Deposits are simple transactions that depict outflow of money. Deposits are often kept as collateral for the product or service that users want to avail. Deposits are also made for managing money while keeping it safe. Though it is easy on how to add these deposits within your program but today we will figure out on how do I delete a deposit in QuickBooks Desktop.
Before we can answer your query, it is important to understand on how deposits work within QuickBooks. When a certain amount is deposited into a bank, you may receive an interest on it depending on the policies of the bank. You might also deposit funds with another organization as an advanced payment. There are many different types of deposits that organizations need to indulge in.
By enabling users to link their bank account and perform transactions directly from QB, Intuit has made it easier for all organizations to easily manage their most liquid asset in cash.
Yes, you heard it right!
Data regarding transactions and bank statements are automatically synced with QuickBooks, hence enabling you to easily reconcile accounts. Also, there are many tools available in QuickBooks that enable you to organize and analyze all this data. All of this can substantially curtail the chances of finding inaccuracies in your data.
Bank deposit accounts can be of myriad types, a few of them have been mentioned below:
- Savings Account
- Federal Deposit Insurance Corporation (FDIC)
- Call Deposit Account
- Time Deposit Account
- Current Account
The amount of interest that you gain, differs from account to account and bank to bank. Also, the rules and regulations of each account differ considerably. Information about any interest earned on the deposited money is synced directly with QuickBooks.
Steps on how do I delete a deposit in QuickBooks Desktop:
- Log into QuickBooks
- Select the Create (+) button
- From the drop down options, select Reports. You can also select reports from the left navigation panel.
- Use the smart search feature to search for Deposit Detail Report. Wait for the report to open
- Enter all the necessary information such as date range
- Hit on run
- In the detailed report, you can find a link to every deposit within the date range you entered. Mark the checkbox against all the deposits that you wish to delete.
- Click on Delete.
By creating a Deposit Detailed Report, you can easily ascertain the total deposits, bank balance and the transactions that have occurred over a certain date range. This also saves time as users don’t need to cycle through all the deposits to find the one that they wish to delete. You can even narrow down your search by using different filters while creating the report.
QuickBooks deletes all the payments attached to a particular deposit if the deposit itself is deleted. For matching payments to new deposits, you will have to download all the payments again from your bank account. You can even download the information about the transaction in the WebConnect format which can be easily imported into QB.
Want to Delete a single item?
In case you just want to delete a particular payment from a deposit then you can do so by following the path below:
Select Banking> Record Deposits> Select Deposit> Click on edit and undo.
Get rid of an item completely!
If you want to permanently delete a particular payment from the deposit as well as from QB then:
Select the payment and hit Delete.
By using this option, users can easily undo or delete a recently recorded deposit.
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