As 2024 winds down, it's time for your year-end close. Just as important is the month-end close process a task that can be overwhelming for finance teams in subscription-based businesses where precision and speed are key.
We've prepared a set of best practice checklists to guide you through both your year-end and month-end close activities. These resources are designed to give detailed, step-by-step instructions with corresponding video tutorials for more explanation. Equip yourself with these tools to efficiently and effectively close your books in Zuora Billing.
YEAR-END CLOSE PROCESS
Preparing for Year-End Close
The year-end close process is a critical part of every organization and it's important that it's done correctly to ensure accurate financial reporting and strategic planning. This best practice checklist outlines the process step-by-step along with videos as a guide.
MONTH-END CLOSE PROCESS
Reviewing the Month-End Close Process in Zuora Billing
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.
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.
Find More Best Practices in the Community Resource Library
The Zuora Community Resource Library is full of resources exclusively found in the community and created by Zuora subject matter experts. Become a library member by joining the group to receive monthly updates of what's been added.
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Lana Lee
Zuora Community Senior Community Manager and Strategist
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