Aging RfP Request for Payments

Creating a spreadsheet that allows payees to match, merge, and clear Request for Payments (RfP) within the context of Accounts Receivable (A/R) involves structuring the spreadsheet for collaboration. Here's a guide on how to set up such a spreadsheet:

Spreadsheet Columns:

1. Request/ Payment ID:

• Assign a unique identifier to each RfP 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.

Notifications:

1. Automated Alerts:

• Set up automated alerts or notifications to inform payees of updates or new payment data.

Regular Review Meetings:

1. Scheduled Check-ins:

• Conduct regular meetings or check-ins between payers and payees to review and discuss the status of payments.

Example Structure:

Notes:

• Ensure clarity in instructions for the payees regarding how to use the spreadsheet.
• Encourage active participation and collaboration between payers and payees.
• Regularly update the spreadsheet based on the latest information from both parties.

This collaborative spreadsheet approach allows payees to actively participate in the matching, merging, and clearing of 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.

Why let aging invoices slow down your business? With TodayPayments.com, you can send Aging RfP messages via text, email, and SMS, manage batch uploads in ISO 20022, and gain control over every stage of your receivables process. Plus, get free A/R worksheets and reconciliation templates to speed up collections and improve accuracy.

👉 It’s time to take your invoicing to the next level.
🚀 Get started today at https://www.TodayPayments.com — and never chase another late payment again.