Open

Accounting periods are Open by default after being created.

When an accounting period is set to Open:

• Transactions can be entered into the accounting period.

• Existing transactions in the accounting period can be updated.

• Revenue can be distributed into the accounting period.

• Revenue already distributed into the accounting period can be updated.

• You can set the accounting period to Pending Close or Closed.

Pending Close

You can either manually set the accounting period to the Pending Close status or Zuora will set the accounting period to this status in certain conditions.

When an accounting period is set to Pending Close:

• For users who have the Manage Close Process permission enabled, the accounting period behaves like an open period.

• For users who do not have the Manage Close Process permission enabled, the accounting period behaves like a closed period. However, these users can still run trial balances.

• You can re-open the accounting period or close the accounting period.

Automatically Set to Pending Close

When you close an accounting period, if any revenue schedules are still being processed, the accounting period will be in the Pending Close status. When all the revenue schedules are processed, the status of the accounting period is then automatically changed to the Closed status.

Manually Set to Pending Close

You must have the Manage Close Process permission enabled before you can set an accounting period to Pending Close.

To set an accounting period to Pending Close manually, go to Finance > Accounting Periods , click the accounting period name, and then click more > Change Status to Pending Close.

Pending Close is an intermediate phase before closing an accounting period. It can be useful to set a period to Pending Close before running a trial balance and reconciling transactions to ensure that no additional changes occur during the close process. You can set an accounting period to Pending Close even if the period contains draft invoices, draft payments, processing payments, or processing refunds.

Closed

You must have the Manage Close Process permission enabled before you can close an accounting period.

To set an accounting period to Closed, go to Finance > Accounting Periods, click the accounting period name, and then click more > Close this Accounting Period. If any revenue schedules are still being processed, the accounting period will be in the Pending Close status. The accounting period will change to the Closed status when all the revenue schedules are processed.

When an accounting period is Closed:

• Transactions cannot be entered into the accounting period.

• Existing transactions in the accounting period cannot be updated.

• Revenue cannot be distributed into the accounting period.

• Revenue already distributed into the accounting period cannot be updated.

• You can re-open the accounting period if necessary.