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What is the month end close process?

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Zuora Staff

What is the month end close process?

What is the process to close my accounting period/ month end process/ accounting close process?

 



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2 REPLIES 2
Zuora Staff

Re: How do I close my Accounting Period?

Below are the steps and links to follow in order to close your accounting period:

 

1. Run Trial Balance - https://knowledgecenter.zuora.com/CC_Finance/A_Z-Finance/E_Accounting_Periods/D_Run_a_trial_balance

 

2. Review Accounting period balances - https://knowledgecenter.zuora.com/CC_Finance/A_Z-Finance/E_Accounting_Periods/F_View_Accounting_Peri...

 

3. Review Accounts receivable aging detail - https://knowledgecenter.zuora.com/CC_Finance/A_Z-Finance/E_Accounting_Periods/F_View_Accounting_Peri...

 

4. Reconciliation Exercise- Payment/Invoice - 

  • Certain actions may need to be reviewed before closing an accounting period
  • Required actions
    • Draft invoices – These invoices must be cancelled or posted
    • Draft payment – The payment must be deleted
    • Processing payment – Payments in an unknown state.  The payment status must be updated (contact Support)
    • Processing refund – Refunds in an unknown state.  The refund status must be updated (contact Support)
    • Optional actions
    • Unprocessed charges – Usage charges that are not rated.  No action needs to be taken

5. Close Accounting period - https://knowledgecenter.zuora.com/CC_Finance/A_Z-Finance/E_Accounting_Periods

 

6. Create Summary Journal Entries - https://knowledgecenter.zuora.com/CC_Finance/C_Summary_Journal_Entries/h_Journal_Runs

 

7. View and export the data -

  • Transactions are grouped into summary journal entries based on transaction type, currency, debit account, and the GL segmentation rule.
  • To view the summary journal entries, navigate to the accounting period for which you created the journal run and click on the Summary Journal Entry tab. You can also view the summary journal entries by viewing the completed journal run.
  • You can download the details of each Journal Entry to verify the transactions


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Zuora Support Moderator

Re: How do I close my Accounting Period?

Just as an FYI, Monique did a Month-end closing process webinar.

 

Check out the video and corresponding slide deck here:

 



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