How to properly use Formik's setError method? (React library)

Question

I am using React communicating with a backend. Now trying to properly implement Formik (Form library).

Main question: How do I properly use Formik\'s setError me

Answer 1

 {
    // initialise error status <---- 1
    actions.setStatus(undefined); 

    setTimeout(() => {

      // setting error status <---- 2
      actions.setStatus({
        email: 'This is email already exists.',
        pswrd: 'This is password is incorrect',
      });

    }, 500);
  }}
  // destructuring status <---- 3
  render={({ handleSubmit, handleChange, handleBlur, values, errors, status }) => (
    

      
      
      Submit

      // using error status <---- 4
      {status && status.email ? (
        
API Error: {status.email}
      ) : (
        errors.email && 
Validation Error: {errors.email}
      )}

      {status && status.pswrd ? (
        
API Error: {status.pswrd}
      ) : (
        errors.pswrd && 
Validation Error: {errors.pswrd}
      )}
    
  )}
/>