Chart of Accounts Restructure Questions

[MVBCsecTS]

I have no accounting experience however through some of the paid training videos for power church I caught on enought. Now after being in this position the last 9 months,I am wanting to pick somebody's brain to make sure I have the appropriate understanding. Firstly, I have already backed up my current state on two separate thumb drives, so I am safe to make some changes if needed!

My current predicament: We have one general-checking account, one missions only checking account, and one new building project checking account. We have one new building project savings account and one credit card we do almost all of our day-to-day spending and bills out of.

In my current chart of accounts this looks like

1.Our Bank
2.Bank Accounts
3.Checking Accounts
5.General
5. Missions
5. New Building Project
3. Savings Accounts
5. Building Fund
.
.
.
.
.
1.Liabilities
2.Current Liabilities
2.Long Term Liabilities
3.Mortgages & Loans
4. Credit Card


Is this the best set up for the accounts we have? If so, I am struggling to find a way to show an income and expense report for just the missions and new building projects individually for our business meetings they don't want to see the transfers or the general expenses on it at all when looking at those two accounts specifically.

[Zasalamel]

Are the Missions and Building accounts separate in the bank or are they all part of your main checking account? It sounds like what you might want is to use separate accounting funds. You can run Income and Expense on a per-fund basis, which could separate those records from your general as you asked. If you chose to do that, and the accounts are all in 1 checking account at the bank, you can actually use the same major accounts across funds, and still track those balances separately.

[MVBCsecTS]

They are all separate bank accounts and I think splitting them off does make the most sense to our reporting needs, but I didn't want to cause any major unforeseen error in doing that and I am still not entirely sure I understand how to split them out.

[MVBCsecTS]

In my mind I am thinking the maintain list of accounting funds, have one for general that contains our credit card still, and one for building that has the checking and savings accounts and one for missions.

Does this accomplish what I am wanting?

[Zasalamel]

Yeah that should do it. Make a new Building Fund and a Missions Fund, and just copy the relevant accounts over, including their group accounts. That will allow you to do an I&E by Fund, and see just the accounts relevant to the purpose