Aging FedNow RfP Request for Payments

Implementing a workflow for Aging FedNow Request for Payments (RfP) involves coordinating the process between the payees and your organization. Here's a guide on how you might structure this workflow:

1. Request for Payments (RfP) Initiation:

• Your organization initiates the RfP in QuickBooks Online (QBO) for a particular transaction, specifying the payee, invoice details, and the amount.

2. FedNow Payment Information:

• Include information in the RfP about how payees can make payments using FedNow. This might include FedNow account details, transaction references, or any specific instructions.

3. Notification to Payees:

• QBO sends automated notifications to payees about the RfP, including details about the FedNow payment process. This could be done through email notifications or messages within the QBO portal.

4. Payee Initiation:

• Payees use the FedNow payment information provided in the RfP to initiate instant payments.

5. Payment Tracking in QBO:

• QBO is updated in real-time as payments are initiated and processed through FedNow. The payment status is tracked within QBO.

6. Automated Confirmation:

• Payees receive automated confirmation from QBO once their payments are successfully processed through FedNow.

7. Payment Reconciliation:

• Your organization conducts regular reconciliation between QBO records and bank statements to ensure accuracy.

8. Aging Reports:

• Generate aging reports in QBO to track the status and aging of FedNow payments over time.

Example Workflow:

1. RfP Initiation:

• Your organization creates an RfP in QBO for a specific transaction.

2. FedNow Information:

• Include FedNow account details and instructions in the RfP.

3. Payee Notification:

• Payees receive notifications from QBO about the RfP and details on making payments through FedNow.

4. Payee Initiation:

• Payees initiate instant payments using FedNow based on the provided information.

5. QBO Updates:

• QBO is updated in real-time as payments are processed through FedNow.

6. Automated Confirmation:

• Payees receive automated confirmation from QBO once payments are successfully processed.

7. Reconciliation:

• Your organization conducts regular reconciliation between QBO and bank statements.

8. Aging Reports:

• Generate aging reports in QBO to track the status and aging of FedNow payments.

Note:

• Communication is Key: Clear communication with payees about the FedNow payment process is crucial. Provide detailed instructions and support channels for any questions they might have.
• Security Measures: Ensure robust security measures are in place to protect sensitive financial information, both within QBO and in your communications with payees.
• Stay Updated: Keep an eye on updates from both Intuit (QBO) and FedNow for any new features or integrations that might enhance this process.

Please note that the specific steps and features might evolve, so it's recommended to check for the latest updates and consult with QBO support or financial professionals for the most accurate and current information.