Zuora Community Resource Library

 View Only

Best Practice Checklist: Year-End Close 

10-27-2023 16:58

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 Year-End Close Process in Zuora Billing where the goal is to update all transactions for the affected term to reflect the desired accounting codes. 

About Year-End Close in Zuora Billing

Overview of Year-End Close in Zuora (Video)

Checklist: Year-End Close in Zuora Billing

Prerequisite: Restate Accounting Codes In Zuora To Align To Your Gl Chart Of Accounts

    • If you have already closed your accounting periods, ask Zuora support to help by asking “I have to restate the entire year of accounting codes - How do we update since we’ve closed our books?

Step 1: Create new Chart of Accounts in Zuora (Video)Year-End Close Step 1: Create new Chart of Accounts in Zuora



□ Step 2: Update Product Catalog Rate Plan Charges for Affected Charges (Video)

Year-End Close Step 2: Update Product Catalog Rate Plan Charges for Affected Charges



□ Step 3: Cancel All Posted Journal Runs for the Affected Term (Video)

Year-End Close Step 3: Cancel All Posted Journal Runs for the Affected Term



□ Step 4: Re-open Accounting Periods for the Affected Term (Video)
Year-End Close Step 4: Re-open Accounting Periods for the Affected Term



□ Step 5: Use Finance Mass Updater Tool to Update Accounting Codes and Transactions (Video)

    • Step 1 - Using AR Forward Detail Report for Mass Updater
    • Step 2 - Using AR Forward Detail Report for Mass Updater
    • Example Account Billing Preview
Year-End Close Step 5: Use Finance Mass Updater Tool to Update Accounting Codes and Transactions



□ Step 6: Close the Accounting Periods One At a Time (Video)

    • Verify Accounting Code Update and Close Accounting
    • How to Create a Journal Run
Year-End Close Step 6: Close the Accounting Periods One At a Time

Statistics
0 Favorited
81 Views
0 Files
0 Shares
0 Downloads