Overview
Account reconciliations help you ensure the data in FaithFi is correct and aligns with your bank records. We recommend reconciling your accounts once per month to your bank statements. Doing so will help you stay on top of any issues or discrepancies and will give you the confidence that the FaithFi app's data is correct.
Note: In order to reconcile an account connected via Plaid (aka Connected Account), you must toggle on "Use System Balance" from that account's settings screen (three dots in the right corner of the account).
Step 1: Go to the Account Settings
Click on the account you would like to reconcile. Then click the three dots in the upper right corner. Under settings, you will see a button to "Reconcile Account."
Please note that in order to reconcile a Connected Account, you must first toggle on "Use System Balance" from the account's settings screen. The Use System Balance feature will use the transaction data in FaithFi to determine the account's balance as opposed to displaying the balance provided by Plaid (which may be disconnected from the data in FaithFi).
Step 2: Set the Beginning Balance
The account reconciliation process requires a beginning balance for the account. If you choose to use the system balance for connected accounts, this beginning balance will need to be saved in order to reconcile the account. We help estimate the beginning balance for you based on the data in the system, but we recommend looking at your bank statements to determine the actual beginning balance that aligns with the import transaction start date of the account.
Note: the beginning balance should only need to be saved once. You can change this balance at any time. This step is not necessary each time you reconcile the account.
Step 3: Select the Statement Date
When reconciling your account, we recommend utilizing your bank statements. In FaithFi, select the date that corresponds with your statement date. This will then change the transactions the FaithFi app will use as part of the reconciliation process.
We recommend you use the paper statements you receive from your bank in the mail or access your bank statements online by going to your bank's website or mobile app. Having a copy of your statement (digitally or printed) to reference when reconciling to FaithFi will come in handy!
Step 4: Enter the Statement Balance
Using your bank statement for the date selected in Step 3, enter the balance into the Statement Balance field.
Step 5: Evaluate the Variance
Once you enter your Statement Balance, the reconciliation feature will show a Variance. If the variance is $0.00, congratulations! Your FaithFi data is in alignment with your bank!
If you see a variance, you will want to investigate why the variance exists by going through the list of transactions in order to get that value to $0.00.
Transaction verification
If you have a variance, the first step is to go through the list of transactions on the reconciliation screen and compare them to your bank statement.
Some potential discrepancies may include:
- Incorrect transaction dates - the date of transactions may be wrong in FaithFi compared to the bank statement. This may happen if you move the date of a transaction in FaithFi.
- Missing transactions - any transactions missing in FaithFi can be added by clicking the + button next to the Transactions header in the reconciliation tab
- Duplicate transactions - look for duplicate transactions in FaithFi and delete any duplicates that exist.
- Incorrect transaction amounts - check the amount of the transactions with the bank statement and report any transactions to FaithFi support that have an incorrect amount or that are still in Pending status.
- Incorrect FaithFi beginning balance - this amount may be incorrect when you first reconcile your account, so it is worth confirming the beginning balance is correct.
Step 6: Confirm Reconciliation
Once the FaithFi Balance and Statement Balance align, the Variance will show $0.00, and the Confirm Reconciliation button will become enabled. When you click that button, two things happen:
- All transactions up to the statement date will be verified in FaithFi (green check mark). This makes it easier for you to see which transactions have been confirmed in the system by displaying a green checkmark on the transaction.
- The date of the reconciliation will be saved on the account so that you can see the last time you reconciled your accounts.
If you have questions about reconciling your accounts or about any other aspects of the FaithFi app, please reach out to us at support@faithfi.com and we will be happy to help you.