QuickBooks^® Request for Payment Invoicing

Creating a FedNow worksheet for monitoring the aging of Request for Payments (RfP) is a valuable tool for merchants to track and report funding status for their businesses. Below is a simple structure for a FedNow Aging Worksheet that can be maintained in a spreadsheet, suitable for reporting via QuickBooks Online (QBO):

FedNow Aging Worksheet:

Columns:

1. Invoice/Transaction ID:

• Unique identifier for each RfP transaction.

2. Invoice Date:

• The date when the RfP was issued.

3. Due Date:

• The expected date by which the payment should be received.

4. Amount:

• The total amount of the RfP.

5. Status:

• Indicates the current status of the RfP (e.g., Open, Paid, Overdue).

6. Days Outstanding:

• Calculation of the number of days since the due date.

7. Payer/Debtor Information:

• Information about the business or entity responsible for the payment.

8. Payment Received Date:

• Date when the payment was received.

Worksheet Functionality:

1. Automatic Calculation of Days Outstanding:

• Utilize formulas in the "Days Outstanding" column to automatically calculate the number of days each RfP is overdue.

2. Conditional Formatting:

• Apply conditional formatting to highlight overdue RfPs for easy identification.

3. Status Updates:

• Automatically update the "Status" column based on the payment received date or the number of days outstanding.

Integration with QBO:

1. Import Data:

• Regularly import RfP data into the worksheet from QBO.

2. Export to QBO:

• Develop a process to export data from the worksheet into QBO for seamless reporting and reconciliation.

Reporting:

1. Aging Analysis:

• Generate aging analysis reports based on the worksheet to understand the distribution of outstanding RfPs.

2. Payment Performance:

• Track payment performance over time, identifying trends and areas that may need attention.

Notes:

• Regular Updates:

• Ensure the worksheet is regularly updated with the latest RfP information.

• Security Measures:

• Implement security measures to protect sensitive financial data within the worksheet.

• Communication:

• Communicate with relevant stakeholders, especially if there are overdue payments.

• Documentation:

• Keep detailed documentation within QBO and the worksheet for auditing purposes.

• Integration Testing:

• Regularly test the integration between the worksheet and QBO to ensure accurate data transfer.

This FedNow Aging Worksheet provides a snapshot of the payment status of outstanding RfPs, allowing merchants to manage their cash flow effectively and report relevant information to accounting software like QBO.