spaces but excluding any extension. The total file path + file name + extension (.ac_) maximum length is 254 characters.

Select to specify the current year balances for this year's file to become the prior year balances in the new year's file. This option has no effect on the current year column of the new file.

With this option selected, other basis adjustments are rolled into the new year’s file. View the other basis adjustments by drilling down on the prior year column and then on the PY Adjustments column in the new year’s file. See Other basis adjustments for additional information.

Select to close out the Income Statement to the retained earnings account number specified below in the Account Number box and to maintain the opening balances for the Balance Sheet in the new year's file. This is the preferred option if you are performing a monthly or yearly write-up engagement as the opening Balance Sheet numbers do not have to be entered.

Note: Working Papers uses the final balance of the active reporting period for the opening balances, including cash flow accounts, in the next year's file. If eliminating entries exist in one of the reporting periods and you want them to be reflected in next year's opening, make sure the reporting period with the eliminating entries is active in the global period selector.

Do not select this option if all Balance Sheet and Income Statement account balances are to be cleared to zero. This is the preferred option if you are performing a yearly engagement where you will be entering or importing the client's Balance Sheet and Income Statement end of year balances.

The selection in the drop-down menu determines the type of balance to be used in the update.

• Zero - All zeros
• Unadjusted - Client balance without adjusting entries.
• Adjusted - Client balance plus normal adjusting entries.
• Report - Client balance plus normal adjusting entries. Also includes any reclassifying entries that occur in the last period of the reporting year.
• Consolidated - Report plus eliminating entries.
• Tax - Federal - Consolidated plus federal adjusting entries.
• Tax - State - Consolidated plus state adjusting entries.
• Tax - City - Consolidated plus city adjusting entries.

R/E Account Number

If electing to close out the Income Statement to retained earnings, the account number for Retained Earnings must be specified. Performing a Year End Close allocates the net income or loss to this account.

Multiple

Click the Multiple button if the retained earnings balance is to be distributed to more than one account. Click this button to allow different retained earnings accounts to be assigned for different entities in a consolidated file.

Select to update input cells in CaseView documents with new values. This option is only applicable if Roll Forward options were specified for input cells in CaseView documents. CaseView cell calculations and linkage calculations to the accounting database update automatically.

Note: This will also clear input paragraphs if the option to Clear contents on Roll Forward has been enabled in the paragraph properties.

Select to roll forward custom balances based on whether the custom balance is set to current/past or current/future.

• If a custom balance identifier is set as Current/Past, the current year custom balance amounts in the current file become the prior year custom balance amounts in the new year's file.
• If a custom balance identifier is set as Current/Future, the next year's custom balance amounts in the current file become the current year custom balance amounts in the new year's file.

Select to include foreign exchange rates and/ or program assertion Information in next year’s file.

Note: Prior year adjustments from Adjusting Journal entry balances are kept on a Year End Close and can be used when displaying reports.

Select to keep the Yes/No, initials, and explanation columns for all programs and checklists. Document annotation, commentary references, and commentary text is included or excluded based on selections entered under Referencing. (Program and checklist procedural text is always copied to next year's file.)

Note: This option applies only to Working Papers automatic documents. To roll forward input cells designated as roll forward cells in any CaseView documents included in the file, tick the option "Update CaseView roll forward cells".

Select or type the account containing the outstanding transactions.

Click Multiple if there is more than one account containing outstanding transactions.

Select annotation types to appear in next year’s file.

• Document References - Select to include annotation to documents in next year’s file.
• Tickmarks - Select to include any tickmarks referenced to documents in next year’s file. The tickmark library is always copied to next year's file.
• Notes - Select to include all notes in next year’s file.
• CaseView Document References - Select to include annotation to CaseView documents in next year’s file.
• CaseView Tickmarks - Select to include any tickmarks referenced to CaseView documents in next year’s file. The tickmark library is always copied to next year's file.
• CaseView Notes - Select to include all notes from CaseView documents in next year’s file.