Outstanding FedNow Request for Payments

Calculating outstanding FedNow requests for payments using Excel or Google Sheets involves managing and analyzing transaction data. Keep in mind that specific details might vary based on your organization's processes and the nature of your data. Here's a general guide:

Excel:

1. Data Preparation:

• Organize your payment data in a structured manner. Include relevant details such as transaction date, payment amount, payment status, etc.

2. Filter Data:

• Use Excel filters to view only the transactions related to FedNow payments.
• Filter the data based on the payment status to isolate outstanding or pending transactions.

3. Calculate Total Outstanding Amount:

• In a new cell, use a formula to calculate the total outstanding amount. For example, if your payment amounts are in column B and the status is in column C, the formula might look like this:

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=SUMIFS(B:B, C:C, "Pending")

• Adjust the column references based on your actual data structure.

Google Sheets:

1. Data Preparation:

• Similarly, organize your payment data in Google Sheets, ensuring relevant details are included.

2. Filter Data:

• Use the filter function in Google Sheets to display only FedNow-related transactions.
• Apply filters based on payment status to show only outstanding transactions.

3. Calculate Total Outstanding Amount:

• In a new cell, use a formula similar to the one used in Excel. Assuming payment amounts are in column B and the status is in column C:

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=SUMIFS(B:B, C:C, "Pending")

• Adjust the column references as per your data.

Additional Tips:

• Conditional Formatting:

• Apply conditional formatting to highlight outstanding transactions for better visual analysis.

• Pivot Tables (Optional):

• Consider using pivot tables for a more dynamic and interactive analysis of your payment data.

• Regular Updates:

• Update your spreadsheet regularly to reflect the most recent transactions and payment statuses.

• Documentation:

• Document any specific procedures or criteria used for identifying FedNow transactions and outstanding payments.

Always ensure that your data is accurate and up-to-date. The specific columns and formulas might vary based on your data structure, so adjust the instructions according to your spreadsheet's setup. If you encounter any challenges, refer to the documentation of Excel or Google Sheets, or feel free to ask for more guidance.