How To Delete Deposit in QuickBooks?

Delete Deposit in QuickBooks

Millions of users rely on QuickBooks when managing their business accounting tasks. The accounting applications offers some great feature to the users. You can record the deposits made to your bank in QuickBooks as well. However, there are various situations wherein you may need to delete deposit in QuickBooks.

For instance, when an erroneous deposit is made to the program, you need to delete it to ensure the accuracy of the records. If you are not sure how to delete deposit in QuickBooks, reading this post until the end can help you.

What Can Be The Possible Reasons To Delete Deposit in QuickBooks?

QuickBooks application stores crucial information related to your bank deposits. For instance, when you receive payments into the Undeposited Funds account. Also, you can group payments based on predefined parameters and deposit them as a single record in the respective account.

Deposits in QuickBooks can systematize your data; however, you may need to delete it on various instances. For instance, when the data entered in the deposit is incorrect. When creating a sales receipt, you may realize that the entered information is incorrect. Sometimes, you may experience that duplicate deposits are added. In such circumstances, you need to delete deposit in QuickBooks.

Procedures To Delete Deposit in QuickBooks

While using QuickBooks for your business accounting management, you may feel the need to delete a deposit in the program. However, to get the job done, you need to know the steps. Check below:

How To Delete A Deposit in QuickBooks Desktop?

If you want to delete deposit in QuickBooks Desktop, the below-described steps can help you:

  • Launch the QuickBooks application and then go to the menu bar at the top.
  • Next, select Lists from within the menu bar to move ahead.
  • Thereafter, you need to choose the Chart of Accounts.
  • Now double-click on Account and then click Deposit.
  • If you want to remove a particular payment, choose it from the given list.
  • After that, click the Edit tab located in the menu bar.
  • Here, click Delete Line.
  • Click the Delete Deposit option to remove the complete deposit.
  • In the end, click OK to confirm the deletion.

Also Read – How to Change Opening Balance in QuickBooks?

How Can I Delete A Payment From Recorded Deposit?

To delete a recorded deposit in QuickBooks Desktop, you need to perform the below-explained steps:

  • First things first, go to the QuickBooks Home page and try to locate record deposits on the page. Once located, click on them.
  • If you see the window for depositing a payment, click the Cancel option.
  • If you are unable to locate it, select the Previous icon.
  • Moving ahead, click the Edit menu and then the Delete Deposit option.
  • In the end, click the OK button to confirm the deletion of the deposit.

These steps can help you in deleting the deposits in the QuickBooks Desktop application.

Procedure To Delete A Payment from a Deposit in QuickBooks Online

If you are a QuickBooks Online user, below are your steps to delete a payment from a deposit:

  • Open QuickBooks Online in the first place to start the procedure.
  • Next, select Customers from within the program and choose the Customer option.
  • Your selection will cause all payments to display on your screen.
  • Select the payment you want to delete and hit the More button.
  • In the end, press Delete to finish the procedure.

What Are The Steps To Delete Undeposited Funds in QuickBooks?

The previous procedures elaborated on the steps to delete a payment from a deposit in the program. If you need to delete undeposited funds in QuickBooks, the below-described steps can help:

  • In the first place, you need to launch the QuickBooks application.
  • After that, you need to click on Lists from within the program.
  • Moving ahead, click on the Charts of Accounts option.
  • Thereafter, locate and double-click the Undeposited Funds option.
  • Here, you may choose the deposit that needs to be removed.
  • Now using the Edit menu, choose the Delete Payment option.

What Is The Procedure To Delete Duplicate Payments in QuickBooks?

Now that you have seen the steps in the above-specified scenarios, follow these steps to delete duplicate payments in QuickBooks:

  • In the first place, launch the QuickBooks Desktop application.
  • Now open your company file to move ahead.
  • Next, click on the Banking menu and then hit the Make a Deposit option.
  • Once done, click on the line from where you wish to delete the duplicate payment.
  • Here, you need to click on the Edit option.
  • Thereon, select Edit Delete Line from the drop-down list.
  • Click Save.
  • Pick the Chart of Accounts option from within the Lists.
  • When the Undeposited Funds icon appears, press it twice.
  • Go to the duplicate payment that needs to be deleted.
  • Press Edit and then Delete Payment to finish the procedure.

Method To Recover Deleted Bank Deposits in QuickBooks

In case you have accidentally deleted a bank deposit in the program, you can recover it by implementing the following steps:

  • When in QuickBooks, you need to locate and click on the Accounts option.
  • After that, select Bank Account, wherein the deposit has been deleted.
  • Now select Manage Account to be followed by clicking on Bank Statements.
  • Here, you can see Statement Lines; just click on it.
  • Checkmark the box for the statement you want to restore.
  • In the end, click on the Restore button to end the task.

Long Story Short!

Maintaining correct records is crucial in QuickBooks to maintain error-free accounting and bookkeeping. Fortunately, QuickBooks has flexible options for you to correct the mistakes when entering data or information in the program. One such issue occurs when incorrect deposit information is entered into the program. However, you can delete them using a few simple steps. This blog can help you with your query on how to delete deposit in QuickBooks. If you need further assistance from the experts, our experienced professionals can help you.

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