4. Start reconciling transactions

To track funds across your customers, suppliers or clients, set up client accounts through the API or through the dashboard. These virtual accounts allow you to see who owes you what and vice versa, as transactions are reconciled against the account, giving you an overall balance. The platform learns matching data over time, so these reconciliation logic and rules are stored and managed against each customer record.

Either you can get started immdediately by connecting an accounting or ERP platform, or you can make API requests to populate the dashboard yourself.

Create your client accounts through the API or dashboard

curl --request POST \
     --url https://api.payable.co/accounts \
     --header 'accept: application/json' \
     --header 'content-type: application/json' \
		 --header 'X-api-key: UID' \
		 --header 'X-Idempotency-Key: UID' \
     --data '
{
  "label": "CLIENT_NAME",
  "currency": "GBP",
  "type": "client",
  "references": [
    "KNOWN_REFERENCE"
  ],
  "tags": [
    "GROUP 1"
  ],
  "entity_id": "ENTITY_ID"
}
'

Create your expected payments through the API or dashboard

Expected payments are the specific transaction data used for reconciliation. The data you pass in these requests will be learned by our matching engine so you can automatically track expected and actual payments against each virtual account.

curl --request POST \
     --url https://api.payable.co/expected-payments \
     --header 'accept: application/json' \
     --header 'content-type: application/json' \
		 --header 'X-api-key: UID' \
		 --header 'X-Idempotency-Key: UID' \
     --data '
{
     "remitter": {
          "reference": "PAYMENT_REFERENCE",
          "name": ["CUSTOMER_NAME"]
     },
     "amount": {
          "value": "20",
          "currency": "GBP"
     },
     "entity_id": "ENTITY_ID",
     "source_account_id": "CLIENT_ACCOUNT_ID",
     "due_date": "2023-04-30",
     "issued_date": "2023-03-30",
     "label": "RECONCILIATION_MARCH ",
     "foreign_id": "EXTERNAL_ID"
}'

📘

• The remitter name and reference are the party you expect to make the payment and the description they will attach to the payment. This is often an invoice number.
• The source account ID is the client account that you want to attribute this payment to. This means you can track anticipated payments by customer/supplier/other counterparty.
• The due date is when you expect to get paid. The status of the expected payment will update to flag late payments.
• The label is used for adding context to the expected payment. This can be something like identifying the payment run it is part of.
• The foreign ID is for correlating records between your own systems and this platform.

Once created, we will then give you status updates based on the reconciliation progress, with the tooling to manually reconcile transactions when it cannot be done automatically.