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Performing a Year End (Cloud) ​

What it is: A concise overview of the year-end close procedure in Draftworx Cloud, covering the options available when rolling an engagement forward to a new financial year.

What it's for ​

At year end, an accountant needs to close off the current financial year and prepare the engagement for the new year. This article provides an overview of all the choices presented during the Roll Forward wizard. For step-by-step click-through instructions, see Roll Forward (Cloud).

How to do it ​

Before starting ​

Save and close all open working papers before beginning the year end close.

Step 1 — Roll Forward Type ​

Go to Client Setup and select Roll Forward. Choose the roll forward type:

  • Year End Close — closes the current Trial Balance; you will import closing balances in the new year. Used for most Annual Financial Statements.
  • Balance Sheet Roll Forward — closes Income Statement items and rolls forward Balance Sheet items. Used for monthly management accounts or cashbook processing.

You can also change the Framework and Working Papers for the new year at this stage.

Step 2 — Financial Statements options ​

  • Copy CURRENT Financial Statements — keeps existing financials with all manual changes. Best when you want to carry forward customisations.
  • Copy NEW Financial Statements from templates — starts fresh; any custom work in the current year is not carried over.
  • Select sheets to replace with defaults — available when copying current financials; lets you update only specific sheets to the latest template version.

Step 3 — Disclosure Requirements ​

Apply any new disclosure requirements added to the template since the engagement was created. Tick each one you wish to apply. A grey checkmark means it has already been applied.

Step 4 — Working Papers Selection ​

Tick the working papers to carry into the new year and select Finish. Confirm the credit cost and select OK to complete the roll forward.

RAC methodology note: If using the RAC methodology, do not tick working papers to roll forward — RAC has a built-in roll forward and manual rolling should be avoided.

Source ​

https://draftworx.helpjuice.com/en_US/cloud/rolling-forward-at-year-end-cloud