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Year end close options

When performing a year end close, you can specify how you want to close off the prior year file, and select the content that you want to roll forward and retain in the new file.

Roll forward options

Set your preferences for closing the file and the content to roll forward into the next year file.

Option Description
Compress the prior year file Compress the previous year file after closing it.
Include BAK files Include .BAK files in the compression.
Update the prior year balance data

Roll forward prior year balances and other basis adjustments into the next year file. This option has no effect on the current year column of the new file.
Update the next year opening balance data with:

Close out the Income Statement to the specified R/E Account Number and maintain the opening balances for the Balance Sheet in the next year file. This is the preferred option if you are performing a monthly or yearly write-up engagement as you do not need to enter the opening Balance Sheet numbers. Do not select this option if you are clearing all Balance Sheet and Income Statement account balances to zero.

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

Select the type of balance to use in the update from the drop-down menu:

  • Zero: All zeros
  • Unadjusted: Client balance without adjusting entries
  • Adjusted: Client balance and normal adjusting entries
  • Report: Client balance and normal adjusting entries, also include any reclassifying entries that occur in the last period of the reporting year
  • Consolidated: Report and eliminating entries
  • Tax - Federal: Consolidated and federal adjusting entries
  • Tax - State: Consolidated and state adjusting entries
  • Tax - City: Consolidated and city adjusting entries

R/E account number

The retained earnings account number where you will close out the Income Statement. Performing a year end close allocates the net income or loss to this account.

Multiple

If you are distributing the retained earnings balance to more than one account, click this option to allow different retained earnings accounts to be assigned for different entities in a consolidated file.

For more information, see Retained earnings account distribution.
Roll forward forecast data Roll forward the forecast amounts for next year from the prior year file to the current year forecasts in the next year file.
Update budget data with forecast data Roll forward the forecast amounts for next year from the prior year file to the budget amounts in the next year file.
Update CaseView roll forward cells

If roll forward options are specified for CaseView input cells, update the cells with new values. CaseView cell calculations and linkage calculations to the accounting database update automatically.

Note: This option will also clear input paragraphs if the Clear contents on Roll Forward option is enabled in the paragraph's properties.
Roll forward budget data Roll forward the current year budget amounts into the next year file as the prior year budgets.
Roll forward all custom balances

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 prior year file become the prior year custom balance amounts in the next year file.
  • If a custom balance identifier is set as Current/Future, the custom balance amounts for next year in the prior year file become the current year custom balance amounts in the next year file.
Publish the next year file Automatically publish the next year file to Caseware Cloud or SmartSync Server.
Roll forward the Queries file If the Working Papers file is linked to a Queries file, roll forward the Queries file into the next year file.
Delete the AnalyticsAI file If the Working Papers file is linked to an AnalyticsAI file, delete it from Caseware Cloud when performing the year end close.

Include in the next year file

Select the content that you want to retain from the previous year in the next year file.

Option Description
Spreadsheet analysis data Include any balances from spreadsheet analysis documents. Annotation of spreadsheets is included or excluded based on selections entered in the Annotations section.
Foreign exchange and Program assertion information

Include foreign exchange rates and/or program assertion information.

Note: Prior year adjustments from Adjusting Entry balances are retained through a year end close and can be used when displaying reports.
Program / checklist completion

Include 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 the next year file.)

Note: This option only applies to Working Papers automatic documents. To roll forward input cells from any CaseView documents included in the file, select Update CaseView roll forward cells.
Commentary text Include commentary text on all automatic documents, including text entered into memorandums.
Outstanding transactions

Include any outstanding transactions from the specified account. Click Multiple to include multiple accounts with outstanding transactions.
Annotations

Include the selected annotation type:

  • Document references
  • Tickmarks
  • Notes
  • CaseView document references
  • CaseView tickmarks
  • CaseView notes

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