Transferring Prior Year FAM Clients

[david3]

I am getting ready to transfer prior year FAM clients to FAM 2023. 

How can I tell if the prior year was closed and ready to transfer? When I open FAM 2022 and open a client file and click on File, Client Information, and Dates, the current year shows 1/1/22 - 12/31/22. But that doesn't tell me that the file was closed and ready for the transfer to next year.

Also, when I transfer a prior year client file, it asks if I want to prepare the client for next year during the transfer. Last year I selected no because I have additions and disposals to record for the current year.

It seems that if I select yes, then the current year will be closed and ready for the following year. Therefore, not allowing me to enter additions and disposals for the current year. Am I misunderstanding the question?

Should I select yes and will I still be allowed to enter additions and disposals?

Thank you.

[dascpa]

If in the 2023 FAM program, when you go to Transfer clients from 2022 it will give you choices.  Select Yes and close.  Then you can record 2023 additions and disposals.  If for some reason you need to alter 2022 those changes will not carry over to 2023 since you've closed 2022 for transfer purposes.  You'll need to re-enter those changes in the 2023 program.

[david3]

Thank you for helping with this.

I thought there was a way to check and make sure that the prior year was closed and ready to be transferred to the next year.

If the prior year wasn't closed then I will have to re-enter 2022 disposals and other information in the 2023 program. Also, won't the accumulated depreciation for 2023 not be updated for depreciation through 2022?

I'd like to make sure the prior year file is ready so I don't have to spend additional time re-entering prior year information.

Thank you.

[dascpa]

There is no "software" way to see that the prior year was closed for transfer purposes.

Don't make this harder than it needs to be.  Print the depreciation report (there are many to choose from) for 2022 and 2023.  Look on the 2023 report and make sure the correct asset total and beginning accumulated depreciation balances match your final 2022 report.