Do I perform year end procedures on 2021 FAMS BEFORE I install 2022 FAMS or do I install 2022 FAMS before I perform 2021 year end procedures?

[dascpa · Accepted solution]

Nope.  When you rollover the files (in FAM22) it will ask you if you want to close out prior year.  Say yes.  It has no effect on prior year's data file.  Not sure why it's needed, you'd think it automatically do the math.  I guess since there are fiscal year entities it needs this.