RTP Real-time Payments Aging

Managing Real-Time Payments (RTP) aging for sending, receiving, merging, matching, and clearing in spreadsheets like Excel and Google Sheets involves creating a structured workflow that allows you to track the status of payments and ensure accurate accounting. Here's a guide on how you can set up and update the RTP aging process:

1. Organize Your Spreadsheet:

• Create separate sheets or tabs for Sent, Received, Merged, Matched, and Cleared transactions.
• Include columns for essential details like transaction date, amount, payer/payee details, and payment status.

2. Transaction Details:

• Include relevant transaction details such as transaction ID, payment reference, and any unique identifiers associated with RTP transactions.

3. Status Indicators:

• Use status indicators to denote the current state of each RTP transaction (e.g., Sent, Received, Merged, Matched, Cleared).
• Utilize color-coded flags or symbols for quick visual identification.

4. Automatic Date Calculations:

• Utilize formulas to automatically calculate the aging of RTP transactions based on the current date.
• Separate aging categories for Sent, Received, Merged, Matched, and Cleared transactions.

5. Conditional Formatting:

• Implement conditional formatting to visually highlight aging categories and status changes.
• Differentiate between pending, in-process, and completed transactions.

6. Update Sent and Received Tabs:

• Regularly update the Sent and Received tabs with new RTP transactions.
• Keep track of the aging of these transactions until they are either merged, matched, or cleared.

7. Merge and Match:

• Create dedicated tabs for Merged and Matched transactions.
• Move transactions from Sent/Received tabs to the Merged or Matched tabs once they have been successfully merged or matched.

8. Clearing Process:

• Establish a dedicated tab for Cleared transactions.
• Move transactions from Matched or Merged tabs to the Cleared tab once they have been successfully cleared.

9. Syncing with QuickBooks Online:

• Set up a systematic process for syncing your RTP spreadsheet data with QuickBooks Online.
• Leverage QBO import tools or APIs to ensure accurate and timely data transfer.

10. Regular Reviews:

• Schedule periodic reviews to catch any discrepancies, errors, or overdue transactions.
• Verify that aging categories are updated accurately based on the current date.

11. Automation:

• Explore automation options to streamline data entry and syncing processes.
• Use scripts or third-party tools that integrate with Excel, Google Sheets, and QBO.

12. Data Validation:

• Implement data validation rules to prevent errors in data entry.
• Ensure that only valid transactions progress through the workflow.

13. Backup and Version Control:

• Regularly backup your spreadsheet to prevent data loss.
• Use version control features to track changes and revert to previous versions if needed.

14. Documentation:

• Document the procedures and criteria used for aging calculations, syncing, and any other relevant processes.
• Maintain a record of the workflow steps for each status change.

15. Training:

• Provide training to users involved in managing the spreadsheet and syncing data with QBO.
• Ensure they understand the workflow, aging categories, and specific procedures for merging, matching, and clearing.

By following these steps, you can establish a comprehensive and well-organized process for managing Real-Time Payments aging in Excel and Google Sheets. Regular reviews, documentation, and training are essential for maintaining accuracy and efficiency in your financial processes.