Reconciliation is the process of comparing your actual bank statement with your records in FarmRaise Tracks to ensure everything matches. This feature helps farmers and ranchers maintain accurate books and spot missing income or expenses. Below is a step-by-step guide on how to use the new Reconcile feature in your FarmRaise Tracks account.
Step-by-Step Instructions
Open the Reconciliation Tool
Go to the Menu in FarmRaise Tracks.
Select Accounts.
Click on the specific account you'd like to reconcile.
Start the Reconciliation Process
Once inside the account, look for a message that says "Not Reconciled."
Click on Not Reconciled to begin.
Enter Bank Statement Details
You will be prompted to enter:
Starting Balance (from your bank statement)
Ending Balance (for the month or statement period you're reconciling)
Press Save to continue.
Review Your Reconciliation Summary
FarmRaise will calculate your:
Expected Net Cash Flow
Unreconciled Revenue (e.g., "$200 of revenue has not been reconciled for July")
Unreconciled Expenses (e.g., "$215 of expenses are missing from your account")
Resolve Any Discrepancies
If your Ending Balance is higher than expected, you likely have missing revenue.
If your Ending Balance is lower than expected, you likely have missing expenses.
Add or adjust transactions until your bank statement and FarmRaise Tracks account match.
Check for Transactions by Month
You can switch between months using the month selector.
If there are no transactions for a selected month, the system will display: “There’s nothing to reconcile here.”
Use Historical Statements
For example, go back to March 2024 to reconcile earlier transactions.
Just repeat the same steps—enter your starting and ending balances, review discrepancies, and update missing entries.
Finalize Your Reconciliation
Once your starting and ending balances match your bank statement and all transactions are accounted for, FarmRaise will mark the month as reconciled.
Tips for a Smooth Reconciliation
Always have your bank statement handy for the month you’re reconciling.
Double-check vendor payments, deposits, and transfers to make sure they're properly categorized.
Use filters in your transaction list to find entries quickly.
Why Reconcile Monthly?
Keeps your records accurate and audit-ready
Helps you track down missing income or forgotten expenses
Provides a reliable cash flow picture for making financial decisions or applying for loans and grants
If you have questions about reconciliation or need help with specific discrepancies, reach out to the FarmRaise support team—we're happy to help you get your books squared away.