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Performing a Year End Close (Desktop) ​

What it is: The process that closes off the current year's trial balance and creates a new client file for the following financial period, carrying forward the AFS structure, selected working papers, and disclosure updates.

What it's for ​

At the end of a financial year, the current client file must be closed off and a new one created for the next period. The Year End Close wizard in Draftworx Desktop handles this in a structured way: it rolls the closing balances forward as the new year's opening balances, applies any outstanding framework disclosure updates, and gives you control over which elements of the prior AFS carry forward versus which are refreshed from the latest template.

How to do it ​

Step 1 — Initiate the close ​

  1. Navigate to Client Setup and select Year End Close.
  2. Confirm with Yes.

Step 2 — Choose roll-forward options ​

OptionEffect
Copy CURRENT Financial StatementsCarries the existing AFS forward, preserving custom changes and formatting (recommended for most clients)
Update Default ReportsReplaces selected individual report sheets with fresh ones from the template
Move Current Notes to PriorShifts manually entered note data (e.g. PPE movement tables) to the prior year column
Copy NEW Financial Statements from TemplateReplaces the entire AFS with the latest template — prior year customisations are lost

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

Step 3 — Roll forward type ​

Select Roll Forward into Next Year for annual financial statements. Use Roll Forward into Next Month only for monthly management statements.

Step 4 — Apply disclosure updates ​

Review available framework disclosure updates. Black items are new and selectable; grey items have already been applied. Select the updates you want to include and click Next.

Step 5 — Select reports to update (if applicable) ​

If you chose Copy CURRENT, you can selectively replace specific sheets with fresh template versions. Choose which reports to update and click Next.

Step 6 — Select working papers to carry forward ​

Tick the working papers that should be included in the new year's file. Click Finish to complete the roll.

Important: Do NOT select RAC working papers here — they have their own built-in roll-forward function.

Step 7 — Result ​

The new year client file opens. The prior trial balance is closed off. No opening balances are present yet — you will need to import the closing balances as the new year's opening balances.

Source ​

https://draftworx.helpjuice.com/desktop/draftworx-desktop-performing-a-year-end-close

Walkthrough: https://scribehow.com/viewer/Draftworx_Desktop_Performing_a_Year_End_Close__DX112__Mn94vPwOTg--L9eAoQYftQ