Entering Balances
Depending on your client's data, you can enter many different types of balances into the client file, including opening, current year, forecast, budget and prior year balances. Balances entered should correspond to the period date sequence set in the Engagement Properties.
The prior year balances are automatically updated during year-end closing. However, if this is your first year using Working Papers, the balances must be entered manually. If the file is set at yearly, then only one prior year column should be completed. If the file is set up for monthly bookkeeping, twelve prior periods must be completed in order for the comparatives to appear correctly. If you change the file from yearly to monthly, prior period figures must be adjusted for correct presentation of comparative balances on any monthly reports.
Accounts need to be set up before balances can be entered manually.
