Payments Data Platform | Modernbanc

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Accounts

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What are accounts?

Accounts are containers that can help you track the amount of something (e.g., money, material, tickets, or anything else) in one place. Units, variables, and balances define them. You can link it to other accounts, entities, routes, and labels. Once you configure an account, you can use it to conduct transactions.

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Balances

Accounts can have balances, and each must be assigned a unit of measurement (e.g., dollars, tickets, etc.). To use a unit, you must first enable (link) it to your workspace. More about that here.

To add balances to the account, you can specify units on account creation or create separate balances.

Additionally, if you add children to this account, then the parent account will generate a new children's balance.

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Account Relations

Accounts can be related to each other. Currently only parent and child relations are supported. You can create or delete multiple account relations at once.

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Entity Relations

Accounts can be linked to entities which can be individuals, businesses, or anything you want. For example, if you have a business you can link all accounts to that business.

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Labels

You can add labels to account (e.g 'Savings'). These are helpful for reconciliations or general categorizations.

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Usage

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Create Account

  • Navigate to the Accounts tab in the settings dropdown or by pressing G and then A.
  • Click the Create button in the upper right corner.
    • Fill out the form with the following values:
      • Name: an example name like Sample Account.
      • Unit: the unit used for the account, like United States dollar.
    • Click Create on the bottom right of the form.

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Update Account

  • Navigate to the Accounts tab in the settings dropdown or by pressing G and then A.
  • Select the account you want to update, or apply Filters or Sorts to narrow down the list.
  • On the left, there are the options to edit for the account.
    • Name: an example name like Sample Account.
    • Description: a description for the account.
    • Status: the status of the account. Options include Active, and Inactive.