Outstanding Real-time Payments Invoices

While direct, real-time integration with FedNow and Real-Time Payments in Excel or Google Sheets may not be feasible due to the proprietary nature of these systems, you can still manually manage and analyze your monthly outstanding invoices using your templates. Here's a general guide using Excel or Google Sheets:

In Excel or Google Sheets:

1. Organize Data:

• Ensure that your Excel or Google Sheets template includes columns for relevant information such as Invoice Number, Customer, Due Date, Total Amount, Payment Date, and Amount Paid.

2. Update Regularly:

• Regularly update the spreadsheet with the latest data from your QuickBooks or other accounting software. This update may need to be done manually, considering the real-time aspect.

3. Calculate Outstanding Amounts:

• Add a column to calculate the outstanding amounts. Assuming the total invoice amount is in column D and the amount paid is in column E, the formula might look like this:

excelCopy code

=D2 - E2

• Adjust the formula based on your data structure.

4. Conditional Formatting:

• Apply conditional formatting to highlight overdue invoices or outstanding amounts, making it easier to identify them.

5. Sort and Filter:

• Use sorting and filtering options to organize the data and focus on outstanding invoices based on your criteria.

6. Pivot Tables (Optional):

• Consider using pivot tables for a more dynamic analysis of your outstanding invoices. Pivot tables can summarize and categorize data in various ways.

Automation and Advanced Analysis:

While real-time integration might be challenging, you can explore the following options for more automation and advanced analysis:

1. Third-Party Tools:

• Investigate third-party tools that specialize in financial analysis and can connect to your accounting software. Some tools offer more advanced reporting capabilities.

2. Custom Scripts (Advanced):

• For advanced users, consider using custom scripts or APIs to automate data retrieval and update your Excel or Google Sheets template. This might require programming skills or assistance from a developer.

3. Accounting Add-ons (Excel):

• Explore accounting add-ons or templates for Excel that may offer enhanced functionality for managing and analyzing financial data.

4. Cloud-Based Solutions:

• Consider cloud-based financial platforms that offer real-time data analytics. Connect these platforms with your accounting software and use their reporting features.

Documentation:

Document the procedures and criteria used for identifying outstanding invoices. This documentation will be helpful for future reference and for anyone else who might need to work with the spreadsheet.

Keep Updated:

Keep abreast of updates and new features in both your accounting software and any third-party tools or add-ons you are using. These tools may introduce new features or integrations that could enhance your workflow.

Remember to consult your specific accounting software's documentation for any recent updates or changes. If you encounter challenges or require assistance, consider reaching out to the support teams of your accounting software or third-party tools for guidance.