On December 7, Customer Success Manager and Revenue and Finance Advocate @Monique Romero hosted a Finance Workshop for Billing customers on Redistributing Revenue Using Mass Updater.
The session began with a Zuora Best Practice Tool Tip on Revenue Rules which is that Revenue Rules should be created and assigned to the product rate plan charges before you start invoicing to ensure a revenue schedule is created at the time of billing.
Hear more of what Monique has to share about Revenue Rules in this video:
Revenue Recognition with Zuora Billing - Presentation
The workshop covered redistributing Billing Revenue- using Mass Updater. If you have Z-Billing Revenue Recognition enabled (not Zuora Revenue) this table talk will help you with redistributing revenue before you close out your books for the year. Billing Rev Rec will generate an Revenue schedule at the time of invoice creation.
To have all transactions for the affected term are updated to reflect the revenue redistribution, follow this process:
- Create new Revenue Rules (If applicable)
- Update Product Catalog Rate Plan Charges for affected charges
- Cancel all posted journal runs for the affected term
- Re-open accounting periods for the affected term
- Use Finance Mass Updater tool to redistribute revenue
- Close the accounting periods one at a time
The presentation below provides more details into each step:
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About Community Table Talks
Table Talks are collaborative Zuora Community events where customers have the opportunity to connect with Zuora experts along with other users. Each month, the community hosts a new Table Talk on different topics from APIs to Zuora Revenue.