Payments Data Platform | Modernbanc

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Your first transaction

A quick introduction to building with Modernbanc. In this example, we will create a basic transaction between two accounts.

Link units to your workspace

Before creating accounts, you need to link the units you want to use in your workspace. Units are the currencies or any other measure you want to use in your accounts. You can read more about units here.

  • Click on Settings in the main navigation dropdown, or press G and then S.
  • Click on the Units tab in the settings dropdown or press G and then U.
  • Click the Enable button next to the unit you want to use. In this case, we will use United States dollar.
Creating your first accounts

Accounts are the core of Modernbanc's accounting system. They are used to store balances and to keep track of anything measured in units (currency, tickets, materials, etc).

In order to store balances in the account, we need to specify what unit, or currency, the account will use. We can do this by attaching units to the account during the creation process.

  • Leave the settings menu by clicking the back arrow in the top left corner.
  • Naviate to the Accounts tab in the main navigation dropdown or press G and then A.
  • Click the Create button in the upper right corner.
  • Fill out the form with the following values:
    • Name: Quickstart - Account A.
    • Unit: United States dollar.
  • Click Create on the bottom right of the form.
  • Navigate back to the Accounts tab and click the Create button again.
  • Repeat the above steps to create Quickstart - Account B.
  • Note: take note of the Account identifier on the left side of the list view for each account. You will need it in the next step. They will be formatted like ACT-43.
Creating your first transaction

Now that we have our two accounts, we can create a transaction between them. We will create a transaction from Quickstart - Account A to Quickstart - Account B.

Note: Please ensure the format of your amount aligns with the specified mode and precision settings for the unit. For example, if your unit mode is set to floats and the precision is set at 2, then your amount should be formatted as 100.00. For a deeper understanding of how unit modes and precision settings affect your data, refer to our detailed guide here.

  • Navigate to the Transactions tab in the settings dropdown or press G and then T.
  • Click the Create button in the upper right corner.
  • Fill out the form and click Create.
    • Enter a sample amount, like 200.00, in the Amount field.
    • In the From and To fields, select the accounts you created in the previous step. You can search by name, in this case just type quickstart and they will show up.
  • You should now see the transaction appear at the top of the transactions list.

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Done!

Congratulations! You have created your first transaction in Modernbanc.

Next up: Workflows: Send Slack notification on transaction creation