How to Create a New Accounting Period

Overview

Welcome to the Papercare Working Papers help section. This guide is designed to help accountants create a new accounting period using our software. Follow the detailed steps below to ensure a smooth setup for your clients’ accounting periods.

How to Create a New Accounting Period

Step 1: Select Your Client

From the firm Dashboard, click on “Select Client”.
Search for and select the company for which you need to create a new accounting period.

Step 2: List of Accounting Periods

Selecting the client will open a “List of Accounting Periods” popup window.

Step 3: Create New Accounting Period

Click on the “New Period” button located at the bottom left of the popup window.

Step 4: Enter Accounting Period Details

This action will open the “Create New Accounting Period” window.
Enter the following details:
Start Date of the period
End Date of the period
Status of the period
Select the Preparer, Reviewer, and Partner for this job.

Step 5: Bring Forward Opening Balances

If the accounts for the previous year were also prepared using Papercare Working Papers, you need to bring forward the opening balances.
Click on the “Bring Forward Opening Balances” option to carry over the final balances as opening balances for the new period.

Step 6: Create the Accounting Period

Click on “Create”. This will prompt you to select the Chart of Accounts for the new period.

Step 7: Choose the Chart of Accounts (COA)

You can either:
Choose “Last Year COA” to use the same chart of accounts from the previous year OR,
Select “Default COA” to use the default chart of accounts.

Step 8: Confirm Creation

The system will ask for confirmation that one file will be used to create this accounting period.
If you agree, click on the “Confirm” button. This will create the new accounting period.

If you have any further questions or need additional assistance, please contact our support team.