QuickBooks Desktop is a popular accounting software that offers various features to manage your business finances. One of the crucial functions of QuickBooks Desktop is the ability to record and manage deposits. However, there may be times when you need to delete a deposit from your records. It could be due to various reasons, such as incorrect data entry or a customer requesting a refund. Whatever the reason may be, it’s important to know how to delete a deposit in QuickBooks Desktop accurately. In this article, we’ll discuss the step-by-step process of deleting a deposit in QuickBooks Desktop, along with some frequently asked questions related to the topic.
How to Delete a Deposit in QuickBooks
These steps will help you to understand the correct procedure for removing deposits in QuickBooks.
- At the very first, go to the Lists and look for the Chart of accounts icon.
- Next, you need to double-click on the Account and also double-click on the Deposit.
- If you need to delete a specific payment, then you have to select it from the list.
- Next, click on the Edit tab and click on the Delete Line.
- At last, select Delete Deposit in case there is a need to delete the complete deposit.
- Here is the full detailed procedure for deleting a deposit in QuickBooks Desktop and QuickBooks Online.
Deleting a Deposit in QuickBooks Desktop
For deleting a deposit in QuickBooks Desktop, follow these steps:
1. Select Check Register
Open your QuickBooks Desktop homepage and under the Banking menu, go to Check Register. You can also click on the banking menu at the top of your screen and from the drop-down list, click on Use Register.
2. Select the Bank Account
You have to choose the bank account where you recorded the incorrect deposit. Go to Select Account and then from the drop-down you can select the account.
3. Find the Deposit you want to delete
After doing the above step now go to the Check Register and find the deposit you want to delete. Most of the deposit comes from undeposited funds. Checks which are received are applied against sales receipts or invoices and are deposited into the undeposited fund’s account. When these checks are deposited in the bank from the undeposited fund’s account, they are combined into a single deposit transaction. All the checks should reappear in the undeposited funds account if you delete that deposit.
4. Delete or void the deposit
The deposit screen will appear after selecting the deposit to delete. The deposit screen doesn’t have any delete button. To delete your deposit, click on the Edit menu at the top of the screen and click on Delete Deposit. The void option is removed completely after deleting the deposit. But voiding the deposit, the amount becomes zero, and the transaction is recorded in QuickBooks.
Deleting a Deposit in QuickBooks Online
You can delete a deposit in QuickBooks Online by following the given procedure:
- Open the QuickBooks Online dashboard and navigate to the left menu, then go to invoicing.
- From the Customer option, select the Customer account.
- Select the Transaction you want to delete.
- From the bottom, menu select More and then click on Delete.
How to Undo a Bank Deposit in QuickBooks Online & Desktop
To remove the payment from deposits, you can use the Make Deposit Window tools in QuickBooks.
- First, go to the Record Deposits icon on the QuickBooks homepage, and after selecting the Banking menu and choose to Make Deposits.
- After clicking on Cancel if the Payments to Deposit window opens.
- Now, select Previous to move into the transactions until you find the deposit or payment from a deposit that you want to remove.
- Select the Edit menu and choose Delete Deposit to remove the deposit or payment from the deposit.
How to Delete a Payment in QuickBooks Online
Here are the following steps to delete a customer payment in QuickBooks Online.
- Open QB online, go to the Customers and then choose Customer.
- When all the payments are displayed, select the particular payment that you want to delete.
- Now, click on More at the bottom of the Payments window and, click Delete.
How to Delete a Duplicate Payment in QuickBooks
If you mistakenly enter the payment twice, you can easily remove it by following these steps:
- First, Start QuickBooks.
- Open your company file.
- Now go to the click Banking menu, then choose to Make Deposits.
- Select the line that contains the duplicate payment you want to delete.
- Click the Edit menu < select Delete Line.
- Now save all the changes by clicking on Save.
- Go to the Lists menu < click on Chart of Accounts.
- Double-click on the Undeposited Funds option to open your bank account register.
- Now, select the duplicate payment that you want to delete.
- Click Edit < select Delete Payment for the final step.
How To Delete/Remove Undeposited Funds in QuickBooks
This is how you can delete undeposited funds in QuickBooks:
- On the QB home page. Choose Lists < click Chart of Accounts. If you need a keyboard shortcut, you can press the Ctrl-A.
- Now double-click Undeposited Funds to display the register for this type of fund.
- After, select the particular payment that you want to delete. If you are unable to see it, review it in the list of transactions again by clicking the up and down scroll buttons.
- Go to the “Edit” menu < select Delete Payment < Press OK to delete the entry after the warning box appears.