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