[SME Webinar] Month End Close Process

monique Zuora Staff

Zuora Staff

[SME Webinar] Month End Close Process

by Zuora Staff on ‎11-16-2017 05:23 AM - last edited on ‎11-28-2017 01:21 PM by Community Manager

SME Webinar

 

Do you need help with your Month End Close process?

 

We will be reviewing the month end close process to close your accounting periods. This will help you close your periods quickly and efficiently.

 

As a Zuora Support SME for Finance and Revenue, I have you covered! I will go over each step required so you can close your period, review your financials and upload to your GL System for a quick and efficient close.I know that this will likely affect several of you so please be sure to attend this session. If you cannot make it, we will post this to the community.

 

I'll also reserve some time for any Q&A. So if you have any on the month end close process, we can review this at the end.

 

 

Webinar Details

 

When: Tuesday, Nov 28, 2017 at 9am PT
How to Join: Comment below and we’ll send you the link to the webinar room.
Can’t Attend? If you can’t attend, we will record the webinar and will upload it to this post.

 

Share Your Questions

Please add any additional questions about month end close in the comments below so that we can talk about them in the webinar.

 

I look forward to seeing you all on the 28th!

 

 

=== Webinar Video ===

 

 

 

 

=== Webinar Presentation ===

 

 

 

 

=== Month End Close Instructions/Details ===

 

 

 

=== Month End Process Questions from SME Webinar ===


Q: Could you provide steps to do the Admin set-up ?
A: Click in to Admin Settings > Click on User Roles > Create new User roles and save
Click in to Admin Settings > Click on Manage Users > Click on the user name >Click edit on the user name > Select role from the dropdown and save

 

Q: Could you provide more detail on customising the report?
A: The reports in the accounting period: Download detail report > download revenue report can Not be edited, this is a canned report
The aging report in the Finance Settings > Configure Aging Balance Settings > You can change the name of the aging buckets and change the past due days and save

 

Q: Do you see “allow blank accounting codes” used by customers, or is it better to not leverage this feature and catch the blank codes during this close process?
A: Better to assign the accounting codes to the transaction types so that your journal entries created will not create additional work to research those accounting codes. You can change the billing setting to not allow accounting codes so that all accounting codes are added before you create any transactions.

 

Q: Would I be correct in assuming that if the revenue recognition date was not set correctly there is no way to do this retrospectivly?
A: If the revenue recognition dates are set incorrectly, you can use the Mass Updater tool for update revenue schedules to update the recognition dates

 

Q: Can you explain further what segmentation is used for exactly that you described when setting up account codes? It’s a bit of a foreign concept to us.
A: A segment is an association with a field on a Zuora object. You can configure segments that correspond to how you segment your business; for example, you might configure segments in Zuora that correspond to your product lines, subsidiaries, or customers.

 

Q: Should the total in the Recognised column correspond to the total MRR as shown in the current MRR export report?
A: No because MRR does not include one time charges or usage fees.

 

Q: Could we use segments to separate out journal entries by billing period? I.e. by billing period for the subscription, such as annual vs monthly
A: No segments can not be used for subscription billing period. Here is the article that lists out the supported fields for segments:
https://knowledgecenter.zuora.com/CC_Finance/D_Finance_Settings/J_Segments/Fields_Supported_by_Segme...

 

Q: If we haven't closed any accounting periods, is it possible to still make the journal runs? If so, is closing the period necessary?
A: You do not have to close the accounting period to create the journal runs. You can create the journal runs on a weekly basis and it will not duplicate any journal entries from the prior weeks JE's, It will pick up the entries that have not been included in the journal run for that specific accounting period.

 

Q: How can we deal the cases when accounting period is closed and we need to unbook one payment from account to another one? eg. Customer has 2 accounts and he paid two invoices by mistake on one account.
A: If a customer has two accounts and a payment is posted into one account, you can process an EXTERNAL Refund on the account with the extra payment and process an EXTERNAL Payment on the account receiving the payment. Since this on account level, it does not affect any invoices, unless you applied that payment to a future invoice.

 

Q: Is a refund possible if the payment came on an open invoice (it is only possible if client overpaid and we have that in customer account)?
A: Yes you can process the EXTERNAL refund on the invoice, it will open the invoice balance back up so the customer will still need to make the payment and then process the EXTERNAL Payment onto the correct account/invoice.

Comments
aomalley Valued Scholar

Valued Scholar

by Valued Scholar aomalley
on ‎11-16-2017 05:45 AM

Hello - please send me a link

canouri Honor Student

Honor Student

by Honor Student canouri
on ‎11-16-2017 06:03 AM

Please send me a link as well.

Also here's one question we have:


1. What are the best practices for setting up accounting codes and how you can update them in mass for historical items (such as subscriptions, credits, etc)?

jmorris7 Scholar

Scholar

by Scholar jmorris7
on ‎11-16-2017 06:17 AM

I'm interested. Thanks!

rdeloach Scholar

Scholar

by Scholar rdeloach
on ‎11-16-2017 06:59 AM

Please send me the link

cjwright85 Student

Student

by Student cjwright85
on ‎11-16-2017 07:26 AM

I'd also like invited, please send me the Link Smiley Happy

toddprauner Newly Enrolled

Newly Enrolled

by Newly Enrolled toddprauner
on ‎11-16-2017 07:50 AM

I'd love to get a link, too. Thanks!

amathivanan Scholar

Scholar

by Scholar amathivanan
on ‎11-16-2017 07:53 AM

Please send me the link

hbruzus Savvy Scholar

Savvy Scholar

by Savvy Scholar hbruzus
on ‎11-16-2017 08:28 AM

Please send me the link, can this link be shared with my team members as well? Or will they need a unique link? Thanks!

grizzlyadamson Scholar

Scholar

by Scholar grizzlyadamson
on ‎11-16-2017 09:01 AM

Please send me the link as well.

Lana Community Manager

Community Manager

by Community Manager
on ‎11-16-2017 09:10 AM

Hi @hbruzus yes, you can invite team members - feel free to PM me if you can't!

 

 

 

 

EvanC Zuora Staff

Zuora Staff

by Zuora Staff
on ‎11-16-2017 09:35 AM

I would love to join! May I please have the link as well?

bobby_a Zuora Staff

Zuora Staff

by Zuora Staff
on ‎11-16-2017 10:30 AM

Can I get a link!?!

aloyavaca New Student

New Student

by New Student aloyavaca
on ‎11-17-2017 08:03 AM

Please send me the link to the webinar.  THANK YOU

cjaekel Newly Enrolled

Newly Enrolled

by Newly Enrolled cjaekel
on ‎11-20-2017 05:52 AM

Please send me the link to the webinar.  Many thanks.

Yifang Z-Documentation Team

Z-Documentation Team

by Z-Documentation Team
on ‎11-26-2017 06:36 PM

Looking forward to the webinar. Many thanks!

Owen Zuora Staff

Zuora Staff

by Zuora Staff
on ‎11-27-2017 01:40 AM

Please add me to the invite

Lana1985 Honor Student

Honor Student

by Honor Student Lana1985
on ‎11-27-2017 06:40 AM

Hi !

Plz add me as well Smiley Happy

Tnx

Steffen New Student

New Student

by New Student Steffen
on ‎11-27-2017 06:47 AM

Please add me to the invite

George_Touros Newly Enrolled

Newly Enrolled

by Newly Enrolled George_Touros
on ‎11-27-2017 06:51 AM

Hello! 

Please add me to the invitation. 

 

Thanks!

MadalinaToderas Scholar

Scholar

by Scholar MadalinaToderas
on ‎11-27-2017 06:51 AM

Hello, I would like to attend the webinar, please add me to the invitation. Thank you!

Johnp New Student

New Student

by New Student Johnp
on ‎11-27-2017 06:57 AM

Please send me the link.

kebadrinath Zuora Staff

Zuora Staff

by Zuora Staff
on ‎11-27-2017 07:00 AM

Pls add me to this invite

trevorvogt Student

Student

by Student trevorvogt
on ‎11-27-2017 07:11 AM

Hello,  please send me the invitation

craigallen Tutor

Tutor

by Tutor craigallen
on ‎11-27-2017 07:20 AM

Hello, please send me the link

mpeperka Honor Student

Honor Student

by Honor Student mpeperka
on ‎11-27-2017 08:13 AM

I would like to receive the recordings please

apanoutsou Newly Enrolled

Newly Enrolled

by Newly Enrolled apanoutsou
on ‎11-27-2017 08:47 AM

Hi,

 

I would like to have the link.

 

Thanks,

MeishJ New Student

New Student

by New Student MeishJ
on ‎11-27-2017 08:52 AM

Please send me the link, thanks. 

Bryan Zuora Staff

Zuora Staff

by Zuora Staff
on ‎11-27-2017 09:01 AM

Link please!  Thanks!

Lana Community Manager

Community Manager

by Community Manager
on ‎11-27-2017 10:24 AM

Hi All! 


I've sent the next batch of invites. Please let me know if you have any issues receiving it or connecting tomorrow. Thanks so much for your interest!

 

Lana (and @monique)

MatthewH Zuora Staff

Zuora Staff

by Zuora Staff
on ‎11-27-2017 10:34 AM

Hi Monique, I'd like to join as well Smiley Happy

Bryan Zuora Staff

Zuora Staff

by Zuora Staff
on ‎11-27-2017 10:43 AM

The invite did not come in for me.  Smiley Happy

Lana Community Manager

Community Manager

by Community Manager
on ‎11-27-2017 10:46 AM

I'll resend it to you, @Bryan Smiley Happy

Bryan Zuora Staff

Zuora Staff

by Zuora Staff
on ‎11-27-2017 10:49 AM

Got it.  Thanks @Lana !

wannaknow Tutor

Tutor

by Tutor wannaknow
on ‎11-27-2017 11:42 PM

Please send me a link. Thank you.

AniaS Newly Enrolled

Newly Enrolled

by Newly Enrolled AniaS
on ‎11-28-2017 01:25 AM

I'm in. Thanks Smiley Happy

Lana Community Manager

Community Manager

by Community Manager
on ‎11-28-2017 06:45 AM

Invitations have been sent and I also emailed all of you a reminder email with the webinar details just now. If you have any issues joining, please PM me.

 

See you in a couple hours!

JohnHeggs Student

Student

by Student JohnHeggs
on ‎11-28-2017 07:08 AM

Please send link.

Many thanks

canouri Honor Student

Honor Student

by Honor Student canouri
on ‎11-28-2017 10:22 AM

During the webinar Monique mentioned sharing some examples of segmentation options that can be used in journal entries. Can you please share that information with me as soon as possible?

 

We are specifically intersted in these three segments for right now that could help us in using the data from Zuora in our financial models:

 

1. Subscription billing period (monthly, annual, etc)

2. Subscription status (active vs cancel)

3. Customer account status (active vs cancel)

monique Zuora Staff

Zuora Staff

by Zuora Staff
on ‎11-28-2017 12:35 PM

@canouri

 

Here is the information on GL Segment and GL Segmentation Rules

https://knowledgecenter.zuora.com/CC_Finance/D_Finance_Settings/J_Segments

https://knowledgecenter.zuora.com/CC_Finance/D_Finance_Settings/K_GL_Segmentation_Rules

 

 

Please test this in your sandbox prior to adding in your production tenant.

Lana Community Manager

Community Manager

by Community Manager
on ‎11-28-2017 01:18 PM

Hi All! 

 

The post has been updated with the presentation video (newly recorded with better sound - thanks @monique!), presentation slides and an additional reference presentation for the Month End Close Process Prerequisites.  I'll upload the questions asked in the webinar in the post as well.

 

Those of you who've RSVPed for the event prior to this message will receive a PDF of the presentation for your personal reference. Please PM me if you didn't receive it.

 

Thanks again for attending and we welcome any feedback and suggestions for future SME webinar topics. Feel free to PM me.

 

Lana