FedNow® Accounting for Real-Time Reconciliation, Batch RfP, and Payer Databases

With ISO 20022 as the core messaging layer, businesses can:

• Match payments to invoices using <EndToEndId> and <RmtInf>
• Timestamp and auto-expire unpaid RfPs
• Reconcile bank entries with certainty across A2A, B2B, and C2B flows

Integrating FedNow transactions into your spreadsheets for accounting, bank reconciliation, and managing the aging of Request for Payments (RfP) involves creating a systematic workflow. Here's a guide on how you might structure your spreadsheet, considering different accounting methods (Accrual, Cash, Hybrid) and the concept of Undeposited Funds:

1. Spreadsheet Structure:

• Set up columns for essential details: Date, Payee, Amount, Transaction Type, FedNow Transaction Reference, and any other relevant information.

2. Accounting Methods:

• Differentiate between Accrual, Cash, and Hybrid methods using a column to specify the accounting treatment for each transaction.

3. Undeposited Funds:

• Create a separate worksheet or section for Undeposited Funds. This could include columns for Date, Amount, and a status indicator (e.g., "Deposited" or "Undeposited").

4. Bank Reconciliation:

• Create a Bank Reconciliation worksheet that mirrors your actual bank statements. Include columns for Date, Description, Withdrawals, Deposits, and Balance.

To support merchants and finance teams of all sizes, TodayPayments.com offers free downloadable templates, including:

• Aging Accounts Receivable Worksheet: Pre-built with 15, 30, 60, 90+ day tracking
• Bank Reconciliation Templates: Instantly match payments with deposits across batches
• ISO 20022 File Format Samples: Plug-and-play structures for batch uploads and RfP message testing

5. Recording FedNow Transactions:

• Enter FedNow transactions into the main accounting worksheet. Use different rows for each transaction, specifying the accounting method and any relevant details.

6. Undeposited Funds Management:

• Update the Undeposited Funds worksheet as FedNow transactions are recorded and funds are deposited. Ensure that this aligns with your Bank Reconciliation.

7. Aging of Request for Payments:

• Develop an Aging Report section or worksheet to track the aging of Request for Payments. Include columns for Invoice Date, Due Date, Payment Status, and FedNow Transaction References.

1. Recording Transactions:

• Enter each FedNow transaction into the main accounting worksheet, specifying the accounting method.

2. Undeposited Funds Management:

• Update the Undeposited Funds worksheet as transactions are recorded and funds are deposited.

3. Bank Reconciliation:

• Regularly update the Bank Reconciliation worksheet to match your actual bank statements.

4. Aging of Request for Payments:

• Track the aging of Request for Payments in the Aging Report worksheet.

Notes:

• Consistency is Key: Maintain consistency in updating all relevant sections of the spreadsheet to ensure accurate accounting.
• Regular Reconciliation: Conduct regular reconciliation between your Bank Reconciliation and Undeposited Funds to ensure accuracy.
• Customization: Tailor the spreadsheet structure to meet the specific needs of your organization.
• Stay Informed: Keep abreast of any changes in accounting standards or regulations that might impact your recording practices.

This approach allows you to manage FedNow transactions comprehensively, providing visibility into accounting, bank reconciliation, and the aging of Request for Payments within a spreadsheet environment. Adjust the structure based on the specific requirements of your organization.

Power FedNow® Accounting with TodayPayments.com

If you’re a merchant, bookkeeper, CFO, or accountant trying to bring FedNow into your ledger—look no further. TodayPayments.com gives you everything you need to:

• Create aging reports
• Automate FedNow reconciliation
• Batch upload RfPs with ISO 20022 templates
• Build payee-payer databases
• Stop fraud with FedNow Positive Pay logic

✅ Get started with your free FedNow Accounting Workbook and instant RfP XML generator at www.TodayPayments.com