Efficiently handling finances is vital for every business, and QuickBooks has become a popular choice among businesses due to its user-friendly and efficient accounting software. Nonetheless, errors can occur, and one common mistake is making inaccurate deposits in QuickBooks. Whether it's a duplicate deposit or a deposit with the wrong amount, such errors can hurt your financial records and create complications for your accountant. Luckily, rectifying these incorrect deposits in QuickBooks is relatively simple, and by following a few straightforward steps, you can restore the accuracy of your records.
This article will provide you with a step-by-step guide on how to delete deposits in QuickBooks, enabling you to prevent potential accounting errors.
With QuickBooks, you have the freedom to manage bookkeeping through various tools and can easily record the costs, deposits, and payments. There might be an instance when you have entered incorrectly recorded deposits in the account register. Now you want to reverse it either by removing it from the company’s payment records or the un-deposited funds. This is easily handled by QuickBooks through the window of Make Deposits.
It also provides a convenient way to get the unneeded and wrong deposit records deleted from the account register. With QuickBooks, you can easily get the records deleted and can have full control over the bookkeeping process of your business.
Bank Deposit Accounts Type
There are several bank deposit account types there, but some of them are listed below;
- Current Account
- Savings Account
- Federal Deposit Insurance Corporation (FDIC)
- Call Deposit Account
- Time Deposit Account
Why Do You Need Deposits in QuickBooks?
Deposits are an integral part of the financial management of any business. A deposit in QuickBooks means that there is some financial credit in the bank account of your business. The sources of your deposit can be investment profits, client deposits, or loan proceeds.
Keeping a record of the deposit in the financial management portal is necessary. In this way, QuickBooks can track all your deposits and produce an accurate financial report.
As soon as you get a QB deposit, place it in the correct place and tag it as "deposited". Now, the record will be reflected in the bank account. Accurate records lead to the following benefits:
- Early preparation for tax returns
- Tracking the income
- Reconciliation of bank statements
- It is necessary for maintaining the healthy financial position of the company.
- Deposits in QB will allow you to easily identify the discrepancies. (If any)
- It is the best way to prevent serious issues like bounced checks, overdrafts, etc.
What is Considered "wrong deposits"?
A wrong deposit has been entered incorrectly. Wrong deposits can be of different types:
- Deposits Related to the Wrong Customer: It can occur if you deposit the wrong customer. Thus, the transaction will be inaccurate, and it is also difficult to track the income.
- Multiple Identical Deposits: If you enter the same transaction twice, it creates a duplicate transaction. The account balance in this case will be overstated and not reflected in inaccurate financial records.
- Deposition of the Wrong Amount: Entering the wrong amount will hurt the cash flow. Hence, there will be a problem when matching the bank statement.
- Deposition in the Wrong Account: If you have deposited in the wrong account, financial reporting will be difficult.
In addition, wrong deposits can cause unhappy clients, overstated balances, compliance discrepancies, and difficulty tracking cash flow. Moreover, one complication leads to another. For example, an overstated balance leads to bounced checks and overdraft fees. On the other hand, compliance issues lead to penalties and legal issues.
Issues that users face while working on QuickBooks Desktop
Users generally ask questions like:
- Delete the Deposits in QuickBooks Desktop?
- Delete the Deposits in QuickBooks?
- Remove A Payment from Deposit in QuickBooks?
- Delete a Duplicate Payment in QuickBooks?
- Delete A Payment from Un-Deposited Funds in Quickbooks?
Steps to Delete the Deposits in QuickBooks Desktop
Step 1: Go to Check Register
- To access your Use Register in QuickBooks Desktop:
- Click on the Banking menu located at the top of your screen.
- Select Use Register from the dropdown list.
- Alternatively, you can:
- Navigate to your QuickBooks Desktop homepage.
- Click on the Banking menu.
- Select Check Register.
Step 2: Select the Bank Account
- To correct an incorrect deposit in QuickBooks:
- Select the bank account where the deposit was recorded.
- Choose the account from the Select Account drop-down menu.
- In the example screenshot provided, the account selected is a Company Checking Account.
Step 3: Locate the Deposit You Want to Delete
- To delete a deposit in QuickBooks:
- Locate the deposit in the check register.
- In the example screenshot provided, many deposits originate from the undeposited funds account.
- The undeposited funds account accumulates checks as they are received and applied against sales receipts or invoices.
- Checks from the undeposited funds account are combined into a single deposit transaction when deposited in the bank.
- If you delete that deposit, then all the checks included in that deposit will reappear in the undeposited funds account.
Step 4: Delete or Void the Deposit
- To delete a deposit in QuickBooks:
- Choose the deposit you want to delete.
- The deposit screen will appear, but note that there's no delete button on this screen.
- To delete the deposit, click on the Edit menu at the top of the homepage.
- Select Delete Deposit from the options available.
- Follow the prompts to confirm the deletion of the deposit.
Although deleting a deposit is an option in QuickBooks, there's also a choice to void it. Deleting a deposit removes it entirely from QuickBooks while voiding a deposit reduces the amount to zero, but the transaction remains recorded in QuickBooks.
- To void a deposit, click on the Void Deposit option under the Edit menu.
- Click Save & Close
- Then click Yes if QuickBooks asks you to confirm the change.
- The checks included in the deleted deposit return to the undeposited funds account, which can be found in Record Deposits under the Banking menu.
After the customer checks have been returned to the undeposited funds screen, you can edit, delete, or combine them into another deposit.
How to Delete Duplicate Deposits in QuickBooks Desktop
In QuickBooks, you can easily delete/remove duplicate deposits right from your bank feed. The process may vary depending on the modes that you’re using Here are the steps for the different modes to delete duplicate deposits in QuickBooks:
- Initially, go to the “Banking” option that is on the top menu
- Go to “Bank Feeds” then “Bank Feeds Center”
- Press the 'List of transactions' button
- Look for a duplicate deposit and insert a check mark to select the same deposit
- After that, you move to the Action column and then select the “Ignore” option
- At last, hit “Yes” for confirmation to delete the deposit.
In Register mode
- First of all, select the “Banking” menu
- Go to “Bank Feeds” then “Bank Feeds Center”
- Now, go to the section of Received From Financial Institution items and pick the statement
- Select 'View' afterward
- Verify the relevant transactions and select Done to match them
- In the Not Finished Matching screen, select “Yes”
- And then go back to the Online Banking Center
- Search and choose the same statement from the Items Received From Financial Institution section
- Finally, select “Delete”.
- Go to the Banking section
- Select the Bank Feeds option and then Bank Feeds Center
- Choose the account within the transactions that you wish to delete in the Items Received section
- Choose the Items to Delete
- Along with that select the transactions as well that you wish to delete
- Choose the Delete Selected and then hit “Yes” to confirm the same.
Delete a Deposit That Does Not Come From Undeposited Funds
It's advisable to run all deposits through undeposited funds in QuickBooks. However, an alternative approach is to record a check as deposited in your bank account immediately after receiving it. This can be useful, for instance, when receiving a check in payment for a customer invoice. To delete such a deposit, follow the same steps outlined earlier. The only difference is that instead of reappearing in undeposited funds after deletion, the customer's check will be removed, and any associated invoice will now have an outstanding balance.
Steps to Delete the Deposits in QuickBooks
- Log of Deposits from Your Account: Open QuickBooks software >> Browse the banking menu >> Click on the Make Deposits option >> Log of deposits from your account will appear.
- Select List of Deposits: When prompted by the account register window >> Select from the given list the deposits you wish to erase >> Get the Edit menu opened.
- Click on Delete Tab: Click on the Delete tab >> To get rid of the deposit the Make Deposits window and likewise from the account register.
- Click on the Save tab then Exit Button: Click on the Save tab to apply all the changes that you have made & then Click on the exit button to close the Make Deposits.
- Notes to be Taken: Once the deposit is erased from the recorded list of Make Deposits >> The disbursement will be rolled back to the Funds >> This procedure won’t completely delete the transaction.
Batch Delete Deposits in QuickBooks Desktop
- Firstly, click the QuickBooks icon to open it
- Select the “Lists” bar in the main menu bar
- Using the pull-down menu, you have to select “Charts of Accounts”
- Next, click the open button to open your account that contains transactions/deposit that you wish to delete
- Now, scroll down the menu of the transaction within the account screen
- It displays all the transactions and selects the one you want to delete with the most recent which is at the top of your screen
- Once you select the transaction to delete then move to the Edit menu
- And then select the “Delete” option
- To confirm the process, you have to press “OK”.
You can also repeat the same procedures for other transactions if you have more to delete.
How to Remove A Payment from Deposit in QuickBooks Desktop
- Open Make Deposit Screen: Go to QuickBooks Homepage >> Click Record Icon >> Open Make Deposit.
- Close The Deposit Screen: If you find the "Payment to Deposit Screen" then Click on the Cancel Button & Move Ahead.
- Look for The Deposit You Want to Remove: Click on Previous Icon >> Now You're at Intended Screen >> Scroll to Find Deposit.
- Click on Edit from the Options: Choose The Payment You Want to Remove >> In Options Click on "Edit".
- Hit the Delete Line: In the Edit Menu >> Click on "Delete Line" to Delete Payment in Quickbooks.
- Confirm The Removal: Select "Ok" >> Confirm The Payment Removal >> Click on Save & Close.
How to Delete a Duplicate Payment in QuickBooks Desktop
If you've made a payment twice accidentally & worrying about how to delete duplicate payments. Don't worry, It can be done through the simple steps mentioned below;
- Open The Company File: Head To QuickBooks >> click on company file >> Open It.
- Choose to Make a Deposit: Hit on the "banking" menu >> Look for Options >> Choose to Make a Deposit.
- Choose The Duplicate Payment Line: Choose the line that has duplicate payment >> Click on edit.
- Choose The Delete Line: Click the Down Options >> Choose the "delete line" >> Click on "save to apply" the changes you made.
- Select Charts of Accounts: Head to List Menu >> select "charts of accounts".
- Choose The Duplicate Payment to Delete : Double-Click on the Un-deposited Funds to bank account register >> choose the duplicate payment.
- Delete The Payment: Hit the edit button >> Select Delete Payment.
How to Delete A Payment from Un-Deposited Funds in QuickBooks Desktop
There are several ways of deleting a payment from undeposited funds, but the mentioned below method is easy & quite easy to execute.
- Choose The Chart of Accounts
- Go to QuickBooks Home Page >> Select The Lists Menu >> Choose The Chart Accounts
- Or Hit the Keyboard Shortcut by Pressing "Ctrl+A".
- Display The Register
- To Display The Register for This Type of Funds >> Double Click on "Undeposited Funds".
- Select the Payment You want to Delete
- Review The List of Transactions by Up-Down Scrolling Button >> Select The Payment You Wish To Delete.
- Delete The Payment
- Open the "Edit" menu >> click on "Delete Payment" >> Warning Box Appears >> Press "OK" to Delete the Entry.
How to Delete Deposit in QuickBooks 2019 Version
- Initially, hit the “Record Deposits” icon on the QB home page to open the window of Make Deposits
- Once the window opens then hit “Cancel” to close
- You can skip this step if the window does not appear
- First, to switch to deposits, press the 'Previous' button before you find the one you want to delete the payment from
- Pick the charge you'd like to erase
- Then go to the tab "Edit" and press "Delete Line”
- Hit ok and then Yes to confirm that you want to delete that particular transaction
- At last, click “Save & Close” to save all the changes that are done and close the Make Deposits window.
How to Delete a Deposit in QuickBooks 2020?
If you have selected a deposit from the register, you can get the Delete Deposit option from the Edit toolbar. If a single deposit has several deposits, you can only open the transaction and use the Delete Line option instead.
- Very first, go to the Lists option at the top menu bar
- Next, click on the option named “Charts of Accounts”
- After that, choose “Deposit” by double-clicking on the same
- In case, you wish to delete a specific payment then choose that particular one from the appeared list
- Now, move to the “Edit” tab which you find at the top menu bar
- Select the option named “Delete Line”
- Then choose the “Delete Deposit” option if you wish to delete the entire deposit
- Finally, hit “OK” when it asks you to confirm the deletion of the transaction.
How to Recover Accidentally Deleted Deposit in QuickBooks
- Login to QuickBooks
- Click on the Create (+) Button.
- Proceed to select bank deposit.
- Click on "Select existing payments" from the options..
- Scroll through all the existing payments.
- Recreate the one you deleted by mistake.
How to Get the Deposit Deleted?
Say for example Sales receipt is created by you for a deposit or donation of $100, then you go to the Record Deposits and get the same deposit. An error was made by you and you wanted to delete the deposit of $100. It is not getting deleted now and you received two warnings.
Warning 1: “You have to get this cash sale deleted from the deposit before you try to edit or delete the amount or name.”
Warning 2: “Payment information cannot be edited in the deposit transaction. i) Get the payment deleted from the deposit. ii) To edit it, go to the transaction of the original payment. iii) Get the payment redeposited.”
Now in this scenario, you are unable to understand what to do and how to do it. You go to the Sales receipt the original one and try clicking on the Edit Delete. You received Warning 1. Then you tried making the Sales Receipt amount zero, which also doesn't work.
You went to make Deposits present under record Deposits and tried deleting the information then you received Warning 2. Now just in case, you wanted to do what has been said in Warning 2, but you don’t know how to do it?
Delete A Recorded Deposit in QuickBooks
QuickBooks can be linked with a bank account to keep track of deposits. Users can track deposits made to savings, current, or money market accounts. Also, transactions are synchronized to keep track of finances. Interests that users receive on these deposits are also synced with QB. Here, in this article, we will learn, how to delete a recorded deposit in Quickbooks.
Unsure of how to create a deposit...? Check out this video...
Since you will be deleting an entry within the program if you want to know how to create an entry in the first place then check this out.
Finding particular deposits can be simplified by using the reporting tool of QuickBooks. Reports summarize all the data in their domain. They also contain links to all the transactions and forms that were used for generating the report. To find a particular deposit, users need to create a deposit detail report. Further, by using reports, users can filter for deposits for particular dates, hence making the search easier.
How to Delete A Recorded or Duplicate Deposit in QuickBooks
To delete a Recorded or Duplicate Deposit in QuickBooks, You have to follow A step processor. The first one is To locate a Recorded or Duplicate Deposit & the second one is to delete it.
To make the process smoother, Please follow the mentioned below steps:
Step One: Find Recorded or Duplicate Deposit
To find a recorded deposit, follow the steps given below:
- Go to reports from the left navigation panel or the Create (+) menu.
- Search for Deposit Detail Report. QuickBooks smart search will predict and show results as you type.
- Set the date range for which you want to find the deposit.
- Hit Run Report.
- Select the report you may want to delete.
Step Two: Delete a recorded deposit with Applied Payments
- If you want to delete the entire deposit along with payments applied to it.
- Then just hit delete.
- QB will erase all the related payments and applied to that particular deposit.
- Users can then create a new deposit and apply for payments by downloading transactions from their bank account.
- Users who have linked their bank account with Quickbooks can simply sync the transactions for applying payments to deposits.
Related Article: How to record a security deposit in Quickbooks Enterprise?
Delete Payments Applied on A Recorded Deposit
Instead of selecting ‘Delete Deposit’, click on Delete the line. This will remove that particular payment from the deposit. After deleting the payment/ line, you can either apply new payments to that deposit or save and close the window.
Undo the recorded Deposit:
- From the left navigation panel, go to Banking.
- Select Record Deposits
- Find the deposit that you want to undo or delete
- Click on edit and hit delete.
This method can be used by users who want to undo a recently recorded deposit. This isn’t a viable option if you want to edit or delete a deposit that was recorded even a month ago. Filtering and searching for deposits through reports would be the best option for finding and deleting particular deposits. QuickBooks also has a Deposit Summary transaction report through which users can track these changes.
Frequently Asked Questions
How do I Delete a deposit transaction in QuickBooks Desktop?
- Open QuickBooks and navigate to the "Banking" menu.
- From the Banking menu, choose "Make Deposits."
- On the Make Deposits window, locate the deposit that contains the transaction you wish to remove.
- Click on the transaction you want to delete.
- Finally, click on the "Remove" option to remove the selected transaction.
How do I edit or delete a deposit in QuickBooks?
- Go to Settings ⚙️.
- Choose Chart of Accounts.
- Locate the desired account in the Chart of Accounts.
- In the Action column, select View register.
- Select the specific deposit you want to edit.
- Click on Edit to open the deposit for editing.
Is there any way to remove undeposited payments?
Yes, follow the process to get it done. The process is to Go to Chart of Accounts >> select the Undeposited funds in types >> Now click on the payment you want to delete >> Edit menu >> then click on the Delete option. After that, you are done.
Should I void or delete a deposit in QuickBooks?
To maintain proper bookkeeping, it is advisable to void a transaction whenever possible instead of deleting it. By voiding a transaction, you retain a record of the transaction in QuickBooks. While you can delete all types of transactions in QuickBooks, only certain transaction types can be voided.
How do I delete an unrecorded deposit in QuickBooks?
- Navigate to the Accounting menu.
- Choose Chart of Accounts.
- Locate the specific account and click on View register in the Action column.
- Open the details of the reconciled deposit by selecting it.
- Click on the Delete button.
- Confirm the deletion by clicking Yes.
How do I edit a deposit in QuickBooks desktop?
- On the left pane, navigate to the Accounting menu.
- Select Chart of Accounts.
- Locate the appropriate account associated with the transaction.
- In the Action column, choose View to register.
- Find the reconciled deposit you wish to edit.
- Click on Edit to make changes to the deposit.
How do I fix an incorrect deposit in QuickBooks?
Navigate to the Deposit window within QuickBooks. Locate the section dedicated to QuickBooks Payments. Examine the list of payment transactions, both those marked as checked and unchecked. If a payment is marked as checked in the deposit, but it does not appear on your bank statement as part of the deposit, simply uncheck it to remove it. Conversely, if you wish to include a payment in the deposit that is currently unchecked, select the checkbox associated with it.
How do I reverse a customer deposit in QuickBooks?
- Create a credit memo: Start by creating a credit memo for the customer who made the deposit. Go to the Sales menu and select "Customers." Choose the customer's name and click on the "Create (+)" button. From the drop-down menu, select "Credit Memo." Fill in the necessary details, such as the customer's name, the amount of the deposit to be refunded, and the applicable product or service. Save the credit memo.
- Create a check for the refund: Proceed to create a check to issue the refund to the customer. Access the "Create (+)" button and choose "Check" from the options provided. Select the customer's name and enter the refund amount as a negative value. Ensure that the bank account used for the refund is accurate. Save the check.
- Record the payment: Finally, you need to record the payment to complete the refund process. Go to the "+ New" button and select "Receive Payment." Choose the customer's name, ensure the refund amount is entered correctly, and select the appropriate check you created earlier. Save the payment.