Pre-close checklist
Before closing an accounting period, verify the following:1. All invoices are issued
Draft invoices represent unbilled revenue. Before closing:- Review draft invoices in the Invoices page filtered by status
- Determine if any drafts should be issued or voided
- For usage-based invoices, confirm the grace period has elapsed (default: 12 hours after period end)
Invoices issued after you close an accounting period will have their revenue recognized on the first day of the next open period as a catch-up adjustment. This is expected behavior that maintains closed period integrity.
2. Credits are reconciled
Review prepaid credit activity for the closing period:- Check for credits expiring during the period (recognized as revenue on expiration date)
- Verify credit consumption matches expected usage patterns
- Review any credit grants or adjustments made during the period
3. Subscription changes are complete
Backdated subscription changes affect revenue recognition:- Review any mid-period cancellations (generate credit notes for in-advance fees)
- Confirm plan changes and upgrades are reflected in invoices
- Check for pending subscription changes that should be applied
Closing an accounting period
Step 1: Navigate to Reports settings
Go to Settings > Reports in the Orb dashboard. You’ll see a list of accounting periods with their current status.Step 2: Close the period
Click Close on the accounting period you want to finalize.Step 3: Wait for lock confirmation
After clicking Close, the period enters a lock pending state while Orb’s systems process any in-flight data. This typically takes a few minutes. Once complete, the period shows as Closed.Post-close reports
After closing, run the following reports to verify your numbers:Recognized revenue report
This report shows revenue recognized during the closed period. Navigate to Reports > Recognized Revenue and filter to the closed period. Key things to verify:- Total recognized revenue matches your expectations
- Revenue is attributed to the correct service periods
- No unexpected catch-up adjustments from prior periods
Billings report
This report shows invoiced amounts during the closed period. Navigate to Reports > Billings and filter to the closed period. Compare against:- Total invoices issued during the period
- Expected recurring revenue from active subscriptions
- Any one-time charges or adjustments
Deferred revenue report
This report shows your liability—revenue billed but not yet recognized. Common sources of deferred revenue:- Unused prepaid credits (based on cost basis)
- In-advance fixed fees not yet earned
- Annual subscriptions billed upfront
Unbilled revenue report
This report shows revenue recognized but not yet invoiced. Common sources of unbilled revenue:- Usage-based charges accruing on draft invoices
- In-arrears fixed fees during the service period
Reconciliation checks
Revenue should converge to billings
Over time, recognized revenue equals billed revenue. For any completed subscription:Deferred + Unbilled = Outstanding obligations
At any point in time:Period-over-period consistency
Compare your closed period against prior periods:- Total recognized revenue trend
- Deferred revenue balance changes
- New vs. recurring customer revenue mix
Reopening a closed period
If you need to make corrections to a closed period:- Go to Settings > Reports
- Click Open on the closed period
- Re-run the reports to verify changes
- Close the period again when ready
Handling backdated actions
When billing activity occurs for a closed period, Orb handles it automatically:| Action | Revenue impact | Billings impact |
|---|---|---|
| Invoice issued for closed period | Recognized on first day of next open period | Recorded on first day of next open period |
| Credit note for closed period | Adjustment on first day of next open period | Adjustment on first day of next open period |
| Subscription cancelled backdated to closed period | Adjustment on first day of next open period | Credit note adjustment on first day of next open period |
Data freshness
Report data in Orb is refreshed continuously. After closing a period:- Invoice data: Available within 20 minutes of issuance
- Usage-based revenue: Available after grace period ends
- Credit consumption: Updated in real-time as usage occurs
Exporting closed period data
For integration with external accounting systems:Via data exports
Configure data exports to sync billing data to your data warehouse. TheDaily Line Item Revenue Event resource includes lock_adjusted_timestamp for accounting period compliance.
Via accounting sync
Use the NetSuite or QuickBooks integration to sync invoices directly to your ERP.Via CSV export
Export individual reports to CSV from the Reports page for manual reconciliation.Troubleshooting
Period won’t close
If a period remains in “lock pending” status for an extended time, contact Orb support. This may indicate in-flight data that needs to complete processing.Revenue doesn’t match expectations
- Check for catch-up adjustments from prior period activity
- Verify all expected invoices were issued
- Review credit consumption and expiration timing
- Confirm subscription changes were applied correctly
Deferred revenue balance seems wrong
- Verify prepaid credit cost basis is set correctly
- Check for in-advance fees that should be recognized
- Review credit expiration dates
Unbilled revenue is unexpectedly high
- Check for draft invoices that should be issued
- Review usage-based charges still accruing
- Verify grace period has elapsed for usage invoices