Getting started with account-based reconciliation
Throughout this tutorial, we will guide you through the process of setting up an account-based reconciliation configuration and generating a reconciliation report.
To do so, we will use
- Formance Payments to simulate transactions within a payment service provider (PSP)
- Formance Ledger to model the money flows within your system
- Formance Reconciliation to reconcile the transactions between the PSP and the Ledger and generate a reconciliation report.
The reconciliation process is about comparing the balances of a set of accounts in the Formance Ledger with the balances of another set of accounts in an external financial institution and making sure that they match. External financial institutions are integrated with Formance using Formance Payments which removes the need for you to manage the integration yourself.
The first step is to feed Formance Payments with dummy data. We will do so in the next section.
Before getting started, make sure you have a Formance stack with the Reconciliation service enabled. If you don't have one, please contact the Formance team.