Aging RTP Real-Time Payments Request for Payments

Creating an Aging "RTP" (Real-Time Payments) Request for Payments spreadsheet that allows payees to match, merge, and clear payments involves structuring the spreadsheet for collaboration. Below is a guide on how you can set up your spreadsheet:

Spreadsheet Structure:

1. Request/ Payment ID:

• Assign a unique identifier to each RTP and corresponding payments.

2. Vendor/Requester Name:

• Identify the entity or individual making the payment request.

3. Invoice Number:

• Unique identifier for each digital invoice or payment request.

4. Amount Requested:

• The total amount requested for payment.

5. Payment Amount:

• The actual payment amount.

6. Match Status:

• A column to indicate if the payment matches the request (e.g., Yes/No).

7. Merge Status:

• A column to indicate if multiple requests have been merged (e.g., Yes/No).

8. Clearance Status:

• A column to mark when the payment is cleared.

Spreadsheet Formulas:

1. Match Status Formula:

• Create a formula in the "Match Status" column to automatically determine if the payment matches the request. For example, =IF([Payment Amount]=[Amount Requested], "Yes", "No").

Data Validation:

1. Dropdown Lists:

• Implement dropdown lists for the "Match Status," "Merge Status," and "Clearance Status" columns. This ensures consistent and standardized input.

Conditional Formatting:

1. Color Coding:

• Apply conditional formatting to visually highlight matched, merged, and cleared payments.

Collaborative Features:

1. Sharing and Permissions:

• Share the spreadsheet with payees and grant appropriate permissions to edit relevant columns.

2. Comments and Notes:

• Encourage payees to use comments or notes to provide additional information about matching, merging, or clearing.

Workflow:

1. Integration with Payment Platform:

• If possible, explore integrations with your real-time payment platform to automatically update the spreadsheet.

2. Regular Review Meetings:

• Conduct regular meetings or check-ins between payers and payees to discuss and resolve any discrepancies or issues.

Example Structure:

Notes:

• Ensure that the payees are trained on how to use the spreadsheet and understand the matching, merging, and clearing criteria.
• Regularly update the spreadsheet with the latest information from both your real-time payment platform and payees.
• Security measures should be in place to protect sensitive financial information.

This collaborative spreadsheet approach allows payees to actively participate in the matching, merging, and clearing of Real-Time Payments Request for Payments within the Accounts Receivable context, promoting transparency and accountability in the process. Customize the structure based on the specific needs and processes of your organization.