Simple Steps to Delete or Undo a Deposit Funds in QuickBooks

|
Delete a Deposit QuickBooks

Recording your deposits in order to match your bank statements is absolutely essential. Whenever you deposit funds into your bank account, the deposits may be amalgamated into one. Make sure to record your deposits in the same manner in which your bank records them.

How to Delete a Deposit in QuickBooks Desktop?

There are several issues with deleting a deposit in QuickBooks desktop. The main problems that you’ll encounter are as follows:

  • Issue 1 – Delete cash sale from the deposit before deleting/editing its information
  • Issue 2 – Editing payment info of a deposit isn’t allowed

If you have multiple payments packed into a single deposit, then you’ll have to select the option to Delete Line; however, if you select a deposit present in a register, then you can find the Delete Deposit option on the Edit toolbar.

Follow the steps provided below to delete a deposit in QuickBooks Desktop:

  1. Log into QuickBooks with an admin account.
  2. From the top menu bar, select Lists
  3. Select Chart of Accounts
  4. Select the Account, then Deposit which you want to delete
    Delete a Deposit in QuickBooks Desktop min
  5. From the top menu bar, select Edit
  6. Now select Delete Deposit: If you wish to delete the entire deposit.
    Delete a Deposit in QuickBooks Desktop min.

Note: You won’t get the delete deposit option until you select a specific deposit. If the deposit doesn’t contain multiple transactions, then the option to delete line will not be available.

Steps to undo a Payment from Deposit in QuickBooks

To undo a payment from a deposit in QuickBooks Desktop, follow the steps provided below:

  1. Log into QuickBooks with an admin account.
  2. From the top menu bar, select Lists
  3. Select Chart of Accounts
  4. Select the Account, then Deposit which you want to delete
  5. From the top menu bar, select Edit
  6. Now select Delete Line, If you wish to delete a single payment from the deposit.

Selecting the option to Delete Line will delete a single payment only. You can recreate the payment to edit it. If you wish to undo the deletion, then you can go to your bank statement and add the payment back to the deposit.

Steps to Remove Duplicate Payments in QuickBooks

Removing a duplicate payment or transaction will depend on the type of bank account you’re using with QuickBooks. QuickBooks Desktop enables you to remove duplicate transactions directly from the bank feed. Here are the methods available for the same:

Here’s how to remove duplicate transactions:

  1. Log into QuickBooks with an Admin Account.
  2. From the Banking menu, select Bank Feeds.
  3. Click on Bank Feeds Center.
  4. Select the Transaction List button.
  5. Mark all the duplicate deposits.
  6. From the Action column, select Ignore.
  7. Click on Yes to delete the deposit.

We highly recommend that you match the transactions from the bank feed before deleting the deposit. Deleting a wrong deposit can create problems down the line. If your accounts don’t match up at the end, finding the missing deposit can be a real headache.

Steps to Delete or Undo Deposited Payment in QuickBooks

If you wish to delete or undo deposit payments in QuickBooks, first you’ll have to delete the payment from the deposits. The steps to do the same are provided below:

  1. From the top menu bar, select Lists
  2. Select Chart of Accounts
  3. Select the Account, then Deposit which you want to delete
  4. From the top menu bar, select Edit
  5. Now select:
    • Delete Deposit: If you wish to delete the entire deposit.
    • Delete Line: If you wish to delete a single payment from the deposit.

Once you’ve deleted the payment from the deposit, you can delete the payment without any hassle.

Delete or Undo a Payment from Undeposited Funds

If you’ve deleted the payment from the deposit, or never entered the payment in any deposit, then follow the steps provided below to delete it from QuickBooks:

  1. Log into QuickBooks with an Admin Account
  2. Open the Customer Payment Window
  3. Select the Delete option from the top toolbar.
  4. Click on Save and Close.

Note: You won’t be able to delete the payment without first deleting it from the deposit. Users must be cautious when deleting a payment, especially from a deposit. If the deposits in QuickBooks don’t match your bank transactions, then you’ll encounter issues when reconciling bank statements and accounts.

How to Delete a Deposit in QuickBooks Online?

QuickBooks online is much more user friendly than its desktop counterpart. The dashboard provides a brief analysis of accounts and reports, along with most-used features.

  1. Go to Invoicing from the Left Menu
  2. Go to the customer and select the customer account.
  3. Select the Transaction which you wish to delete.
  4. From the bottom menu, select More.
  5. Click on Delete.

It is highly recommended that you don’t delete any transaction or payments which were included in the reconciliation statements. You can also delete bills and expenses in the same way with QuickBooks online. Chart of Accounts is another feature that enables you to navigate to different transactions that you may want to delete. The delete option will be provided along with the information for the transaction.


Phone

+1888-461-1609