Creating and Editing Accounts
You can use the Accounting feature in ChurchTrac to manage Accounts that are held at a bank or financial institution, or that are fixed assets. This includes Checking, Savings, Money Market Accounts, Credit Cards, Loans, or something similar.
Before entering transactions into ChurchTrac, you will need to add a Bank Account. This article covers how to do that.
Creating Bank Accounts
On the Accounting dashboard, select Actions, then Add Bank Account.
The Add a Bank Account flyout gives you two ways to create an account.
Option 1: Upload a Statement (Recommended)
The fastest way to create an account is to let ChurchTrac build it from your bank statement.
Step 1: In the Add a Bank Account flyout, scroll down to "Or upload a statement."
Step 2: Drag and drop a PDF statement or an OFX, QFX, or QBO file, or select the drop zone to browse your computer.
ChurchTrac finds the accounts in the file, creates them, and prepares their transactions for your review. PDF statements require our most current plan. ChurchTrac uses AI to read PDF statements; your uploads are deleted once they are processed, and your statement data is never used to train AI models or shared with AI model providers.
Step 3: Check the beginning balance and date against your statement, and divide the balance across Funds if needed (see Edit the Beginning Balance below). Learn more in our Importing Transactions in Accounting guide.
Option 2: Create an Account Manually
(Use this if you don't have a statement file to upload.)
Step 1: Account or Category?
The flyout asks whether this is a financial account that holds a balance you want to track.
Choose Yes if this is a checking account, savings account, loan, mortgage, credit card, or the value of an asset.
Choose No if you are trying to track or label income and expenses (utilities, repairs, missions, tithes, events, office supplies, etc.).
In ChurchTrac, Accounts track money you actually have or owe. Categories never hold money; they are labels for income, expenses, and budgets. If you're tracking income or expenses, create a Category instead.
Step 2: Name and Identify Your Account
Create a unique but simple name for the account, like "Credit Union Checking."
Then choose the type of Account:
- Asset: a bank account, 401(k), property, or something else you own.
- Liability: a loan, credit card, or another type of debt.
- Untracked: something you want to record but not show on your Balance Sheet or Budget. This type is ideal for mortgages, long-term loans, and fixed assets.
Once you add a name and choose the Account Type, select Next.
Step 3: Beginning Balance and Date
Enter the beginning balance and beginning date, matching your bank statement. Once entered, select Create Account.
Your new account will be displayed in the list of accounts.
Edit the Beginning Balance
Whichever way you created the account, check its beginning balance.
Select the account on the Accounting dashboard to view its register. The beginning balance transaction is created automatically and is already reconciled, shown by a green check mark.
The entire beginning balance defaults to the General Offerings category and the General Fund. If any money in that balance belongs to other Funds, select the beginning balance transaction to open it.
Change the Category and Fund of the original line, or select Add Line to divide the balance across more Categories and Funds.
The lines must still add up to the original beginning balance. Select Save lines when you're done.
Step 2: Editing Bank Accounts
There are occasions when you may need to rename an account, change its status, update its account number, or turn on automatic reconciliation.
On the Accounting dashboard, select Edit Account under the account's name.
Account Number
Enter the account number from your bank statement. ChurchTrac uses the last four digits to match uploaded statements to the right account, and shows them next to the account name on the dashboard (for example, ••8161).
Auto Reconcile
Enable the Auto Reconcile option to have ChurchTrac reconcile this account after you review new transactions, once your register matches the bank's balance. It's off by default. Learn more about reconciling.
Inactive Accounts
To show or hide inactive accounts on the dashboard, select Actions, then Toggle Inactive Accounts.
Deleting Accounts
Occasionally, you may need to delete an account. Select Edit Account under the account's name, then select the trash can icon. In the following window, type "Yes" and select Delete to finish deleting the account.
Pro Tips
You should not add "Funds" as bank accounts here. To learn the difference between the two, please read our Basic Terminology and Examples. To learn about how to set up a Fund, see our article on Creating and Editing Funds.
Also, do not use the word 'Fund' when naming your accounts. This will prevent confusing it with a true Fund.
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.
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.
To change the order the accounts appear on the Accounting dashboard, select and hold the arrows to the right of the account name, then drag it to the position on the board you would like it to display.
Links next to Edit Account show when an account needs your attention. Review transactions means uploaded or Bank Link transactions are waiting for your review. Select it to open the Transactions to Review screen. Ready to reconcile means transactions have been added and the account is ready to reconcile. Select it to start reconciling.