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Roll Forward (Cloud) ​

What it is: The process of advancing a client engagement from one financial year to the next, creating a new engagement file for the new year while leaving the current year intact.

What it's for ​

At the end of each financial year, the practice needs to start fresh working papers and financial statements for the new year. The Roll Forward creates a copy of the engagement and applies the year-end changes to that copy. The original year's file remains untouched. Performing a roll forward deducts prepaid credits.

There are two types of roll forward:

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

How to do it ​

Performing a Year End Close roll forward ​

  1. Open the Client Engagement file.
  2. Select Client Setup, then select Roll Forward.
  3. Select Roll Forward Type and choose Year End Close.
  4. Optionally, select a different Framework for the new year (this will overwrite any existing customisations to the AFS).
  5. Optionally, select different Working Papers for the new year.
  6. Select Next.
  7. On the Roll Forward Options screen, choose how to carry forward the financial statements:
    • Copy CURRENT Financial Statements — keeps the existing set with all your customisations (most common).
    • Copy NEW Financial Statements — starts with a fresh, unedited set from templates.
    • Move Current Notes to Prior — moves manual note edits to the prior year columns automatically.
    • Replace Current Reports with Defaults — updates selected sheets to the latest template versions.
  8. Select Next.
  9. On the Disclosure Updates screen, review any new disclosures added to the template since the file was created. Tick any you wish to apply — this does not overwrite existing work, it only fills in new fields.
  10. On the Working Papers screen, tick any working papers to carry forward, then select Finish.
  11. Select OK to confirm the credit deduction. The new year's engagement will open.

Performing a Balance Sheet roll forward ​

Follow the same steps as above, but at step 3 select Balance Sheet Roll Forward instead. You will also need to:

  • Select the Retained Income Account that Income Statement items will be closed to (e.g. Retained Income).
  • Choose whether to roll forward into Next Year or Next Month.

Source ​

https://draftworx.helpjuice.com/en_US/cloud/draftworx-cloud-roll-forward

Walkthroughs: