Navigating the month-end close process can be a daunting task for finance teams, especially in subscription-based businesses where accuracy and efficiency are important. The following best practice checklists break down your month-end close activities so that you will feel confident in closing your accounting periods. Each checklist is comprehensive with step-by-step instructions along with video to equip you with the tools you need to close your books.
Accounting Close for the Month-End Close Process
Follow this best practice checklist for month-end accounting close process in Zuora Billing. Key prerequisites include setting up user permissions and roles, creating accounting periods, configuring the chart of accounts and aging buckets, assigning accounting codes, and establishing segment and GL segmentation rules.
Revenue Recognition Prerequisites for Month-End Close
This best practice checklist outlines essential steps to ensure compliance and accuracy in revenue reporting. Key elements include setting up the revenue automation start date, revenue recognition models, and revenue recognition rules.
Accounting Close for the Month-End Close Process
The Community's best practice checklist for the accounting close process outlines essential steps for an smooth month-end close in Zuora Billing. Key actions include setting the accounting period to Pending Close, running trial balances, and reviewing accounts receivable aging details. The checklist emphasizes performing a soft close, finalizing the accounting period, creating summary journal entries, and exporting data for integration with GL systems. Additionally, it highlights the importance of reviewing revenue reports to ensure accurate revenue recognition and compliance.
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