Creating accounts

Create accounts through our APIs, to have virtual pots of client, supplier or merchant funds. These accounts can be grouped by applying tags, which helps with reporting on balances and movement of money across your customers.

Virtual accounts offer a transformative approach to managing finances for businesses dealing with multiple payment methods. By creating unique identifiers for each payment type or source, they provide a highly organized and streamlined system that simplifies tracking and reconciling transactions.

Businesses can create a virtual account for each customer, supplier, or category of payment (to be mapped into the Chart of Accounts), thereby separating and categorizing their financial data effectively.

This gives enhanced visibility of individual cash flows, making it easier to monitor and control funds across various channels.

Furthermore, virtual accounts can automate the reconciliation process. By matching transactions to the correct virtual account, they save businesses the time and effort usually spent on manual data entry and validation. This not only reduces operational costs but also minimises the risk of human error.

Finally, virtual accounts offer real-time access to financial information. Businesses can see what has been paid and what is owed at any given moment, enabling quicker decision-making and better cash flow management.


A note on integrations

If you have connected your ERP or accounting platform, we advise that you use that as the single source of truth for customers and vendors. Payable will update automatically as you add records.