QuickBooks^® Request for Payment Invoicing

Managing Real-Time Payments (RTP) aging using spreadsheets in Excel and Google Sheets, with synchronization into QuickBooks Online (QBO), requires careful organization and systematic tracking. Here are steps to help you establish an efficient process:

1. Organize Your Spreadsheet:

• Create separate sheets or sections for RTP transactions, clearly distinguishing between incoming and outgoing payments.
• Use distinct columns for essential information 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. Aging Categories:

• Implement aging categories (e.g., 0-30 days, 31-60 days, 61-90 days) based on the transaction date to track the aging of RTP transactions.
• Use conditional formatting to visually highlight aging categories.

4. Automatic Date Calculations:

• Utilize formulas in Excel and Google Sheets to automatically calculate the aging of RTP transactions based on the current date.

5. Status Indicators:

• Include status indicators to denote the current state of each RTP transaction (e.g., pending, completed, rejected).
• Use color-coded flags or symbols for quick visual identification.

6. Syncing with QuickBooks Online:

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

7. Regular Updates:

• Regularly update your spreadsheet with new RTP transactions and ensure that existing entries are accurate.
• Schedule periodic reviews to catch any discrepancies or errors.

8. Automation:

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

9. Data Validation:

• Implement data validation rules to prevent errors in data entry. This helps maintain accuracy in your aging analysis.

10. Backup:

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

11. Documentation:

• Document the procedures and criteria used for aging calculations, syncing, and any other relevant processes.
• This documentation serves as a reference for users and can be useful for training.

12. Training:

• Provide training to users involved in managing the spreadsheet and syncing data with QBO.
• Ensure they understand the aging categories, status indicators, and any specific procedures.

13. Security Measures:

• Implement security measures to restrict access to sensitive financial data in your spreadsheet.
• Define user permissions to control who can edit, view, or sync data.

By implementing these steps, you can effectively manage Real-Time Payments aging using Excel and Google Sheets, with seamless synchronization into QuickBooks Online. Regular maintenance, documentation, and training are crucial for maintaining accuracy and efficiency in your financial processes.