Aging Request For Pay

Creating an Aging Request for Pay (RfP) spreadsheet involves tracking and displaying the status of payment requests over time. Typically, aging reports break down outstanding payment requests into different time periods, such as 30 days, 60 days, 90 days, and beyond. Here's a simple guide on how to set up an Aging RfP spreadsheet:

Spreadsheet Columns:

1. Vendor/Requester Name:

• Identify the entity or individual making the payment request.

2. Invoice/Request Number:

• Unique identifier for each payment request.

3. Invoice/Request Date:

• Date when the payment request was initiated.

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 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 payment requests over time.

Regular Updates:

1. Update Information:

• Regularly update the spreadsheet with new payment requests, payment dates, and any other relevant information.

Example Structure:

This structure allows you to track and manage the aging of payment requests effectively. Customize it based on your specific needs and the level of detail you require for your financial tracking.