Rebuilding My Church’s Chart of Accounts + REG Study on Hold

13 May 2013


Patrick is a NINJA CPA Blogger.

In some of my previous posts, I mentioned my involvement in re-building my church's chart of accounts.

Well, it's really taken on a life of it's own and now it's 11:42 PM and I'm re-posting all of the entries from the old chart of accounts to the live database with the new chart of accounts.

All of the account numbers are different so there's no point in bringing over the old history. I'm on January – tedious work.

When set-up properly, this system posts all of the debits and credits behind the scenes, which is good for the book keeper. But to set it up properly requires a knowledge of debits and credits, that unfortunately, I somehow acquired.

What's more, setting up the chart of accounts to include unrestricted/temporarily restricted/permanently restricted net asset accounts is a real pain compared to plain old retained earnings. This project has taken up most of my study time over the last three weeks and I know now that I will fail REG on May 30th.

With BEC, I was already into my review a month before the exam. With REG, I still have a lot of material to cover and I leave for Vegas and my new job on the 19th.

Under any other circumstances, I would feel proud and fulfilled about the work I'm doing for the Church, but it's destroying any chance of a summer with my family, free of exam preparation. I have to pass REG by August or I'll lose my FAR credit. But I'm not willing to walk away from this.

So it looks like we're headed for extra innings with Reg.

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