Accounts Receivable Aging

Creating an Accounts Receivable (AR) Aging report for FedNow and RTP (Real-Time Payments) using Excel software involves setting up a dynamic spreadsheet to track and manage outstanding receivables. Here's a general guide on how you might achieve this:

1. Excel Template Setup:

1.     Headers:

·        Create column headers in Excel for essential information such as Customer Name, Invoice Number, Invoice Date, Due Date, Amount, Payment Status, and any other relevant details.

2.     Data Entry:

·        Enter the details of each receivable into the respective columns.

2. Status Tracking:

3.     Payment Status:

·        Include a "Payment Status" column to track whether the invoice is outstanding, partially paid, or fully paid.

3. Days Outstanding Calculation:

4.     Days Outstanding Column:

·        Create a column to calculate the number of days each invoice is overdue. Use a formula like:

excelCopy code

=IF([Due Date Cell] < TODAY(), TODAY() - [Due Date Cell], 0)

4. Categorize Outstanding Invoices:

5.     Age Categories:

·        Create aging categories (e.g., "Current," "1-30 Days," "31-60 Days," etc.) based on the days overdue.

6.     Status Column:

·        Create a column to categorize the status of each invoice, such as "Outstanding," "Partially Paid," "Fully Paid," or "Void."

5. Analysis and Reporting:

7.     Total Outstanding Amount:

·        Create a formula to calculate the total outstanding amount. Use the SUMIFS function to sum amounts based on aging categories.

8.     Charts and Graphs:

·        Utilize charts or graphs to visually represent the distribution of outstanding invoices.

6. Dynamic Features:

9.     Dynamic Filters (Optional):

·        Use Excel's dynamic filters or tables to make the data interactive. This allows users to filter and sort data dynamically.

10. Conditional Formatting:

·        Apply conditional formatting to highlight overdue invoices or specific status categories for better visualization.

7. Integration (if applicable):

11. Integration with FedNow and RTP Data:

·        Explore integration options with FedNow and RTP systems or any associated APIs for real-time data updates. This may involve importing data directly into Excel.

8. Regular Updates:

12. Data Entry Updates:

·        Regularly update the Excel template with new invoices, payments, or changes in payment status.

9. Automation (if applicable):

13. Automated Alerts (Optional):

·        Set up automated alerts or notifications for specific conditions (e.g., overdue invoices).

10. Documentation and Audit:

14. Documentation:

·        Keep a record of transactions, updates, and any adjustments made for audit and reference purposes.

11. FedNow and RTP Specifics:

15. Include FedNow and RTP Details:

·        Depending on the integration, include columns for FedNow and RTP-specific details, such as Transaction IDs, Sender's Name, and relevant information.

Notes:

• The specific columns and formulas may vary based on your unique requirements and data structure.
• Regularly reconcile your Excel template with the actual transaction data from FedNow and RTP for accuracy.

Remember to always refer to the latest documentation for FedNow, RTP, and any associated systems for any specific features or updates related to data integration.