Aging Request for Payments Real-time Payments
How to Aging Request for Payments Real-time Payments
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.
Creating a spreadsheet to track the aging of
digital invoicing requests for proposals (RfPs) and real-time payments
(RTP) involves organizing data in a structured manner. Below is a
simplified guide on how you can set up your spreadsheet:
- Column Headers:
Start by creating column headers. Common
headers for this scenario might include:
- Vendor Name: The
name of the vendor submitting the RfP.
- Invoice Number:
Unique identifier for each invoice.
- Invoice Date:
Date when the invoice was issued.
- RfP Submission Date:
Date when the RfP was submitted.
- RTP Status:
Current status of the real-time payment (e.g., Pending,
Approved, Processed).
- Aging Days:
Calculated field to show the aging of the RfP or RTP.
- Data Entry:
Input the relevant data for each invoice,
including vendor name, invoice number, invoice date, RfP submission
date, and RTP status.
- Calculating Aging:
Create a formula to calculate the aging of
each RfP. The aging can be calculated by subtracting the RfP submission
date from the current date or by using the invoice date if RfP
submission date is not applicable.
excelCopy code
=IF(ISBLANK([RfP Submission Date]), TODAY() -
[Invoice Date], TODAY() - [RfP Submission Date])
This formula calculates the aging in days
based on whether there is an RfP submission date or not.
- Conditional Formatting:
Apply conditional formatting to highlight
overdue RfPs or RTPs. For example, you can set up a rule to turn the
background of the row red if the aging days are above a certain
threshold.
- Filtering and Sorting:
Enable filters to easily sort and view data
based on specific criteria, such as vendor, RTP status, or aging days.
- Charts and Graphs:
Create visualizations, such as bar charts or
pie charts, to represent the distribution of RTP statuses or aging
trends over time.
- Regular Updates:
Regularly update the spreadsheet with new
data as invoices progress through the RfP and RTP process.
Remember that the specifics may vary based on
your exact needs and the features of your spreadsheet software. Adjust
the column headers, formulas, and formatting options according to your
requirements.
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.
