Request for Payments Aging of Invoices


How to Request for Payments Aging of Invoices

Mobile Request for Payment Request for Payment, a new standard for digital invoicing facilitating real-time payments RTP ® and FedNow ® payments that are instant, final (irrevocable - "good funds") and secure.

Our spreadsheet that tracks Request for Payments (RFP) aging for both "Sent" and "Received" invoices, and you're using Merge, Match, and Clear functions for instant payments. It's great that you're using these functionalities to streamline your payment processes. Here are some tips and considerations that might help you manage this spreadsheet effectively:

  1. Organize Data:
    • Ensure that your spreadsheet is well-organized with clear headings for each column.
    • Separate sections for "Sent" and "Received" invoices to avoid confusion.
  1. Merge:
    • Use the merge function carefully. Merging cells can be helpful for formatting, but avoid merging cells that contain data, as it may lead to issues with sorting and filtering.
  1. Match:
    • Implement a systematic approach to match invoices with payments. This might involve unique identifiers or reference numbers for each transaction.
    • Use conditional formatting or formulas to highlight matched invoices for better visibility.
  1. Clear:
    • Clearly define the criteria for clearing payments. This could involve checking for matching amounts, dates, or any other relevant information.
    • Use data validation to prevent errors in the clearing process.
  1. Aging of Invoices:
    • Implement a system to track the aging of invoices. This helps identify overdue payments and manage cash flow effectively.
    • Utilize conditional formatting to visually highlight overdue invoices based on aging categories.
  1. Instant Payments:
    • Clearly document and communicate the criteria for instant payments. This might include specific conditions that trigger immediate processing.
    • Regularly review and update the criteria for instant payments to ensure they align with your organization's financial goals.
  1. Regular Audits:
    • Conduct regular audits of your spreadsheet to catch any discrepancies or errors in data entry.
    • Create a routine for reviewing and updating the information to ensure accuracy.
  1. Documentation:
    • Maintain documentation or a guide that explains the processes and criteria used in your spreadsheet. This will be helpful for new users and can serve as a reference.
  1. Backup:
    • Regularly backup your spreadsheet to avoid data loss. Consider using version control or cloud-based storage solutions for added security.
  1. Training:
    • If multiple people are involved in managing the spreadsheet, ensure they are properly trained on how to use the functions and follow the established procedures.

By incorporating these considerations, you can enhance the efficiency and accuracy of your Request for Payments Aging spreadsheet with Merge, Match, and Clear functionalities.

ACH and both FedNow Instant and Real-Time Payments Request for Payment ISO 20022 XML Message Versions.
The versions that NACHA and The Clearing House Real-Time Payments system for the Response to the Request are pain.013 and pain.014 respectively. Predictability, that the U.S. Federal Reserve, via the FedNow ® Instant Payments, will also use Request for Payment. The ACH, RTP® and FedNow ® versions are "Credit Push Payments" instead of "Debit Pull.".

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1. Worksheet Automatically Aging for Requests for Payments and Explanations

- Worksheet to determine "Reasons and Rejects Coding" readying for re-sent Payers.
- Use our solution yourself. Stop paying accountant's over $50 an hour. So EASY to USE.
- No "Color Cells to Match Transactions" (You're currently doing this. You won't coloring with our solution).
- One-Sheet for Aging Request for Payments (Merge, Match and Clear over 100,000 transactions in less than 5 minutes!)
- Batch deposits displaying Bank Statements are not used anymore. Real-time Payments are displayed "by transaction".
- Make sure your Bank displaying "Daily FedNow and Real-time Payments" reporting for "Funds Sent and Received". (These banks have Great Reporting.)

2. Bank Reconciliation with as Payee FedNow & Real-Time Payments for Accrual, Cash and Hybrid Basis and QBO - Undeposited Funds

Each day, thousands of businesses around the country are turning their transactions into profit with real-time payment solutions like ours.



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