About Year End Close

After completing the fiscal year, Working Papers provides a means to close a file to the next year, creating a brand new file and related folder. The current year balances become the prior year balances in the new file. The prior year file remains intact and can be used for future reference and archived according to your file retention policies.

Before performing a Year End Close, we strongly recommend the following:

• Run the Diagnostics functionality (Tools | Diagnostics) to ensure there are no errors in the file.
• Ensure there are no other users in the file.
• Back up the file.
• Ensure you have the proper access rights to the location where the file is being closed (i.e., creation, read, write, and scan access).
• Running the Cleanup process prior to performing a year end close helps to ensure that the new file contains only wanted documents and information.