I need help

[Dottie Owens]

We have 2 asset accounts:
Checking
Memorial Fund (invested)

Earlier this year, we paid a medical bill from our memorial fund. The bill was paid before the transfer was made from the memorial fund so I just credited the checking account and debited the expense account. When the money was transferred to the checking account, I debited the checking account and credited the memorial fund . After the fact, I realized that the amount was showing up in my budgeted expense account when I should have shown it as a liability paid from the memorial fund.

How can I fix this so that my expenses are showing only what was actually spent from the checking account.

Thanks for your help,

[Matt]

Please provide the specific accounts debited and credited for the payment of the bill and also for the transfer. Also, please provide the specific account number the expense should have gone to. I can then tell you the accounting entry you need to input to correct.