Request for Payments Aging of Invoices
How to Request for Payments Aging of Invoices
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:
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- Backup:
- Regularly backup your
spreadsheet to avoid data loss. Consider using
version control or cloud-based storage solutions
for added security.
- 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.".
Activation Dynamic RfP Aging and Bank Reconciliation worksheets - only $49 annually
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.)
Each day, thousands of businesses around the country are turning their transactions into profit with real-time payment solutions like ours.