Blogs

Best Practice Checklist: Year-End Close in Zuora Billing

By Lana Lee posted 10-27-2023
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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. This best practice checklist walks through each step from video shorts from October 2023’s Finance workshop Preparing for Year-End Close in Zuora Billing . What you’ll learn: Overview: Year-End Close Prerequisite: Restate Accounting Codes In Zuora To Align To Your Gl Chart ...
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Preparing for Year-End Close in Zuora Billing

By Lana Lee posted 10-13-2023
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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. At our October Finance workshop, Enterprise Services Manager Monique Romero walked us through preparing our books for year-end close. Best Practice: Align Your Accounting Periods (Video) To create and export your journal entries out of the correct period, accounting periods should be Created in Zuora Aligned to your GL accounting periods before transacting LEARN MORE Watch Video | View Presentation Aligning Accounting Periods Year End Close- ...
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Revenue Recognition Prerequisites for Month-End Close in Zuora Billing

By Lana Lee posted 09-20-2023
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Making the proper preparations for your month-end close process is an important step to avoid common mistakes and other pitfalls. In our September finance workshop, Enterprise Services Manager Monique Romero shared an overview of prerequisites one should take for month-end close for accounting close and revenue recognition. → VIEW THE PRESENTATION Revenue Recognition Prerequisites for Month-End Close Setup revenue automation start date (RASD) Setup revenue recognition rules Configure codes and revenue recognition rules on product rate plan charges Prerequisite 1: Setup Revenue Automation Start Date Revenue schedules will only ...
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Accounting Close Prerequisites for Month-End Close in Zuora Billing

By Lana Lee posted 09-20-2023
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Making the proper preparations for your month-end close process is an important step to avoid common mistakes and other pitfalls. In our September finance workshop Reviewing the Month-End Close Process , Enterprise Services Manager Monique Romero shared an overview of prerequisites one should take for month-end close for accounting close. → VIEW THE PRESENTATION Accounting Close Prerequisites for Month-End Close Setup user permissions and roles Create accounting periods Creating chart of accounts Configure aging buckets Set up accounting codes Configure Segments and segmentation rule Prerequisite 1: Setup Permissions and Roles ...
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Reviewing the Month-End Close Process in Zuora Billing

By Lana Lee posted 09-20-2023
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There are many steps in the month-end close process as well as prerequisites to prepare your books before you begin. This month in our Finance workshop, Enterprise Services Manager Monique Romero gave step-by-step instructions on the accounting close process and the month-end close prerequisites needed for accounting close and revenue recognition. → VIEW THE PRESENTATION The Accounting Close Process The accounting close process is accomplished in the following steps that we will break down: Set accounting period to pending close Run trial balance Review accounts receivable aging detail Reconciliation Exercise – Payment/Invoice Close ...
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Exchange Rates and the Gains/Loss Report in Zuora Billing

By Lana Lee posted 05-24-2023
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On May 18th, Enterprise Services Manager @Monique Romero hosted a Finance Workshop and shared her best practices on exchange rates and the gains/loss report in Zuora Billing. The session began with a Tool Tip on how to setup your home currency which is used to calculate your exchange rates in Zuora and it’s important to enable it if you process foreign currency. Following the tool tip, Monique dove into the main topic on foreign currency gains and losses. Enabling Home Currency in Zuora To calculate conversion rates in Zuora, you can use the exchange rates posted by the default exchange rate provider, Oanda, or import custom exchange rates ...
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Accounting Periods and Payment Reconciliation with Payment Gateways

By Lana Lee posted 03-21-2023
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On March 15, Enterprise Services Manager @Monique Romero hosted a Finance Workshop for Billing customers on Payment Reconciliation with Payment Gateways. The session began with a Zuora Best Practice Tool Tip on Accounting Periods which should be created in Zuora and aligned to your GL accounting periods before transacting, so that your JE’s can be created and exported out of the correct period. Please note that to continue with the Payment Gateway Reconciliation, you will need to have your accounting periods created. Learn More If you missed the workshop, please refer to the presentation below that has more information for each step. View Presentation ...
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Month End Close Process

By Monique Romero posted 02-08-2023
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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, ...
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Deferred Revenue Reports

By Monique Romero posted 02-08-2023
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Having problems reading your deferred revenue report? I understand your frustration, which is why I will be holding an SME webinar to help answer these and any other questions related to deferred revenue reports. As a Zuora Support SME for Finance and Revenue, I see several questions relating to the deferred revenue report, such as: How do I read the deferred revenue report? What is my deferred revenue balance at the end of the month? What is the revenue recognition balance at the end of the month? In my webinar, I'll go over the basics of reading the deferred revenue report so that you'll be able to confidently get the information that you need. ...
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Swiss VAT Rate Change

By Monique Romero posted 02-08-2023
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Are you updating your VAT/tax rates for 2018? There'll be a VAT rate change in Switzerland in 2018, which brings up the question of how you should setup your yearly invoices spanning 2017-2018. As a Zuora Support SME for Finance and Revenue, Ive got you covered! I know that this will likely affect several of you so please be sure to attend this session. If you can not make it, we will post this to the community. We have the answer to help update your tax/VAT rates In my webinar, I'll go over all of the steps that you'll need to cover to ensure that your invoices will reflect this change. We will have posted steps on how to make the change, but being ...
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Revenue Rules and Redistributing Revenue Using Mass Updater with Zuora Billing

By Lana Lee posted 12-07-2022
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On December 7, Customer Success Manager and Revenue and Finance Advocate @Monique Romero hosted a Finance Workshop for Billing customers on Redistributing Revenue Using Mass Updater. The session began with a Zuora Best Practice Tool Tip on Revenue Rules which is that Revenue Rules should be created and assigned to the product rate plan charges before you start invoicing to ensure a revenue schedule is created at the time of billing. Learn More View Presentation Revenue Rules ​​ Revenue Recognition with Zuora Billing - Presentation The workshop covered redistributing Billing Revenue- using Mass Updater. If you have Z-Billing ...
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Finance Best Practice: Accounting Code Restatement

By Lana Lee posted 10-19-2022
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On October 12, we held a finance workshop on accounting code restatement. Customer Success Manager @Monique Romero walked us through the process that many will be performing for their year-end close activities. To have all transactions for the affected term updated to reflect the desired accounting codes, follow these steps: Create new Chart of Accounts in Zuora Update Product Catalog Rate Plan Charges for affected charges Cancel all posted journal runs for the affected term Re-open accounting periods for the affected term Use Finance Mass Updater tool to update accounting codes and transactions Close the accounting periods ...
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Aligning Chart of Accounts and Revenue Recognition with Zuora Billing

By Lana Lee posted 08-10-2022
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On August 10th, the Zuora Community hosted a Finance Best Practice workshop with Zuora Finance and Revenue expert Monique Romero where she shared some tips on Revenue Recognition with Zuora Billing. The Community workshop recording was shared with attendees. If you weren’t able to attend, check out these best practices to follow from her presentation: Why align your GL chart of accounts with Zuora chart of accounts? What to do when your Revenue and AR been out of balance at end of month? Why is it a good practice to check Revenue Rules first? What is the difference between Billing and Revenue? How does a Revenue Rule impact my AR? ...
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Finance Best Practice - User Permissions

By Lana Lee posted 06-10-2022
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On June 8th, the Zuora Community with Zuora Finance and Revenue experts, Monique Romero and Nikki Wong hosted a Table Talk Workshop on Finance Best Practices for Zuora Billing customers with an overview of Z-Billing Revenue, Central Revenue, and RevPro. The Community workshop recording was shared with attendees. If you weren’t able to attend, please see the following presentation that covers the following: User Permissions Permissions Error Message “You do not have permission to override Accounting Code on payments. For more information, contact your company administrator. None of your changes have been saved” How to Get Trusted ...
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Community's Greatest Hits For Finance

By Lana Lee posted 07-07-2021
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The Zuora Community has a lot of excellent content that benefits users and they are interspersed within the Community. To make these valuable, hard-to-find resources more readily available, we've compiled a list of our Greatest Hits. What is the month end close process? Whats the process to set up my Revenue Settings? How can I change the default payment method in my tenant? How to Distribute revenue for a 13 month term over 12 month period to give a free period? ASC606 Basics of Reading the Deferred Revenue Report How do I update my accounting codes on posted invoices for the past year? How do I reconcile my Payments ...
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