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Do I use transfer accounts?
Posted: Fri Dec 01, 2017 10:56 pm
by tuongtndg
I have debited a fund 1 expense account when it should have been a fund 4. How do I correct?
Do I use transfer accounts?
Thank you!!!
Re: Do I use transfer accounts?
Posted: Sat Dec 02, 2017 3:08 pm
by NeilZ
tuongtndg wrote:I have debited a fund 1 expense account when it should have been a fund 4. How do I correct?
Do I use transfer accounts?
Thank you!!!
No, you're not transferring funds, you made a mistake, thus you VOID the check (if its a check) in Accounts Receivable, and recreate the check using the existing check number and the correct fund's check and expense account.