Download FedNow Transactions

To ensure your bank or credit union can download FedNow transactions as .csv files and utilize this data in conjunction with the Aging of Accounts Receivables (A/R) using templates from RequestForPayment.com, follow these detailed steps:

Step 1: Download FedNow Transactions from Your Bank or Credit Union

1. Log in to Your Bank or Credit Union’s Online Portal:

• Access the online portal where your FedNow transactions are processed.

2. Navigate to the Transaction History:

• Find the section where you can view transaction details, typically under Payments, Transfers, or a specific FedNow section.

3. Export Transactions:

• Select the desired date range for the transactions you need.
• Look for an option to export the transaction history.
• Export the transactions as a .csv file and save it to your computer.

Step 2: Prepare the FedNow Transactions .csv File

1. Open the .csv File in Excel:

• Open the downloaded .csv file in Microsoft Excel or Google Sheets.

2. Ensure Required Columns:

• Verify the file includes necessary columns such as Payment Reference ID, Amount, Sender Account Number, Receiver Account Number, Receiver Routing Number, Payment Date, Payment Description.

3. Save the Formatted File:

• Ensure the data is correctly formatted and save the file as FedNowTransactions.csv.

Step 3: Generate Aging of Accounts Receivables (A/R) Report in QBO

1. Log in to QuickBooks Online:

• Access your QBO account.

2. Navigate to Reports:

• Go to the Reports section.

3. Run the Aging of Accounts Receivables Report:

• Search for the Aging of Accounts Receivable report.
• Set the appropriate date range and customize the report as needed.

4. Export the A/R Aging Report:

• Click on Export and choose Export to Excel.
• Save the exported A/R Aging report as an Excel file.

Step 4: Combine FedNow Transactions with A/R Aging Report

1. Open Both Files in Excel:

• Open the FedNowTransactions.csv file and the exported A/R Aging report in Excel.

2. Prepare Data for Reconciliation:

• Ensure both files have common identifiers such as Customer ID or Invoice Number to match transactions with receivables.

3. Match Transactions with Receivables:

• Use Excel functions like VLOOKUP or INDEX MATCH to correlate FedNow payments with outstanding invoices in the A/R Aging report.
• Add a new column in the A/R Aging report to indicate the FedNow payment status.

4. Example Steps for Matching Data:

• Identify Common Columns: Ensure both files include columns like Invoice Number, Amount, and Customer Name.
• Use VLOOKUP to Match Payments:

• Add a new column in the A/R Aging report called FedNow Payment.
• Use a formula like =VLOOKUP([Invoice Number], [FedNow Data Range], [Column Index], FALSE) to pull payment data into the A/R report.

Step 5: Utilize RequestForPayment.com Templates

1. Access Templates from RequestForPayment.com:

• Visit RequestForPayment.com and download the relevant templates for handling FedNow transactions and A/R reports.

2. Customize the Templates:

• Use the downloaded templates to format your combined data. Ensure the templates include sections for Payment Reference ID, Amount, Invoice Number, Payment Status, etc.

3. Populate Templates with Data:

• Fill the templates with data from your combined FedNow transactions and A/R Aging report.
• Validate the data to ensure accuracy.

Step 6: Analyze and Update the A/R Aging Report

1. Check for Discrepancies:

• Identify any discrepancies between the FedNow transactions and the A/R Aging report.
• Ensure all payments are accurately recorded and applied to the correct invoices.

2. Generate Updated Reports:

• Create a summary report showing paid and unpaid invoices.
• Use pivot tables and charts to visualize payment trends and outstanding receivables.

Step 7: Automate and Maintain Templates

1. Regular Updates:

• Regularly download and update the FedNow transactions and A/R Aging report to keep your records current.

2. Automation:

• Use Excel macros or other automation tools to streamline data matching and report generation processes.

3. Validation:

• Regularly validate the data to ensure accuracy and compliance with accounting standards.

4. Backup:

• Maintain backups of your templates and transaction data to prevent data loss.

By following these steps, you can effectively manage and reconcile your FedNow transactions with your accounts receivables using templates from RequestForPayment.com, ensuring accurate and up-to-date financial records.