Client Information - Interim Periods. Interim Period

Transcription

1 Interim Period Quick Trial Balance Pro can process data for monthly, quarterly, six-month, or annual data. If you are using QTB Pro to process an interim period (monthly, quarterly, or annual) data, you need to indicate this in the Client Information screen on the Interim Period tab as shown below. Page 1

2 Setting an Interim Period When you click the Change Interim Period, the Interim Period drop down will be enabled so that you can select the period. Note that the Interim Periods are generic labels, such as Month 1, Month 2, etc., instead of specific month names. This is done intentionally so that they can be easily identified by QTB Pro. Page 2

3 Changing the Interim Period Once you leave the Client Information screen after selecting an Interim Period, the drop down for the Interim Period may be disabled, unless you are entering cash receipts and disbursements (aka cash transactions). You can still click the Change Interim Period button if you've selected the wrong period, but otherwise, if you are finished processing an interim period and want to process new data for another period, you should run the Reset for New Year option. The screenshot below shows the Interim Period screen after selecting an interim period, then closing and re-opening the Client Information screen. Note that the Interim Period drop down is disabled. Page 3

4 Interim Period Dates The start and end data for the interim period are automatically calculated for you when you select an interim period. The dates are based on the year-end entered in the General section of the Client Information screen. You can change these dates if your interim period covers a different time period and the end date will appear on reports and financial statements. Page 4

5 Interim Period Identification When you select an interim period, this information will be shown on the Home screen as a reminder that you are working with an interim period. Page 5

6 Interim Period Identification You will also notice on the Visual Trial Balance, that the Adjusted Trial Balance column heading has been replaced with the date the interim period ends and the interim period selected (M01 = Month 1, M02 = Month 2). Page 6

7 Interim Period Identification In addition, when printing a report, you will see the interim period displayed in a drop down next to the year-end drop down as shown in the screenshot below for the Adjusted Trial Balance. Page 7

8 Reset for New Year When you are finished with the interim period data and ready to reset for a new interim period or new year, select the Reset for New Year option from the Housekeeping menu or click the RESET button on the Home screen toolbar. While these options (buttons) appear the same as if working with an annual data period, the reset screen will appear as shown below. Note that the interim period will be incremented to the next period. If this were the last period of the year, whether month 12, quarter 4, or the 2nd six months, of the year, then this option would not appear. Page 8

9 Reset Procedures What really happens when you reset a file that is for an interim period. An interim period reset file is created with a special name so it is easy to identify. For example, if the name of the file is "SAMPLEDATAFILE.QTB", then the normal reset file (aka UNRESET file) will be named SAMPLEDATAFILE_31-DEC-2016.QBZ. However, for an interim period file it will be named SAMPLEDATAFILE_31-DEC-2016 M01.QBZ. Note that the M01 added to the filename identifies the interim period this file is for. Page 9

10 Post Reset After resetting the file for an interim period, all the data will be removed and the interim period will be incremented to the next period. If you look at the Client Information screen's interim period section, you will see the following. Page 10

11 Interim History File The data from the interim period is saved in summary format to the interim period history file so that it can be used for comparative purposes. You see what interim periods have been saved by selecting the Reset option and using the button Interim Period in the lower left corner of the screen.. Page 11

12 Saved Interim Periods After clicking the Interim Periods button on the Reset screen, you will see the following screen. This shows interim periods that have been saved. There are instructions at the bottom of this form showing you how to print, change, or import data into the interim period history file. You can also use the Delete button if you want to delete the interim period's data. Page 12

13 Printing from Interim Period after Resetting If you need to print a report from a previously saved interim period, other than summary data such as, adjusted balances, you can select the interim period on the Reports screen just as you would select a prior year file. Page 13

14 Importing Interim Periods In earlier versions of QTB Pro, if you wanted to process an interim period, it would have to be done in a separate file, similar to the way it is done in the current version, with one important difference. You would have to use a separate company file for each interim period. In other words, if you wanted to do monthly interim periods and reference prior period data for the same period, you would have to maintain a separate file for January, February, March, etc. In the current version of QTB Pro, prior interim period data is saved in an interim period history file. However, if you've been maintaining separate interim period files, you may want to import the data from those files into the interim period history file so that it can be used for comparison purposes. To do this, you would use the Import Data option in the program and select the Import Interim Period data. Page 14

15 Importing Interim Periods When you click the Import Interim Periods, you will see the screen shown below. You will need to select the file that contains the data you wish to import from, and select the field that contains the data to be imported. You can select from the Adjusted Trial Balance or any of the prior year amounts. You must then indicate what year and the period that will be used to save the data in the interim period history file. Page 15

16 Changing Interim Period Data If for some reason you need to change an amount that has been saved in the interim period history file, you can use the Quick Entry Balances option in the Accounts menu. The drop down allowing you to select the period that you want to change will include interim periods that have been saved. Page 16

17 Cash Transactions and Interim Periods There are some differences in the way interim periods are handled if you enter cash receipts and cash disbursements in QTB Pro. The assumption is that you would enter cash transactions for the entire year in one data file, and therefore, that one data file would contain all the interim periods that could occur during that year. Because of this, the following should be noted: You can change interim periods in the current year at any time by going to the Client Information screen and changing the interim period drop down. This will automatically save the interim period selected to the interim period history file before changing to the new period. You do NOT need to run the Reset option to change to a new interim period; however, if you do run the Reset, it will save the data to the interim period history file and increment the period. What it will NOT do, is create a unreset file. The program does not need to perform this step because all of the data for all interim periods is in the annual data file. You will need to run the Reset option after the LAST interim period of the year in order to reset it to the next year. At that time, an unreset file will be created and it will be named using the normal format since all interim periods for the year will be included in that file. Page 17