Hi, I have the quest to give the magic elixir to the toad Medeka(sp?), however the elixir is not in my inventory. Is it called something else? DId I accidently ID it? Please help I want to get past this point.

The potion looks unique. If you need another, you can make a temporary character, get one from the guild, and turn it in on the permanent character. Otherwise, it is easy to just reset the adventures (you keep your Skill and Hit Points, resulting in a stronger party endgame). It is possible for the Bandit and Nymph-type enemies in the first areas to steal items (including quest items) quite rarely. So it may pay off to keep all the items on one PC and check their inventory after fighting certain enemy types (later Imp and Ratling enemies can steal). Casting Spirit Eye can help you track down lost quest items, as well.