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Knowledge Center > Zuora RevPro > Open and Close Accounting Periods

Open and Close Accounting Periods

Zuroa RevPro allows you to open or close the accounting period of your revenue books. This is done to ensure that the proper data can be fetched for reporting, to control journal entry, and journal posting.

Prerequisite

Before opening or closing an accounting period, you need to do the following setup tasks and template related updates:

  1. Application setups
  2. Creating Period Open or Close Tasks
  3. Creating or Updating Period Open/Close Templates

Application Setups

To set up the application, do the following tasks:

  1. Set up the soft freeze
  2. Set up the background job

Soft Freeze Setups

Soft Freeze of the applications has to be done before opening or closing an Accounting Period. You can select the jobs from this screen and lock it before you open or close an accounting period. When you are opening or closing the period without locking, there will be changes in the revenue balance for that specific period. That results in invalid figures in the generated reports. To avoid all these, we have to Soft Freeze the jobs or actions.

When you perform Soft Freeze, any users working in Zuora RevPro cannot bring in as well as release the revenue. If Soft Freeze is not performed, then the Revenue Balance will not show accurate details.

The following example shows why Soft Freeze is important.

If a company has the following amounts in their books:

Opening Balance

$ 100 K

Revenue Activity

$ 40 K

Closing Balance

$ 60 K

If Soft Freeze is not performed in setups for batch collection, any Zuora RevPro user can submit batch collection tasks when another user is closing the period. Revenue released from new Revenue Contracts will impact the closing period’s revenue amount.

Opening Balance

$ 100 K

Revenue Activity

$ 40 K + $ 10 K

Closing Balance

$ 60 K + $ 10 K

Setting Up Soft Freeze

To ensure that there are no discrepancies in the closing balance, perform the Soft Freeze before opening or closing a period:

Soft Freeze.jpg

  1. From the RevPro menu, select Setups > Application > Soft Freeze.
  2. Select Type as Jobs.
  3. Select the Program Name that you have to lock and enable the Lock check box.
  4. Select the Period Status as Pending Open, Pending Close or Both. Based on the selection you made here, this Application will be part of the Open or close template:  
    • Pending Open - The specific job or action is restricted and cannot be executed when you are opening the current period. The Programs are available only when new period is opened.
    • Pending Close -  The specific job or action is restricted and cannot be executed when you are closing the existing period. The Programs are available only when the existing period is closed.
    • Both – The specific job or action is restricted and cannot be executed when you are opening or closing the period.
  5. Click Save.

Setting Up Background Job

Background jobs.jpg

  1. From the RevPro menu, select Setups > Application > Background Jobs.
  2. Select a program, right-click the Period Type, and click Edit.
  3. In the Edit Job – Reporting Current Period Open screen:
    1. Select the Period Type as Open, Close or Both.
      • Open – Select this option to make this program available in the Open template.
      • Close – Select this option to make this program available in the Close template.
      • Both – Select this option to make this program available both in the open and the close template.
    2. Click Save.

Creating Period Open or Close Tasks

This screen lists the various tasks associated with the Journal books. Two type of tasks:

  • Program –  These tasks are mapped as background jobs that can be submitted as part of the open or close process.
  • Manual – These tasks are user created tasks that are performed offline.

It is mandatory to complete these tasks before opening or closing a period.

Background jobs.jpg

  1. From the RevPro menu, select Policies > Period Open/Close Tasks.

    This screen lists all the Program and the Manual tasks. You can also click New Task button to create a new task.

  2. Select a task to enable it as a background job, right click and click Edit to open the Edit Task <Task Name> screen.

    Task.jpg

  3. Select Manual or System from the Task Type list.

    When you select System, the Background Job drop-down list is enabled and you can select the relevant background jobs.

  4. In the Activity Type field, select Open, Close, or Both based on your requirement.
  5. Select the Enabled check box to enable this task in the templates.
  6. Click Save.

Creating or Updating Period Open/Close Templates

This screen lists the Open and Close templates that are to be maintained for RevPro. The existing templates should be disabled before creating new templates.

In this screen, you can assign books and tasks that are part of Period Open or Period Close template. The New Template button is available to create a user-defined template.

  1. From the RevPro menu, select Policies > Period Open/Close Templates.

    templates.jpg

    This screen lists the Period Open Template and Period Close Template. You can also click New Template button to create a new template. Disable an existing template before creating a new template.

  2. Select the Open or Close template that you wish to edit, right click and select Edit.
  3. In the Activity Type field, select Open or Close to define the template based on your requirement.
  4. From the Available Books pane, select the relevant books and click the right arrow button to move it to the Selected Books. The selected books will be available in the template. You can also use the left arrow button to remove certain Selected Books and move it back to the Available Books pane.

    This is the assignment process where you can associate the template with the book to be accessed when you are closing or opening the period.

  5. Click Save.

    The selected books are made available in the updated template. You can also assign certain tasks to the template.

  6. Click the migrate.png button to migrate from one instance to another.
  7. Click Assign Tasks pane to view the tasks that are assigned to the template. Tasks created during Period Open/Close are auto populated in the Template’s Assign Tasks pane.
    1. Click the plus.png button to create a new task.
    2. Select the Task Name and the details associated with the task are auto-populated.
    3. Mark the task as Mandatory or Enabled by selecting the check box.
    4. Click Save to create a new task.

Opening or Closing of an Accounting Period

The tasks to open or close a period depends on if the Open/Close period template is available. This section introduces how to open or close periods with different conditions.

When the Open/Close Period Template Unavailable

This is a specific scenario when there is no open period and the Open/Close period template is not defined. This screen lists the Period Status and from that list you can select the relevant period and you can open an accounting period.

In this screen, you can do the following tasks:

  • Close the current period and open the next period.
  • Close the current period and open other period.
  • Export the tasks.

To do the above tasks:

  1. From the RevPro menu, select Accounting > Period Open/Close.

    This screen lists all the periods that are part of the configured template.

  2. Select a period name and right click to view the activities that you can perform.
  3. Click the Close Current/Open Next to close the current period.

    This option is used only when there a current open period. A confirmation message appears whether you wish to close the current period. If you confirm then the current period is closed.

  4. Click the Close Current/Open Other to close the current period and you are allowed to select another period. After you select the new period, a confirmation message appears.
  5. Click Yes to start the new period.
  6. Click Export to open or save the status of the journal book in .csv format.

When the Open/Close Period Template Available

This is a specific scenario when there is an open period. This screen lists the Period Status and from that list you can select the relevant period and perform the opening or closing activity based on the current period status. You have to close all the pending tasks before closing the period. The status of the tasks moves to the Completed status when all the tasks are initiated.

In this screen, you can do the following tasks:

  • Initiate Open Period / Initiate Close Period
  • Export 

If the Open Period/Close Period template is defined in the Template Setups, then you can find the details on the Period Status screen. You can right-click the Open or Close template and the Initiate Open Period/Initiate Close Period context menu action is available and enabled.

Open Close.jpg

  1. From the RevPro menu, select Accounting > Period Open/Close.

    This screen lists the period status for the enabled books.

  2. Select a period name, right-click and select Initiate Close Period.

    The Status of the period changes from Open to Pending Close

  3. Select a period name and right-click to initiate the tasks associated with the Period Close.

    The Initiate Close Period pane appears along with the Period Close Tasks. 

    1. Select the Action Type as Initiate Task to initiate the accounting book closure.
      • Only after you initiate the task, the Submit Program button is available for you to right click and initiate the tasks and move the tasks to Completed status.
      • The Submit Program button appears only when the task type is Program.
      • This context menu action is displayed only when the Task Type is Program so that you can initiate the task and submit a job.
    2. Select the Proceed to Next Task check box to move to the next task after submitting the program.
    3. Right-click the initiated task and click Submit Program to initiate and move the tasks to Completed status.
    4. Repeat the Steps 2 and 3 for all the tasks and move their status to Completed.

      Status of the tasks are Pending, Error, or Completed. Once the Jobs associated with the tasks are submitted, the status changes to Completed status. If the status is Error or Warning, right click and resubmit the task.

    5. Click Job Refresh to refresh the tasks.
    6. Click Save.
  4. Click the Cancel Period Process button if you want to cancel the activities performed in the Period Close Tasks section. The Status of the period will be rolled back to the Open.
  5. Similarly, you can click the Initiate Open Period to open the current period and perform the steps mentioned above that are specific to initiating an open period.
  6. Click Export to open or save the status of the journal book in .csv format.

    After all the Tasks move to Completed status, Submit Job button appears on the screen.

  7. Click the Submit Job button to complete all the task-related activities.

    After submitting the jobs, the list.png button appears next to the save button.

  8. Click the list.png drop down to do any one of the following:
    • Close Current / Open Next – To close the current period and open the next period.
    • Close Current / Open Other – To close the current period and open any specific period.
    • Close Current – To close the current period.

    A confirmation screen appears for closing the current period and opening the next period. Click Yes to confirm.

  9. If you wish to navigate out of the close or open period process pane and to resume back the close period process, select the book to be closed, right click on the selected record and choose Complete Close Period/Complete Open Period button.
  10. Click Export to open or save the status of the journal book in .csv format.
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