How do I transfer an expense from one account to another?
I have several expenses that were recorded in one of the business account and need to transfer the expenses to the other business account. The expenses occur in 2017 the year has not yet been closed out. Do I process a journal entry? Or adjustment?
Mary Jane Chavarria
Since you have not closed the books for 2017, the best way to change an expense account in a transaction is to edit the actual transaction and just save your changes. To edit a transaction, just display it by double clicking on it and then you should be able to edit the information. One thing I will caution you about is if you have reconciled the transaction through bank reconciliation, please do not change any amounts. Changing the accounts won’t impact the bank recon but changing the amount definitely will.
All the Best-
Crystalynn Shelton, CPA
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