QuickBooks^® Request for Payment Invoicing

When dealing with Request For Payment (RfP) return codes during a banking halt in the "Receiving" phase of funding transmissions, it's crucial to have a systematic approach to identify, handle, and clean the message data before syncing it into QuickBooks Online (QBO). Below are steps and considerations to manage RfP return codes effectively:

1. Identify and Document RfP Return Codes:

• Create a comprehensive list of RfP return codes specific to your banking partners. Each return code should be accompanied by a clear description of the issue.

2. Notification and Analysis:

• Set up immediate notifications for any RfP return codes received from banks.
• Analyze the return codes promptly to understand the reasons for the return.

3. Communication with Banks:

• Establish clear communication channels with banks to quickly resolve issues related to RfP return codes.
• Seek additional information or clarification from banks if needed to address the return reasons effectively.

4. Error Resolution Workflow:

• Develop a standardized workflow for handling RfP return codes. This should include steps for investigation, correction, and resubmission of transactions.
• Assign responsibilities to team members involved in resolving return codes.

5. Data Cleaning Process:

• Initiate a data cleaning process to address issues identified by RfP return codes. This may involve correcting data entries, updating information, or resolving discrepancies.

6. Validation Checks:

• Implement validation checks to ensure that the cleaned data complies with your bank's requirements and QBO standards.
• Check for completeness, accuracy, and proper formatting of data elements.

7. Temporary Halt on Syncing:

• Temporarily halt the syncing process with QBO until all RfP return codes are addressed, and the data is cleaned.
• This prevents erroneous or incomplete data from being transferred to QBO.

8. Pre-Sync Review:

• Conduct a pre-sync review to verify that all RfP return codes have been resolved, and the data is in a clean and accurate state.
• Ensure that the cleaned data aligns with the requirements of both your bank and QuickBooks Online.

9. Documentation and Audit Trail:

• Document all actions taken to resolve RfP return codes, including corrections made to the data.
• Maintain an audit trail to track changes, providing transparency and accountability in case of future inquiries.

10. Continuous Improvement:

• Periodically review and update your processes based on the feedback received from banks and any changes in industry standards.
• Implement improvements to prevent future occurrences of similar return codes.

11. Training:

• Train relevant team members on the proper procedures for handling RfP return codes and cleaning data.
• Ensure that the team is aware of the importance of data accuracy and compliance with banking and QBO standards.

By following these steps, you can establish a robust process for handling Request For Payment return codes during banking halts, ensuring that data is thoroughly cleaned before syncing with QuickBooks Online. This approach promotes accuracy, compliance, and efficiency in your financial transaction workflows.