Year-end close vs new file based on existing/Client data

Performing a Year-end close
After completing the financial year, Working Papers provide a means to close a file to the next year. Working Papers rolls forward the current file’s closing balance to create the opening balance for the new file.

If a year-end close is performed, you must update the engagement file.

Please Note: Performing a year-end close does not update your engagement file to the latest version. You will need to update the engagement file after performing the year-end close.


New file based on existing/client data
Creating new file based on existing data will contain copies of all GL entries, the trial balance, risks, controls, reportable items, consolidation structure, Other Entries journal types, company and contact inform, dates and reporting periods, tax entity and jurisdiction and payroll templates.

Please Note: Creating new files based on existing data will base the file on the latest version you have installed. No updates are required for the file.


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