FAQ 727: Update to next plan year or period


I'm trying to carry forward one of our fiscal year plans but I'm not quite sure of the process.


Below is a synopsis of updating plans to a new cycle.
From the opened plan and the Main Menu of ASC - Choose Calculations-Update to New Period. (From here if you hit the F1 key you will get detailed online help on the definitions for each field).

All Plans
In an annual update, the Plan Identification screen is updated to the subsequent plan year, ending balances become prior balances, insurance increases are moved to the "prior" insurance fields, compensation and insurance information are moved to a history record, and all status codes "B" and "C" are changed to "A".

NOTE: If insurance increases are not actually issued, you may want to zero them out in the participants' records before updating, so that they are stored as "prior" insurance amounts.

Secondly, when participants are changed to a status code of "A", their dates are not recalculated, even if plan specs date provisions are changed. You must change the participants back to a status code of "C" if a date provision of the plan changes in an updated year.