QuickBooks accounting software is an excellent choice for users who run their own small or mid-sized businesses. In addition to its incredible accounting and bookkeeping features, it also enables users to manage their business payroll efficiently. QuickBooks allows users to record and make bank deposits from within the application. Besides, you can also delete the erroneous deposits in QuickBooks when it is required. If you are not sure how to delete deposit in QuickBooks Desktop, reading this post until the end can help. It elaborates on the simple steps to get the job done.
All About Deleting A Deposit in QuickBooks?
The procedure to delete deposit in QuickBooks Desktop is pretty simple and straightforward. Regardless of the QuickBooks version you are using, you can get the job done using a few simple steps. There can be various possible instances when you may need to delete a deposit in QuickBooks. For instance, if an incorrect check is added to the deposit, you will need to delete them. Deleting erroneous deposits can keep your books accurate and intelligible. In the next sections, we will discuss the steps to delete the deposit in QuickBooks. Let’s proceed!
Instances When You May Require To Delete Deposit in The Program
There can be multiple reasons why you may want to delete a deposit in the QuickBooks application. Check the below-given list:
- When an incorrect check is added to the deposit.
- In case of a duplicate deposit in the program, you will need to delete the deposit.
- When a deposit is added to the wrong customer.
What Is The Procedure in QuickBooks To Delete a Deposit?
The deletion procedure includes three basic steps as stated below:
- In the first place, you need to select the Check Register.
- Thereafter, locate the erroneous deposit in the check register you have to delete.
- In the end, you may delete or void it to complete the task.
Now that you know the procedure, let’s discuss the steps in detail:
1: Select Your Check Register
Navigate the Banking menu from within the QuickBooks Desktop Homepage and select Check Register located underneath the Banking option. Alternatively, you can tap on the Banking menu located at the top of the screen and then click the Use Register option from the drop-down list.
2: Locate The Erroneous Deposit
In the next step, you need to delete the errant deposit you may want to delete. Use the Select Account drop-down menu to choose the Bank account where the incorrect deposit was recorded. Now from the check register, locate the deposit to be deleted. There are many deposits that originate from the “undeposited funds” account. In an undeposited funds account, there are checks that are received and applied against Sales Receipts or Invoices. Checks from the undeposited funds account, when deposited into the bank, are then combined into a single deposit transaction. When deleting the deposit, all the checks included in that deposit must reappear into the undeposited funds account.
3: Delete Or Void The Deposits
Once the intended deposit is selected, the deposit screen will show up. However, there will be no delete button on the deposit screen. To delete the deposit, hit the Edit button and then click on Delete Deposit. You may delete the invoice or just choose to void it. All the options are there.
Deleting a deposit completely removes it from the QuickBooks Desktop software, but when you void it, the deposit amount becomes zero. Besides, the voided transactions are still recorded in the program. To void a deposit:
- Choose the Edit menu and then click on the Void Deposit drop-down located underneath Edit.
- Next, click Save & Close option and then hit Yes when the program prompts you to do so.
- The checks in a deleted deposit return to the “under-deposited funds” account. You can find it in the Banking menu’s Record Deposits section.
- Once the customer checks have been returned to the undeposited funds, users can edit, delete them or combine the checks into a new deposit.
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Alternative Methods To Delete Deposit in QuickBooks Desktop
The procedure explained above can help you in deleting a deposit in QuickBooks. Below are some alternative methods to get the job done:
First Method:
It is a short method to delete deposits in QuickBooks, wherein you can go to the lists from within the program to proceed further. Locate the Charts of Accounts and perform the steps:
- Open the QuickBooks Desktop application and then choose the Lists option.
- Next, press the option, Charts of Accounts.
- Moving ahead, click on Accounts twice.
- Here, you will have to double-tap on the deposit.
- Moving ahead, go to the Edit tab.
- In the end, you can simply select Delete Deposit in order to remove the entire deposit.
Second Method:
Below is another alternative method you may practice in order to delete from within the QuickBooks Desktop application:
- Launch the QuickBooks application and go to the menu bar located at the top of the screen.
- Next, you need to select Lists using the menu bar.
- Moving ahead, select Chart of Accounts and then double-click on the Account option.
- Click on Deposit and if you want to delete a particular payment, select it from the provided list.
- Click the Edit button, and a menu bar will nest appear on your screen.
- Thereafter, you may select the option Delete Line, and it will help you want to delete a specific payment in QuickBooks.
- For the entire deposit, you may select Delete Deposit.
- In the end, click the OK button to confirm the deletion.
What Is The Process To Delete A Payment From A Recorded Deposit in QuickBooks?
Now that you are aware of the procedure to delete a deposit in QuickBooks, below are the steps to delete a payment from a recorded deposit in QuickBooks:
- First thing first, open QuickBooks and go to the Home Page.
- Here, you may see certain recorded deposits. Make a click on them.
- Here, if the window on depositing a payment appears, click the Cancel button.
- The deposit to be deleted has been placed. If you are unable to locate it, select the Previous icon.
- Now, go to the Edit menu and select Delete Deposit.
- Hit OK, and the process to delete a payment is completed.
How To Delete Payment From a Deposit in QuickBooks Online?
If you have entered a payment in QuickBooks Online and need to delete it for some reason, there is a simple fix for this problem. You can delete a deposit from within QuickBooks Online by using the below-given steps:
- Start with opening the QuickBooks Online application.
- Thereafter, select Customers and then choose the Customer option given there.
- Wait until all the payments are shown on the screen.
- Now select the payment you want to erase.
- After selecting, hit the More button located in the Payments window.
- Thereafter, you need to hit the Delete button.
The above-listed set of steps can help you in deleting a payment from a deposit in QuickBooks.
How To Delete A Payment From Deposited Fund in QuickBooks?
Sometimes when making a payment to your customer, you may choose an incorrect account mistakenly. In this case, you can delete an errant payment from a deposit you have made. To delete, follow the below-given steps:
- Land to the Home Page of QuickBooks to start this procedure.
- Next, you need to open the menu labeled Lists.
- Here, make a selection of the Chart of Accounts to move further.
- Thereafter, locate and double-click on the Undeposited Funds option.
- Now select the particular Payment you want to delete with this method.
- Go to the Edit menu and select the Delete Payment option.
- Click OK to confirm, and it will delete the chosen entry.
Steps To Delete Undeposited Funds in QuickBooks
If you want to delete an undeposited fund in QuickBooks, you can go to the Lists options to perform the procedure. Perform the following steps to complete the task:
- Launch the QuickBooks application and then go to the Lists option.
- Next, select the Chart of Accounts.
- Thereafter, locate the Undeposited Funds and click on it twice.
- Now click on the deposit that you want to remove.
- In the end, using the Edit menu, choose the Delete Payment option, and it will delete the undeposited fund from QuickBooks. In case it is not deleted, you need to make sure that the steps are accurate and are performed with full attention.
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In A Nutshell
There are various erroneous conditions wherein you may need to delete deposit in QuickBooks. This post can help you with your quest on how to delete deposit in QuickBooks Desktop. If you are facing any problem when deleting a deposit in the QuickBooks application, get in touch with our adept QuickBooks professionals. They can guide you with the best possible solutions based on your queries.
FAQs
1: What is Duplicate Payment in QuickBooks, and How to Delete it?
Sometimes, users accidentally record a customer’s payment twice in QuickBooks, which causes duplicate payments in the program. Keeping duplicate payments can make your accounting management perplexing; therefore, it is important to remove them. To delete it, you can go to the QuickBooks company file after opening the program. Now using the Banking menu, choose the Make a Deposit option. Now you have to figure out the line from where you need to start the deletion. Thereafter, select Edit/Delete Line to delete the duplicate payment in QuickBooks.
2: Is it Possible to Recover Deleted Bank Deposits in QuickBooks?
If you have deleted a bank deposit in QuickBooks and want to recover them, it is possible in the QuickBooks application. You need to launch the application and then go to Accounts. From within this tab, you need to select the Bank Accounts option and choose the right account you want to restore your deposits. In the Bank Accounts section, you have to select Manage Account and then click on Bank Statements. Thereafter, choose the Statement Lines and mark the checkbox against the statement you want to restore. To do so, you need to click on the Restore button, and it is done.
3: What are Undeposited Funds in QuickBooks?
An undeposited funds account is a temporary account in the program that QuickBooks utilizes to hold the invoice payments before they are deposited into the bank account. It is not a real account, so you may not be able to see the reconciliation option in the Undeposited Funds account in QuickBooks. Since this account is imaginary, you can’t actually deposit the money into this account. The money is recorded temporarily into this account. Sometimes, this account can be confusing for users. While using QuickBooks, you need to learn how to clear undeposited funds and how to stop payments from being posted in this account.
4: What Happens to the Payment when a Deposit is Deleted in QuickBooks?
There can be multiple instances when you may want to delete a deposit in QuickBooks. Many users get concerned about the payment when deleting a deposit in QuickBooks. There is nothing to worry about as the payment gets reverted, and you can use them in the next deposit.
5: Why does one need to Delete a Payment from a Deposit in QuickBooks?
Incorrectly entered data is one of the main reasons behind the error. When reviewing your sales receipt, you may notice that the entered data is incorrect. In such instances, you need to delete a payment from a deposit in QuickBooks. Deleting payments will keep your books more intelligible and error-free.
