QBO QuickBooks ^® Download FedNow File

To download FedNow transactions as .csv files and utilize this data in conjunction with the Aging of Accounts Receivables (A/R) from QuickBooks Online (QBO) using SecureQBPlugin.com, follow these steps:

Step 1: Integrate SecureQBPlugin with QBO

1. Install SecureQBPlugin:

• Go to SecureQBPlugin.com and download the plugin.
• Follow the installation instructions to integrate it with your QuickBooks Online account.

2. Configure the Plugin:

• Open SecureQBPlugin and log in using your QuickBooks Online credentials.
• Set up the necessary configurations to enable data extraction.

Step 2: Download FedNow Transactions as .csv

1. Access Payment Data:

• Use the SecureQBPlugin to access FedNow transaction data from QBO.
• Filter the transactions by date range and type as needed.

2. Export Data:

• Export the filtered payment data to an Excel file (.xlsx) using the plugin.
• Open the exported file in Microsoft Excel or Google Sheets.

3. Format the Exported Data:

• Ensure the exported data includes the necessary columns: Payment Reference ID, Amount, Sender Account Number, Receiver Account Number, Receiver Routing Number, Payment Date, Payment Description.

4. Save as CSV:

• Save the formatted file as a CSV.
• In Excel, click File > Save As, choose a location, select CSV (Comma delimited) (*.csv) from the dropdown menu, and save the file.

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

1. Log in to QuickBooks Online.
2. Navigate to Reports:

• Go to the Reports section in QBO.

3. Run the Aging of Accounts Receivables Report:

• Search for the Aging of Accounts Receivable report.
• Set the appropriate date range for the report.
• Customize the report if needed (e.g., by customer, invoice date, etc.).

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 CSV file with FedNow transactions and the Excel file with the A/R Aging report.

2. Prepare Data for Analysis:

• 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.
• Create a new column in the A/R Aging report to indicate whether each invoice has been paid via FedNow.

Example Steps for Matching Data

1. Identify Common Columns:

• In the FedNow transactions file, you might have columns like Payment Reference ID, Amount, and Payment Date.
• In the A/R Aging report, you might have columns like Invoice Number, Amount Due, and Customer Name.

2. 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: Analyze the Combined Data

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.
• Generate visualizations (e.g., pivot tables, charts) to better understand payment trends and outstanding receivables.

Tips for Effective Data Management

• Regular Updates: Regularly download and update the FedNow transactions and A/R Aging report to keep your records current.
• Automate Processes: Use Excel macros or scripting tools to automate data matching and report generation.
• Validate Data: Regularly validate the data to ensure accuracy and compliance with accounting standards.

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