The two categories of QuickBooks payments are deposited payments and undeposited funds. The undeposited payments are the small payments you receive throughout the same day, whereas the deposited payments are the individual payments and deposits into the bank. In this write-up, we’ll talk about the process to delete or undo a deposit in QuickBooks Desktop and Online for both funds. Making duplicate deposits, incorrectly adding checks, or adding deposits to the wrong customers are some of the common QuickBooks errors that can be experienced by users. So let’s resolve such issue by understanding how to delete or undo a deposit in QuickBooks Desktop and Online.
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Why Do We Need to Delete or Undo a Deposit in QuickBooks?
There may be a number of situations where you need to delete or undo a deposit in QuickBooks.
Some of the reasons are jotted down:-
- The deposit was increased by incorrect checks.
- A duplicate deposit is made.
- Added a deposit to the incorrect user.
Steps to Delete a Deposit in QuickBooks
You can use the following steps to understand the proper way to remove deposits from QuickBooks.
- Go to the Lists at the very beginning and look for the icon for the chart of accounts
- The Account and the Deposit both need to be double-clicked on
- You must choose a specific payment from the list if you want to delete it
- Then select the Edit tab followed by selecting the “Delete” Line
- Finally, if the entire deposit needs to be deleted, choose the “Delete Deposit” option.
The complete step-by-step process for removing a deposit in QuickBooks Desktop and QuickBooks Online are discussed in the below section.
Let’s see the detailed steps:
How to Delete a Deposit in QuickBooks Desktop?
For deleting a deposit in QuickBooks Desktop, follow these steps:
Step 1: Select the Check Register
Go to the homepage of your QuickBooks Desktop and select Check Register from the Banking menu. You may also select Use Register from the drop-down list by selecting the banking menu at the top of your screen.
Step 2: Find the Deposit you Wish to Delete or Remove
Select the bank account where an improper deposit was made from the Select Account drop-down menu. Find the deposit you want to delete in the Check Register now. The undeposited money account for the bulk of the deposit. Checks that are received are deposited into the account for the undeposited fund after being applied against sales receipts or invoices. These checks are consolidated into a single deposit transaction when they are placed in the bank using the undeposited fund’s account. If you eliminate that deposit, all of the checks ought to resurface in the undeposited funds account.
Click here: QuickBooks Reconciliation Missing Transactions
Step 3: Delete or Void the Deposit
If you choose to delete a deposit, the deposit screen will show up. Nothing can be deleted from the deposit screen. The Edit menu is located at the top of the screen. Select Delete Deposit to remove your deposit. Following the deletion of the deposit, the void option is entirely gone. Instead, the deposit is voided, the sum is reduced to zero, and QuickBooks records the transaction.
How to Delete a Deposit in QuickBooks Online?
The steps below can be used to delete/remove a deposit in QuickBooks Online:
- Open the dashboard for QuickBooks Online, select the left menu followed by selecting the invoicing option
- Choose the Customer account from the Customer menu
- Choose the transaction that you want to remove or delete
- Click on the “Delete” button after selecting More from the bottom menu.
See Related Post: QuickBooks Failed Direct Deposit
How to Undo a Deposit in QuickBooks Desktop and Online?
You can use the tools in QuickBooks’ Make Deposit Window to delete the payment from deposits:
- On the QuickBooks homepage, first click the Record Deposits icon
- Next, select the Banking option and then click Make Deposits
- If the Payments to Deposit window appears, click on the “Cancel” option
- In order to discover the deposit or payment from a deposit that you wish to withdraw, pick Previous and then scroll through the transactions
- To delete a deposit or payment from a deposit, choose Edit >>> Edit Menu >>> Delete Deposit.
Steps to Delete a Payment in QuickBooks Online
The following instructions will show you how to remove a client payment from QuickBooks Online:-
- Initially, launch your QuickBooks Online, and navigate to the Customers then select Customer
- Choose the specific payment that you wish to delete after all the payments have been presented
- In the Payments window, click More and then select the “Delete” button.
Step by Step Instructions to Delete a Duplicate Payment in QuickBooks
If you accidentally enter the payment twice, you may quickly delete it by doing the following:
- In the beginning, start your QuickBooks
- Next, you’re supposed to open your QuickBooks company file
- Now, go to the Banking section and select “Make Deposits” from the menu
- The line that contains the duplicate payment that you want to remove should be selected
- Select Delete Line under the Edit menu
- Clicking Save will now save all of your changes
- After done with that, move to the Lists menu and then select the “Chart of Accounts” option
- To open your bank account registration, double-click the Undeposited Funds option
- Select the duplicate payment that you want to delete from the list now
- For the last step, click Edit and choose Delete Payment.
Read article: QuickBooks Desktop Import Bank Transactions
How to Delete an Undeposited Funds in QuickBooks?
The following steps describes how to remove pending deposits from QuickBooks:
- Go to the QuickBooks homepage
- Click Chart of Accounts under Lists
- You can use Ctrl-A as a keyboard shortcut, if necessary
- Click Undeposited Funds twice to bring up the register for this category of funds
- Select the specific payment you want to remove as your next step
- If you are unable to see it, use the up and down scroll buttons to once again evaluate it in the list of transactions
- After the warning box appears, pick Delete Payment from the “Edit” menu and press “Ok” to remove the entry.
The process for deleting a deposit in QuickBooks Desktop and Online should now be clear to you after reading out this write-up. However, it is created with the intention of explaining how to delete or undo a deposit in QuickBooks Desktop and Online. We have also covered the procedures for deleting payments in QuickBooks, deleting payments from deposited funds, and deleting duplicate payments. The procedure for removing or deleting undeposited funds was then mapped out. If you still have questions about deleting/removing a deposit from QuickBooks, you can make a call +1347-967-4079 at QuickBooks Helpdesk Team for quick and precise assistance.
Frequently Asked Questions
Is there a Debit or Credit Made to Deposit Funds?
When a payment is received, it is debited from the account holding the deposited funds. Your undeposited fund account will be credited with the amount of the deposit when you make a deposit.
How Do I Record a Deposit in QuickBooks Desktop?
You can record a deposit in QuickBooks Desktop by following these instructions:
- You must pick record deposits or make deposits
- Then, decide which payments you want to combine
- After that, click on the “Ok” button
- Finally, decide which account you want to deposit your funds into.
How Can I Fix a Deposit in QuickBooks?
You can fix a deposit in QuickBooks by following these steps:
- Firstly, go to the settings
- Next, choose the chart of accounts
- Select view register after locating a deposit account
- The deposit should be selected before editing
- Select the proper payment or the sales receipt
- You must choose Save and then click Yes to accept the changes
- Lastly, you must verify that the deposit balance is accurate.