Why Reconcile Bank Accounts?

The purpose of reconciling your accounts is to ensure that each transaction in ChurchTrac is an exact match with your monthly bank statement.

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Why does this matter?

When it comes to tracking your ministry's finances, you want your number from the bank to align with what you have entered into ChurchTrac. This is important for having accurate reports and financial transparency. The reconciliation process is your first line of defense against accounting errors and mismanaged funds. We encourage ministries of ALL sizes to reconcile their bank account(s).

What information do I need to reconcile with ChurchTrac?

To reconcile with ChurchTrac, you need your bank statement that includes the following information:

1. The opening balance at the beginning of the month.
2. Itemized cash and other deposits, including interest income, made into the checking account of the church. In ChurchTrac, these will correspond to amounts listed in the "Credit" column.
3. A list of checks that were cashed, electronic debits, bill payments, and other expenses. In ChurchTrac, these will correspond to amounts listed in the "Debit" column.
4. The statement also includes bank charges such as for account servicing fees. These will also appear in the "debit" column.
5. The ending balance as of the last date of the bank statement.

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Reconcilliation FAQS

Do I have to Reconcile my accounts in ChurchTrac?

You do not have to reconcile your transactions in order to generate reports or track your finances in ChurchTrac. However, we've found that ministries who do not reconcile their bank accounts tend to spend more time fixing accounting errors and having to re-run reports.

How often should I reconcile?

We recommend reconciling monthly as you receive your monthly bank statement. The longer you wait to reconcile, the more complex and tedious the reconciliation process will be. Longer reconciliation gaps can also lead to diminished accountability.