Strengthen your Zuora foundation with best practice checklists from the Community, Knowledge Center, and Self Service Solutions so that you can confidently use Zuora. This checklist focuses on Accounting Close Process for Month-End Close in Zuora Billing.
PREREQUISITES
□ Set Accounting Period to Pending Close. Review prerequisites needed for accounting close and revenue recognition:
STEP 1 - Run trial balance
□ Run Trial Balance to get summary information for billing, cash, credit balance and accounts receivable aging
□ Action Needed before closing an accounting period
□ Transaction Dates used to determine whether a transaction falls within an Accounting Period date range.
STEP 2: Review accounts receivable aging detail
□ Review Accounts Receivable Aging Detail which provides a summary of all outstanding amounts and there are two reports which you can use
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- Accounting Period Aging Report - As of the end of the accounting period and is a canned report which cannot be edited
- Reporting Tool Aging Report - A live report updated as customers make payments, adjustments processed, etc. In this report, invoice fields can be added/removed to build
STEP 3: Soft Close
□ Soft Close - Set accounting periods to Pending Close as an intermediate phase before closing.
STEP 4: Close Accounting Period
□ Close Accounting Period - After closing an accounting period, a final balance will be created for the closed accounting period.
STEP 5: Create Summary Journal Entries in Your Accounting System
□ Create Summary Journal Entries - Journal run vs.journal entry
STEP 6: View Summary and Transaction Details
□ View Summary and Transaction Details - Transactions are grouped into summary journal entries based on transaction type, currency, debit account, and the GL segmentation rule.
STEP 7: Export SJE Data
□ Export SJE Data - Summary journal entries are well-formatted for exporting into a CSV file and importing into your GL system.
STEP 8: Review Revenue Reports
□ Review Revenue Reports - Revenue recognition allows companies to recognize the monetary value of a contract over a period of time as the revenue is realized and earned (when goods are delivered or services rendered).