Getting started with Revenue Recognition
These high-level steps help you get started with revenue recognition with minimal conceptual information. If you are new to revenue recognition, review these steps to get an overview of revenue management process. If you are familiar with revenue recognition and want to jump in without a lot of details, these steps can guide you.
The following is a step summary of how to set up revenue recognition and how to manage revenue schedules and distribution using the Zuora application:
Prerequisites
Before you can set up Revenue Recognition, the following are required:
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Access to Zuora Finance and Revenue Recognition.
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Users are assigned Zuora Finance user roles and permissions to revenue recognition .
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Accounting periods are created.
Zuora recommends creating at least five years of accounting periods.
Set up your chart of accounts and associate revenue and deferred revenue accounting codes with product rate plan charges. Revenue and deferred revenue accounting codes are used for accounting close and reporting purposes.