Delete a Deposit in QuickBooks Desktop

Delete a Deposit in QuickBooks Desktop
  • July 1, 2020

In this article, we will focus on Deposits, wrong deposits, duplicate entries, deletion of deposits, and other post-deletion events. While managing business finances, QuickBooks Desktop stands as an outstanding software that fulfills all the demands of the users. However, the efficiency of this software is deeply impacted when there’s an incorrect deposit amount entered. It influences the financial records of the company. 

Here, you will gain in-depth knowledge as to how one should avoid putting up incorrect amounts and how to fix it by deletion of the deposit records. You must always ensure that you have accurate records saved in your database. In order to delete a deposit in QuickBooks Desktop or Online you are required to follow a specific process. Since the removal of incorrect data can create an impact during reconciliation, you must always be cautious while performing the steps. 

Read this article for more knowledge on deleting a deposit amount in QB Desktop.

What are Deposits in QuickBooks?

Deposits in QuickBooks are basically a record of the amount credited to the company’s bank account. In this, money can be received in many forms, such as payments from the customers, income via an investment or loan proceeding. Users must keep a record of these incomes to ensure correct financial report formation and accurate cash flow statements are generated. 

An entry should be made immediately into QuickBooks as soon as a deposit has been received. Also, make sure that you are assigning the deposit to the right account. Mark the entry as ‘Deposited’ so that it adds up to your account balance. By maintaining proper records of Deposits in QuickBooks, you will be able to track income, prepare tax returns, and reconcile your bank records.

Impact of Accurate Deposits in QuickBooks

Whenever we fill out an accurate amount of deposit in QuickBooks, it creates an impact at the cash flow and overall financial reports. To understand its impact better, refer to the pointers mentioned below: 

  • Accurate Financial Reporting: Deposits in QuickBooks make sure that whatever amount is received in your company’s account is carefully recorded. This is really important for the generation of precise financial reports which show the exact financial health of your company. Incorrect submission leads to misinformation regarding the company's finances. 
  • Tax Preparation: If you keep a track of the deposits, you will be able to prepare for tax returns in advance. When you categorize deposits accurately on QB desktop, anyone can easily identify income courses and ensure compliance with tax regulations. This further streamlines the process of filing for tax returns. Also. it minimizes the chances of encountering errors in QB desktop.
  • Income Tracking: You must be aware that these deposits are directly linked to the business. QuickBooks has a feature through which it categorizes each income by its course. Hence, the combined income data can be used to track the revenue streams of the business.
  • Bank Reconciliation: When accurate deposits are recorded then it facilitates the reconciliation of bank statements with the records stores with your QuickBooks. It is very important to reconcile the data as it ensures that all the transactions, including deposits, are correct in both, bank statements and your accounting software. This process plays an important role in identifying any sort of discrepancies. 

What are Wrong Deposits in QuickBooks?

Incorrect or wrong deposits in QuickBooks Desktop are the income data of the company that have been recorded wrongly. It shows an incorrect amount or source of the received money. This further creates a negative impact during tax filing, bank reconciliation, and income tracking. Check out the following pointers to know what are different types of incorrect deposits that are found in QuickBooks:

  • Duplicate Deposits: If you accidentally enter the same deposit twice into the database of QuickBooks, it will create a duplicate deposit. This mistake can make your bank account balance look higher than it actually is, leading to inaccurate financial records.
  • Deposits for the Wrong Amount: If you fill out the wrong amount for a deposit into QB database, you will directly disrupt your cash flow and make it challenging for reconciliation.
  • Deposits for the Wrong Customer: When you record the deposit amount correctly, but the name of the customer is incorrect, it will result in incorrect financial records. It will further make it difficult for you to track your income accurately. 
  • Deposits for the Wrong Account: If you fill out the correct deposit amount in the wrong account holder’s data, it will affect your financial reports. It will make it tricky for the users to reconcile their bank statements accurately.

You must always try to avoid these issues. It is recommended that you must always double-check each deposit entry in QuickBooks to ensure accuracy and maintain reliable financial records for your business.

Adverse Effects of Wrong Deposits in QuickBooks

You may encounter many effects if you have entered the wrong deposit amount in QB Desktop. A few of the effects are as follows.

  • Inaccurate Financial Records: If there are mistakes in deposit amounts, you will find it very difficult to keep track of your money properly. Since your QB Desktop will have incorrect data, it will mislead you to not save enough money, as you will be under the wrong impression.
  • Extra Bank Balances: If there are many duplicate deposits in the system, it will show you more money in your bank. You will end up creating problems such as getting charged fees for spending more than you have.
  • Dissatisfied Customers: If you assign deposits to the wrong customer, they might get upset. This in future will create a bad reputation of your company and you may also receive bad reviews for the same.
  • Compliance Issues: Making mistakes in how deposits are recorded can lead to breaking the rules or laws of the state. You may end up paying extra taxes, or pay fines, or face other legal problems.

How to Delete a Deposit in QuickBooks Desktop?

You need to remove the deposit records from the database if it’s wrong or there are multiple deposit entries. This way, you can keep your financial records in check. To delete a Deposite in QuickBooks Desktop, Follow the steps given below:

  • Step 1: From the dashboard of QuickBooks, navigate to the Banking section.

Check register in QuickBooks Desktop

 

  • Step 2: Click on the Check Register option, and select the Bank Account. A list of transactions will be displayed

Bank Deposit Accounts

  • Step 3: Double-click on the deposit that has to be deleted. The details of the deposits will be displayed.

Example of Deposit you Want to Delete

  • Step 4: Surprisingly a delete button will not appear. For that, you will have to click on the Edit option available in the upper menu. 

Deleting a deposit

  • Step 5: From the drop-down, click on Delete Deposit.

Void a deposit

  • Step 6: Once deleted, Click on the Save button and close the page.

Record Deposits

You must note that the corresponding amounts will be taken out of your bank account and the deposit will be erased from QuickBooks. Therefore, it is crucial for you to to remember that removing the deposit will reverse any reconciliations for the period in which it was included. To make sure that your records stay accurate in this situation, you'll need to do the reconciliation again.

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”.

Side-by-side mode

  • 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.

Related Article: How to record a security deposit in Quickbooks Enterprise?

Frequently Asked Questions

Q 1: 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.

Q 2: How do I Delete a deposit transaction in QuickBooks Desktop?

  1. Open QuickBooks and navigate to the "Banking" menu.
  2. From the Banking menu, choose "Make Deposits."
  3. On the Make Deposits window, locate the deposit that contains the transaction you wish to remove.
  4. Click on the transaction you want to delete.
  5. Finally, click on the "Remove" option to remove the selected transaction.

Q 3: 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.

Q 4: How do I edit or delete a deposit in QuickBooks?

  1. Go to Settings ⚙️.
  2. Choose Chart of Accounts.
  3. Locate the desired account in the Chart of Accounts.
  4. In the Action column, select View register.
  5. Select the specific deposit you want to edit.
  6. Click on Edit to open the deposit for editing.

Q 5: 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.

Q 6: 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.

Q 7: How do I delete an unrecorded deposit in QuickBooks?

  1.  Navigate to the Accounting menu.
  2. Choose Chart of Accounts.
  3. Locate the specific account and click on View Register in the Action column.
  4. Open the details of the reconciled deposit by selecting it.
  5. Click on the Delete button.
  6. Confirm the deletion by clicking Yes.

Q 8: How do I edit a deposit on QuickBooks desktop?

  1. On the left pane, navigate to the Accounting menu.
  2. Select Chart of Accounts.
  3. Locate the appropriate account associated with the transaction.
  4. In the Action column, choose View to register.
  5. Find the reconciled deposit you wish to edit.
  6. Click on Edit to make changes to the deposit.

Q 9: 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.

 


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