Overview

Required plan

This feature is part of our product, Recurly Revenue Recognition Advanced. [Learn more here].

Definition

Period Close Checklist refers to a set of tasks—both system-defined and user-defined—required to finalize each open period in Recurly RevRec. This ensures that data is complete, journals are transferred, and balances are reconciled before closing a period.

Key details

Period Close Checklist in Recurly Revenue Recognition

Recurly Revenue Recognition includes a Period Close Checklist to ensure accurate and efficient period closures. The checklist begins with four system-defined tasks and can be expanded with your own custom tasks.

System-Defined Tasks

1. Data processed for the current open period: Ensures all Recurly invoices, credits, and voids are transferred into RevRec, including data up to the period’s end date. (This task cannot be skipped.)

2. Billing Pending Processing or Stuck in Stage: Identifies transactions stuck in the Order or Doc Stage tables for the current open period, prompting investigation and resolution.

3. Transfer Journals: Ensures that all batches containing journals are approved and summarized for the current period. Batches without journals can remain open.

4. Review the Accounted Reports: Confirms the accuracy of journal entries and reconciles beginning and ending balances. Verifies that the Liability Balance plus Asset Balance matches the Revenue Workflow for the current open month.

Creating Custom Tasks

You can create any number of user-defined tasks essential for period close:

1. Go to Setup → Period Task.

2. Click the "+" button.
3. Enter a Task Name.
4. Choose Required or Optional.

5. Define the Activation Period (tasks activate in the subsequent period).
6. Save your changes.

If needed, reorder tasks by clicking the "⋮" icon on the bottom right.

How to close the period

1. Navigate to Import/Export → Period Close.
2. You’ll see a list of Open tasks—both system-defined and any custom tasks you’ve created.

3. Review and update each task:

• Click Review Task to open the task details.
• Complete the task when you’re finished, add comments or attachments for audit purposes.

• Optional tasks may be set to Skipped if you do not need to complete them.

3. Required tasks must be marked as Complete before you can close the period.
4. Once all mandatory tasks are complete, the Initiate period close button becomes active.
5. Click Initiate period close, add final comments, then click Close period.
   • If any required tasks aren’t in Complete status, you’ll see an internal server error message.

With all tasks finalized, you’ll successfully close the period in Recurly RevRec, ensuring an accurate and compliant end-of-period process.