Financial Period End Process
Know about the Financial Period End Process in Zuora, including the key steps, available features, and best practices to ensure smooth and accurate month-end or quarter-end closes
Overview
The Financial Period End Process in Zuora ensures that all financial transactions for a given accounting period are accurate, complete, and reconciled before final reporting. The goal is to simplify and automate the accounting close process, helping finance teams:
Verify financial data accuracy
Identify and resolve exceptions quickly
Key stages of the Financial Period End Process
The period-end close process involves several related components:
Define Accounting Periods: Align and define system accounting periods with your company’s fiscal calendar.
Process Transactions: Record and validate all billing, payment, and related transactional activities.
Generate Journal Entries: Create journal entries to ensure each transaction is properly journalized.
Reconcile and Validate: Verify accounts receivable subledger transactional data matches journal entries and period end balance presented on the Trial Balance.
Export Financial Data: Push summarized or detailed accounting data to the company’s General Ledger residing in the ERP system.
Close the Period: Lock the accounting period once reconciliations and adjustments are complete, preventing further changes.