Creating a New Bank Account

Before you can begin entering transactions into ChurchTrac, you'll need to create one or more bank accounts. Usually, a bank account will be a checking, savings, money market account, a credit card account, loan account, or something similar. For most accounts, you will receive a monthly statement from your bank or credit card company.

Hint: Typically you should not create an account unless you receive a monthly statement for it. The exception to this would be a "Cash" or "Petty Cash" account, or an asset (like land or buildings) that you want to appear on your balance sheet. You should not add "Funds" as bank accounts here. See the section below on adding and using Funds.

Click "Create a New Account" to set up a new checking, savings, credit or other account. The following window will be displayed:

Create a unique name for the account like "Credit Union Checking." Then designate the type of account. Choose "Asset" if this is a bank account, property or something else that you own. Choose "Liability" if it is a loan, mortgage, credit card or other type of account showing money you owe. Accounts will be grouped by Asset or Liability on your Balance Sheets, Income Statements, and other reports. Next enter the beginning balance and beginning date, matching your bank statement.

IMPORTANT: When creating a new account, it is strongly recommended that you locate a recent bank statement and enter the opening balance from your bank statement in the Beginning Balance field. As an example, you may want to begin entering transactions starting on January 1. However, your bank statement may not begin on January 1. In this case, go back to the previous statement and create your account using the Beginning Balance and Beginning Date from that statement. Do not create an account with a start date or balance that does not match the start date and beginning balance from a bank or credit card statement. Otherwise your account may not reconcile or balance properly.

Select the category (i.e. General Offering) and the fund (i.e. General Fund) to which you want your beginning balance applied. If you need to split your opening balance between two or more categories or funds, you'll need to edit the Beginning Balance transaction AFTER you create this account.

Once you've entered your new account's basic information, according to the instructions above, click the "Create Account" button. Your new account will be displayed in the list of accounts. When you create a new account, the beginning balance transaction will be created automatically on the account register screen. An "R" will appear next to your Beginning balance transaction showing that it has been reconciled. A "c" will appear next to transactions that have been marked as cleared but not reconciled.