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Adding a Prior Year on the Working Trial Balance (Desktop)
What it is: The process of adding a prior-year column to the Working Trial Balance so that comparative figures are available in the financial statements.
What it's for
When preparing Annual Financial Statements, you typically need to show the current year's figures alongside the prior year's figures for comparison. Adding the prior year on the Working Trial Balance allows Draftworx to populate those comparative columns automatically. Additionally, if your engagement requires a Cash Flow Statement, Draftworx needs three years' worth of trial balance data to calculate the prior-year cash movements correctly.
How to do it
Adding a Prior Year Column
- Open the Working Trial Balance for the relevant client.
- Select the Add Prior Year button.
- Import the prior-year trial balance data when prompted (follow the standard trial balance import steps).
Important: To produce a correctly calculated Cash Flow Statement with prior-year movements, you need three years of trial balance data loaded: the current year, the prior year, and the year before that.