Preparing for an External Audit with Commonly-Used Reports in Zuora Revenue

By Lana Lee posted 05-16-2023 16:59


On May 11th, the Zuora Community hosted a Revenue Workshop on Booking Forecast with @Nikki Wong, Senior Director of Product Management where she walked through the steps to setup, generate, and report your booking forecast.

Before diving into the main topic, Nikki shared a Revenue Tool Tip on how to prepare for an external audit in Zuora Revenue using commonly-used reports: 

For Revenue Reporting:

  • Revenue Insight YTD/QTD - This can be used for Contract Sampling. This report provides all the revenue contracts that have revenue activities for the period.  This includes all revenue posted to the Revenue Accounts.

  • Revenue Contract Rollforward - This is used for Contract Liabilities and Contract Assets reconciliations. It shows a breakdown of contract balance for a specified point in time.

  • Waterfall Report - This shows how much of the revenue is recognized over time.

For 10Q Disclosure Requirement:

  • Unsatisfied POB Report (RPO) - This shows revenue waterfall for future periods by month/quarter/year for each contract. 

  • Revenue from Prior Period CA/CL Report - This shows revenue recognized from prior period  clearing through contract liability addition of the current period.

For Transactional Information:

  • Booking Report - This shows order information by order line item for a specified period of time in both transaction currency and functional currency.

  • Billing Report - This shows billings by each invoice for a specified period of time in both transactional currency and functional currency.

  • Accounting Details Report - This shows journal entry detail for a specified period, including credits, debits, company code for each legal entity, product code, all GL accounts.  Rev Ops team uses this to investigate how transactions are recorded in GL.

  • Export RC - This combines the workbench information within a single Excel Spreadsheet for easy review and/or audit.  


Watch the Video Below to Learn More:

How to Prepare for an External Audit Using Zuora Revenue with Commonly Used Reports

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