Archive a close workbook with the files it depends on

Identify external workbooks, data queries, linked files, and manual imports that feed the reconciliation. Record the source version, extraction date, and any transformation. Saving the final workbook alone may preserve displayed values while leaving the calculation dependent on a file that another team later overwrites or moves.

Ask what another accountant would need to reproduce the accepted result. The answer may include a frozen source extract, a rate table, an allocation driver, or a related schedule. Keep credentials and secrets out of the archive. Preserve the necessary data and retrieval instructions through approved access arrangements rather than embedding personal logins in a shared file.

Use a clearly identified close version whose inputs correspond to the approved reporting period. Keep later live updates in a separate working version. Determine whether opening the historical file refreshes links or queries automatically, and use the application's supported controls to prevent unintended changes. Verify the actual behavior instead of assuming a saved date makes the file immutable.

ICAEW's spreadsheet guidance recommends backup, version control, and managing access. For a historical close, those controls should cover the dependencies as well as the main workbook. A protected output file is not reproducible if the source it reads changes without a retained version.

Keep the editable calculation with its inputs and an accepted output that reviewers can read without triggering refresh. The readable output can show the result as approved, while the calculation explains how it was produced. Neither alone serves every purpose: a static output may hide formulas, and a live workbook may recalculate against new data.

In a hypothetical allocation, the approved source file contains 120 employees and produces a $10,000 department charge. A later roster has 130 employees and changes the denominator. If the archive points to the live roster, reopening the file can produce a different charge. Save the 120-person source population and the approved calculation so the historical $10,000 remains explainable.

Have an authorized reviewer open the archived packet from its intended location and locate a selected source item. Confirm that links refer to retained versions or that the packet includes a clear source index. Note software or calculation settings necessary to reproduce material outputs. A file that works only on the preparer's local drive is not a completed handoff.

Check that the final values agree with the approved journal and ledger balance. If opening the file changes a result, investigate the dependency or setting before release. Preserve both the observed discrepancy and its resolution. Do not overwrite the accepted output with a refreshed number without determining whether the accounting records also need review.

When a source error is discovered, retain the original archive and prepare a corrected version with a reason and approval. Identify affected journals and reports, then have the accountant assess the reporting consequence. The original file remains evidence of what supported the earlier close, even when a corrected calculation becomes the accepted basis.

Maintain a concise index of the main workbook, dependent inputs, approved output, and reviewer decision. Apply the company's applicable retention policy and any specialist requirements. The archive should leave future users able to inspect the historical result and reconstruct the calculation without depending on a current dashboard or one employee's memory of which file was used.