Steps to Delete Deposit in QuickBooks Desktop and Online
A deposit is a record of an amount you get in your business bank account in QuickBooks. But sometimes, you can enter wrongly recorded deposits in your account register. It then requires to be reversed. A wrong deposit record should be deleted. To delete deposit in QuickBooks, you need to navigate to the check register in the QuickBooks Online Banking
menu, choose your account, find the deposit to delete, and then delete it.
This process is very straightforward and allows you to rectify your records. When you know how to delete deposits, you can manage your finances efficiently. Keep reading about this process in greater detail below.
What Is a Wrong Deposit in QuickBooks?
Before learning how to delete deposits in QuickBooks, you must know what constitutes a wrong deposit. It will help you take the needed action when necessary. A wrong deposit refers to an incorrectly recorded deposit that does not reflect the real amount received. They can be of different types.
- Deposit linked to the wrong customer – If you make such a deposit, the transaction will become inaccurate. You cannot track your earnings.
- Duplicate deposits – These occur if you enter the same deposit two times. It results in an overstated bank balance and causes the creation of wrong financial records.
- Entering the wrong amount – This will have a negative impact on your cash flow. There will be problems while reconciling your account.
- Deposit assigned to the wrong account – This negatively impacts your financial reporting. Deposits for the wrong account make bank reconciliation difficult.
How to Delete Deposit in QuickBooks Desktop
Follow this process to learn the procedure of deleting deposits in QuickBooks Desktop.
- Navigate to the ‘Banking’ menu.
- After that, tap ‘Use Register.’
- Alternatively, tap ‘Check Register’ on the QB Desktop home page.
- Next, select ‘Bank Account’ where you recorded the wrong deposit. Use the ‘Select Account’ dropdown.
- Now, locate the deposit you wish to delete from the check register.
POINT TO NOTE: A lot of wrong deposits come from the undeposited funds account. This account has many checks because you receive them in return for sales. So, if you delete this deposit, the checks included in it will show in the undeposited funds account.
- The deposits screen will show up. Here, tap the ‘Edit’ menu. It will be at the top-left part of the home page.
- Now, press ‘Delete deposit.’
POINT TO NOTE: You will see an option to delete and void a deposit. When you void a transaction, you will still have a record of it. But it won’t impact your account balances. So, if you want to void and not delete the deposit, choose the ‘Void deposit’ option.
- Tap ‘Save & Close.’
- Tap ‘Yes’ to confirm the changes.
- The checks present in the deposit you deleted will go back into the undeposited funds account.
- If you want to see them, go to the ‘Banking’ menu and tap ‘Record deposits.’
How to Delete Deposit in QuickBooks Online
Deleting a deposit in the online version of QuickBooks is simpler than doing it in QB Desktop. You only need to follow a few steps that are provided below.
- Access the QuickBooks Online dashboard.
- Here, find the left menu. After that, go to ‘Invoices.’
- Now choose ‘Customer account’ from the ‘Customer’ option.
- Choose the ‘Transaction’ that you require to delete.
- Choose ‘More’ from the lower part.
- Now, tap ‘Delete.’
Remove Payments from Deposits in QuickBooks Desktop and Online
You can delete a payment in both QB Online and Desktop with the Make Deposit Window tool. This utility is present in QuickBooks. Besides this, you can delete a payment in QuickBooks Online by going to the ‘Customers’ tab. In QuickBooks Desktop, you can delete the payment by going to the ‘Banking’ menu. Here is how to use the Make Deposit Window tool to delete payments.
Use the Make Deposit Window to delete the payment.
- On the homepage of QuickBooks, navigate to ‘Record Deposits.’
- Now choose the ‘Banking’ menu followed by ‘Make Deposits.’
- The payments to deposit window will appear.
- Here, tap ‘Cancel.’
- Choose ‘Previous’ to go into the transactions.
- Here, find the payment you wish to remove.
- Choose the ‘Edit’ menu followed by ‘Delete deposit.’
Delete payments in QuickBooks Online.
- Head to ‘Customers.’
- Now select ‘Customer.’
- All the payments will appear. Choose the one to delete.
- Now at the lower part of the ‘Payments’ window, tap ‘More.’
- Finally, click the ‘Delete’ option.
Delete payments in QuickBooks Desktop.
- Open QB and choose your company file.
- Navigate to the ‘Banking’ menu.
- Here, select the ‘Make Deposits’ option.
- Choose the duplicate payment line.
- After that, tap the ‘Edit’ menu followed by the ‘Delete line’ button.
- Save your changes by tapping ‘Save.’
- Head to the ‘Lists’ menu and choose ‘Chart of Accounts.’
- Double-tap ‘Undeposited funds’ to access your bank account register.
- Now, choose the duplicate payment and tap ‘Edit.’
- Finally, choose the ‘Delete payment’ option.
Also Read:- QuickBooks File Doctor
Frequently Asked Questions
- How do I delete a deposit in QuickBooks?
To delete a deposit in QuickBooks Online, go to the ‘Customer’ tab. Choose the customer’s account and select the transaction to delete. If you want to know about more transactions, tap ‘More’ and delete another transaction.
2. How to rectify a deposit in QuickBooks?
Go to ‘Chart of accounts’ in settings. Here, choose ‘View register.’ Select ‘Deposit’ followed by ‘Edit.’ Now, choose the rectified payment and save the changes.
3. What will happen if I delete a deposit in QuickBooks?
If you delete the deposit in QuickBooks Desktop, you will see that the funds associated with it are also removed. So, if you did it for reconciliation, the reconciliation for that period will also be removed.
4. Can I remove multiple deposits in QuickBooks?
Yes, you can delete multiple deposits. But for that, you should use QuickBooks Enterprise. It cannot happen in QuickBooks Desktop.
You can easily delete deposits in QuickBooks Desktop and Online while restoring the checks included in it. Incorrect checks added to the deposit or duplicate deposits are significant reasons for undoing a deposit. If you have any queries, talk to a QuickBooks technical expert.