Zuora Community Resource Library

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 the Accounting Close Restatement for Zuora Billing.

Year End Close: Audits and Accounting Code Restatement

Introduction

Are you going into your audits and needing to restate your accounting codes in Zuora to match up with what you have in your GL?

During audit, you’ll be asked to restate accounting codes to align to your GL Chart of accounts. A commonly-asked question is “I have to restate the entire year of accounting codes- How do we update since we’ve closed our books?”, but do you have the resources to help?

The goal of this checklist is to ensure that all transactions for the affected term are updated to reflect the desired accounting codes.  Click on each hyperlink below to be taken to a video that will go over step in more detail.

Process Overview

STEP 1: Create new Chart of Accounts in Zuora

STEP 2: Associate product catalog rate plan charges with the new accounting codes

STEP 3: Cancel all posted journal runs for the affected term

STEP 4: Re-open accounting periods for the affected term

STEP 5: Use Finance Mass Updater tool to update accounting codes and transactions

- Mass Updater Template
- Using AR Forward Detail Report for Mass Updater Details
- Example:  Account Billing preview

STEP 6: Close the accounting periods one at a time

- Verify Accounting Code Update and Close Accounting Period
- Create Journal Run

Recap