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Accounting Period Summary - Billings

Zuora

Accounting Period Summary - Billings

This article shows you how to view Billings data in the Summary tab of an accounting period. For information about the other sections in the Summary tab, see Accounting Period Summary.

Zuora Finance must be enabled on your tenant and you must have Zuora Finance Access permission to view this data.

After you have run a trial balance or closed an accounting period, you can view Billings data as of the end of the accounting period.

Navigate to Finance > Accounting Periods, select the accounting period you want to view, and then select the Summary tab. Scroll down to the Billings section.

Billings Field Definitions and Usage

The Billings category includes the items that impact your billings in this accounting period, including Invoices, Credits, and Credit Balance Adjustments (Transferred to Credit Balance and Applied from Credit Balance). 

Invoices Summary

Category Description
Posted Invoices

This section summarizes all of the invoice items (including negative invoice items) and adds the amounts by accounting code. The accounting code is set up on the product rate plan charge and represents the offset general ledger (GL) account to accounts receivable (AR). There are typically two types of GL accounts that an accounting code on the product rate plan charge represents: a Deferred Revenue account or a Revenue/Income account. 

You would typically use a Revenue/Income account as the accounting code if the amount billed goes directly into revenue (usage revenue, monthly billing, etc.). If the billed amount goes into deferred and then gets recognized as revenue over time, then you would typically use a Deferred Revenue account as the accounting code.

How do I use this data?

Use this data to create summary journal entries in your accounting system to create entries that debit accounts receivable (AR) and credit the GL account that is represented by the accounting code. The GL account is typically the deferred revenue account or the revenue/income account.

How is this added to an accounting period?

Posted invoices are added to accounting periods based on the invoice date.

Invoice Item Adjustments (Charge)

This section summarizes the invoice item adjustments of the charge type and adds the amounts by accounting code. The accounting code is inherited from the corresponding invoice item.

How do I use this data? 

Use this data to create summary journal entries in your accounting system to create entries that debit accounts receivable (AR) and credit the GL account that is represented by the accounting code. The GL account is typically the deferred revenue account or the revenue/income account.

How is this added to an accounting period?

Invoice item adjustments are added to accounting periods based on the invoice item adjustment date.

Invoice Adjustments (Charge)

Note: Invoice Adjustments is deprecated on Production. Zuora recommends that you use the Invoice Item Adjustment to adjust invoices.

This section summarizes all of the invoice adjustments of the charge type and adds up the amount by accounting code. The accounting code is specified when you create an invoice adjustment. The accounting code should be the offset account to AR.

How do I use this data? 

Use this data to create summary journal entries in your accounting system to create entries that debit accounts receivable (AR) and credit the GL account that is represented by the accounting code. The GL account is typically the deferred revenue account or the revenue/income account.

How is this added to an accounting period?

Invoice adjustments are added to accounting periods based on the invoice adjustment date.

Debit Memos

This category is only available if you enable the Invoice Settlement feature. 

The Invoice Settlement feature is generally available as of Zuora Billing Release 296 (March 2021). This feature includes Unapplied Payments, Credit and Debit Memos, and Invoice Item Settlement. If you want to have access to the feature, see Invoice Settlement Enablement and Checklist Guide for more information. After Invoice Settlement is enabled, the Invoice Item Adjustment feature will be deprecated for your tenant.

This section summarizes all of the debit memos and adds the amounts by accounting code. The accounting code is inherited from the corresponding invoice item.

How do I use this data? 

Use this data to create summary journal entries in your accounting system to create entries that debit accounts receivable (AR) and credit the GL account that is represented by the accounting code. The GL account is typically the deferred revenue account or the revenue/income account.

How is this added to an accounting period?

Debit memos are added to accounting periods based on the debit memo date.

Credits Summary

Category Description
Invoice Item Adjustment (Credit)

This section summarizes all the invoice item adjustments that are of the same credit type and shows the total amount by accounting code. The accounting code is inherited from the corresponding invoice item.

How do I use this data?

Use this data to create summary journal entries in your accounting system to create entries that credit accounts receivable (AR) and debit the GL account that is represented by the accounting code. The GL account is typically the deferred revenue account or the revenue/income account.

How is this added to an accounting period?

Invoice item adjustments are added to accounting periods based on the invoice item adjustment date.

Invoice Adjustment (Credit)

Note: Invoice Adjustments is deprecated on Production. 

This section summarizes all of the invoice adjustments that are of the credit type and shows the total amount by accounting code. You can set the accounting code when you create an invoice adjustment. Use the offset account to AR for the accounting code.

How do I use this data?

Use this data to create summary journal entries in your accounting system to create entries that credit accounts receivable (AR) and debit the GL account that is represented by the accounting code. The GL account is typically the deferred revenue account or the revenue/income account.

How is this added to an accounting period?

Invoice item adjustments are added to accounting periods based on the invoice adjustment date.

Credit Memos

This category is only available if you enable the Invoice Settlement feature. 

The Invoice Settlement feature is generally available as of Zuora Billing Release 296 (March 2021). This feature includes Unapplied Payments, Credit and Debit Memos, and Invoice Item Settlement. If you want to have access to the feature, see Invoice Settlement Enablement and Checklist Guide for more information. After Invoice Settlement is enabled, the Invoice Item Adjustment feature will be deprecated for your tenant.

This section summarizes all of the credit memos and shows the total amount by accounting code. You can set the accounting code from Finance > Configure Accounting Codes. See Configure Accounting Codes for more information.

How do I use this data?

Use this data to create summary journal entries in your accounting system to create entries that credit accounts receivable (AR) and debit the GL account that is represented by the accounting code. The GL account is typically the deferred revenue account or the revenue/income account.

How is this added to an accounting period?

Credit Memos are added to accounting periods based on the credit memo date.

Credit Balance Adjustments

Category Description
Transferred to Credit Balance

This section summarizes all of the credit balance adjustment of the type transfer to credit balance and shows you a total amount by accounting code. 

You can specify the accounting code in the Zuora Payments Configure Accounting Codes setting. Typically, the accounting code is the offsetting account to AR, which in this case is a "customer cash on account" liability account. 

How do I use this data? 

Use this data to create summary journal entries in your accounting system to create entries that debit accounts receivable (AR) and credit the customer cash on account (liability account). 

How is this added to an accounting period?

Transferred to credit balances are added to accounting periods based on the credit balance adjustment date.

Applied from Credit Balance

This section summarizes the credit balance adjustment of the type apply credit balance and shows the total amount by accounting code.  Accounting code is specified in the Zuora Payments setting section. Normally the accounting code is the offsetting account to AR, which in this case is a "customer cash on account" liability account. 

How do I use this data?

Use this data to create summary journal entries in your accounting system to create entries that debit customer cash on account and credit accounts receivable (AR).

How is this added to an accounting period?

Applied from credit balances are added to accounting periods based on the credit balance adjustment date.