Aging Request For Payments

When managing the aging of digital invoicing Request for Payments (RfP) in a spreadsheet, you'll want to create a structured document that allows you to track and analyze the payment status over time. Here's a guide on how to structure your spreadsheet:

Spreadsheet Columns:

1. Vendor/Requester Name:

• Identify the entity or individual making the payment request.

2. Invoice/Request Number:

• Unique identifier for each digital invoice or payment request.

3. Invoice/Request Date:

• Date when the digital invoice or payment request was generated.

4. Due Date:

• The date by which the payment is expected.

5. Amount Requested:

• The total amount requested for payment.

6. Payment Date:

• Date when the payment is made.

7. Days Outstanding:

• Automatically calculated field (Payment Date - Due Date) to determine how many days the payment is overdue.

Spreadsheet Formulas:

1. Days Outstanding Formula:

• Create a formula in the "Days Outstanding" column to calculate the number of days the payment is overdue. Use a formula like: =IF(ISBLANK([Payment Date]), TODAY() - [Due Date], [Payment Date] - [Due Date]).

Aging Buckets:

1. Current (0-30 days):

• Use conditional formatting to highlight payments that are within the current period.

2. 30-60 Days:

• Apply conditional formatting to highlight payments that are 30 to 60 days overdue.

3. 60-90 Days:

• Apply conditional formatting to highlight payments that are 60 to 90 days overdue.

4. 90+ Days:

• Apply conditional formatting to highlight payments that are more than 90 days overdue.

Summary Section:

1. Total Amount Outstanding:

• Sum the amounts for all outstanding digital payment requests.

2. Average Days Outstanding:

• Calculate the average number of days outstanding for all payment requests.

Visualization:

1. Graphs/Charts:

• Create charts to visually represent the aging of digital payment requests over time.

Example Structure:

This structure allows you to track and manage the aging of digital payment requests effectively. Customize it based on your specific needs and the level of detail you require for your financial tracking. Regularly update the spreadsheet with new payment requests, payment dates, and any other relevant information.