What are the Year-end Procedures for CCH® ProSystem fx® Practice Management?
The video below shows how to run year end procedures using CCH ProSystem fx Practice Management.
Year End Procedures - CCH ProSystem fx Practice Management (versions 2005 and above):
- Warning: It is imperative that a backup of the database be performed prior to proceeding through this process. Should failure or abortion of the process occur, restoring from a backup copy is the "recovery" process.
- Note: A message of "Not Responding" after the process has started does not mean there is a problem; the system is still processing. Ignore and allow completion or contact ProSystem fx Practice Management support immediately before aborting.
CCH ProSystem fx Practice Management:
Running Year End Procedures changes the fiscal year-end date for the firm to the New Year, sets the current year, and calculates the New Year beginning balances for clients.
All postings and billings for the current year must be completed before the year is closed; however, time, invoices, and payments may be posted for the next year before running Year End procedures.
The Year End Procedures option can be found on the Firm menu in Administration. If the Year End Procedure option is grayed out, see the firm Administrator to grant the security permission to utilize this feature.
- Before proceeding with the year-end procedures:
- All time is entered and updated (posted) for current year.
- All current year Billings and Accounts Receivable are complete and updated.
- All year-to-date reports for current year are printed.
- These will vary depending on the firm’s reporting needs. Be sure that the reports balance, depending on the reports (see Balancing Reports at the end of this document).
- All employees are logged out of ProSystem fx Practice Management. In Administration select Help > View Active Processes to verify that all users have closed out of the program. Click Disable Logons to keep employees out while the process runs.
- A log out message can be sent to the remaining users from this part of the program.
- The Data Integrity Report is printed to verify that all client accounts are in balance. Both the Data Integrity and the AR Net Check Report should be blank.
- Backup the Database:
- The firm database is stored in a Microsoft SQL™ database (filename.mdf). To backup, use the Backup Database feature in \cpas\vpm\cpassqlutil.exe or the firm’s regular backup procedure.
- This must be done at the server or using a Remote Desktop program to control the server.
- Click here for instructions on How do I create a backup of my ProSystem fx Practice Management database?.
- Close the Year:
- In Administration select Firm > Year End Procedures. A message comes up to be sure to check that no one is in the program. Click Ok.
- Be sure that the dates that are displayed for the Old Current Year and the New Current Year are correct. If these dates are correct, click Ok.
- Client numbers are displayed as they are processed.
- Warning: Do not abort this process even if it appears to be stalled, it will corrupt your data.
- When processing is complete, click Ok.
- Print the Data Integrity Report again to verify that the firm is still in balance. If not, contact Support for assistance.
- Note: It is not uncommon to see 'false positive' results when running the Data Integrity report immediately after running the year end. If you see errors on the Data Integrity report, close the report and try running it again. If you are still seeing errors, you should restore to your backup and start the process over.
- When all processes are complete, go back in Administration and select Help > View Active Processes. Click Enable Logons to allow users back into Practice Management.
Frequently Asked Questions
- Q: Can I process payments, invoices and WIP in the new fiscal year without having to close my current year?
- A: Yes, AR entries, invoices, and time entries can be processed in the new fiscal year. The firm administrator will need to change the security option to allow users to process these entries. This security option is found in Firm>Security Setup. The privilege is found under Administration Privileges, Force Post date of invoice to equal final print date. Select NO for this option.
- Q: Backing up the database… Can I use my backup from last night?
- A: Yes, but make a backup of the firm database right before running the Year End Procedures, just in case some changes where made to the database since last night. Making a backup prior to Year End Procedures ensures a quick recovery should there be a problem.
- Q: What reports are suggested to run prior to closing my fiscal year?
- A: CCH Practice Management Support does not provide a list of reports to run prior to running Year End Procedures. This would be a choice made by the Firm. However, it is suggested to run the AR Reconciliation, WIP/AR Reconciliation, Invoice History Report (run this report again, this time selecting the check box ‘Reverse Invoices Only’) AR Void and Correction, WIP/AR Deletions, Client Production and any registers that are produced before updating invoices, finance charges and time. Also it is very important to run the Data Integrity before and after the year end close.
- Q: If I have Data Integrity after my year end close, how do I address this issue?
- A: If there are multiple pages of the Data Integrity Report, it is best to restore from a backup that was made prior to running the Year End Procedures. If there are a few errors on the report, then CCH Practice Management Support can assist in clearing the issue.
- Q: What happens if I interrupt my Year End Processing because I feel like it is taking too long, screen says “Not Responding”, or stalling?
- A: Interrupting the Year End Processing, by Ending Task in Task Manager or cancelling out of the process can result in corrupting the integrity of data, thus causing errors to display on the Data Integrity Report. The process is still running on the server, even though it may seem like the program is not responding or appear as “Not Responding” in the Task Manager. If the process is ended from the Task Manager for Year End Procedures, run the Data Integrity Report. There will be errors. Restore from a backup and re-run Year End Procedures.
- Q: If I decide to prolong closing my Fiscal Year, how will this affect my firm? What about reports?
- A: It will not affect the firm. However, some reports are based off current year information and prior year information. If the firm is still on the old fiscal year, then the current year information on most reports will still reflect the old fiscal year. Any new work that was done in the new fiscal year will not be reflected.
- Q: How long can I wait to close my fiscal year?
- A: As long as the firm likes, just remember, the issue will be reports. The firm will not be able to report new fiscal year information until the firm closes the prior fiscal year.
- Q: After my year is closed, can I enter transactions including WIP, AR and Invoices in the prior fiscal year?
- A: Yes, just remember the prior fiscal year’s ending balances and the new year beginning balances will change. That’s why it’s very important to run the suggested reports. If a change is made, it will be reflected it in the prior fiscal year, and the new fiscal year. Do a comparison of these reports if needed to balance periods in the current and prior fiscal year. Remember, if the decision is made to enter transactions in the prior fiscal year, enter and post dates should correspond in the prior fiscal year.
- Q: Since there is not a Freeze option in this version, can I still run reports in any fiscal year?
- A: Yes. Versions 2006 and above has the ability to run any report for any year.
- Q: Can I go back and bill a client and post in the prior fiscal year?
- A: Yes, if the firm decides to bill and post in the prior fiscal year, re-run the suggested year end reports. If the firm is out of balance, make sure the out of balance amount equals the amount that was billed.
- Q: Once close the year, can I reopen it?
- A: No and Yes. Customers cannot reopen the year themselves with the program. Customers would need to restore from the backup made just prior to closing. Support can reopen the year for a fee. Support will change the year back and recalculate all the current & prior year buckets, otherwise every client will have data integrity.
If the reports do not balance the way that are expected, print the Data Integrity Report. If any clients appear on this report, please log a support call and fax the report, including the firm name, customer number, and phone number to ProSystem fx Practice Management support to have one of our representatives assist in correcting the issue.
Here are some other helpful reports to help resolve differences in the reports:
- Print the WIP/AR Deletions report for a list of deleted transactions.
- Often the difference between report totals is caused by a deleted transaction.
- Print the Invoice History Report with the Reverse Invoices only check box selected.
- This will print a list of invoices that have been reversed.
- Often the difference between report totals is caused by a reversed invoice.
- Verify that the date ranges on the reports are the same.
- Using different date ranges can keep report totals from balancing.
- Verify that the sort options on the reports are the same.
- Using different sort options can keep report subtotals from balancing.
- Be sure that the same types of reports are being compared.
- For example, billing reports show amounts that have been billed, production reports show amounts that have been entered.
- A best practice for reports to run for the year end would be any reports that have a report type of Reconciliation. These reports will tie back to other reports.