Do you make any wrong payment or you don’t want to make the payment but unknowingly you did? And now you need to delete that deposit fund? Yes, it is possible with QuickBooks’ undeposited funds. Now in this article, we will discuss one of the smartest features of QuickBooks i.e, how we delete a deposit in QuickBooks.
First, you have to understand payment categories in QuickBooks. QB payments are split into two divisions i.e, Deposited payments & undeposited funds.
The deposited payments hold the individual payments and deposits into the bank, and the second one, the undeposited payment holds the small payment that you receive throughout the same day.
So, now here we discuss the delete a deposit in QuickBooks for both funds.
Recommended reading: How to Use the Undeposited Funds Account to Receive Payments in QuickBooks Online
How to Undo a Bank Deposit in QuickBooks Online & Desktop
To remove payment from deposit, you can use Make Deposit Window tools in QuickBooks.
- First, go to the “Record Deposits” icon on the QuickBooks homepage, and after select the “Banking” menu and choose “Make Deposits.”
- After click on “Cancel” if the Payments to Deposit window opens.
- Now, select “Previous” to move into the transactions until you find the deposit or payment from a deposit that you want to remove.
- Select the “Edit” menu and choose”Delete Deposit” to remove the deposit or payment from the deposit.
How To Remove/Delete a Deposit in QuickBooks
- First of all, click the “Record Deposits” icon on the home page of QB to load the Make Deposits window.
- If Payments To Deposit window is opened, then click on “Cancel” to close. Skip this step if the window does not appear.
- Now, click on “Previous” icon to move into your deposits until you locate the one from which you want to remove the payment.
- Choose the payment you want to delete, click the “Edit” menu and click “Delete Line.”
- And click on the positive option like “OK” or “Yes” for confirmation that you really want to remove the transaction.
- Last, click on “Save & Close” to save all the changes that you have done and terminate the Make Deposits window.
How To Delete/Remove an Undeposited Fund in QuickBooks
- On the QB home page. Choose “Lists” < click “Chart of Accounts.” If you need a keyboard shortcut, you can press the “Ctrl-A“.
- Now double-click “Undeposited Funds” to display the register for this type of funds.
- After, select the particular payment that you want to delete. If you unable to see it, review it in list of transaction again by clicking up and down scroll buttons.
- Go to the “Edit” menu < select “Delete Payment” < Press “OK” to delete the entry after the warning box appears.
How to Delete a Payment in QuickBooks Online
Here are the following steps to delete a customer payment in QuickBooks Online.
- Open QB online, go to the “Customers” and then choose “Customer”.
- When all the payments are displayed, select that [particular payment that you want to delete.
- Now, click on More at the bottom of the Payments window and, click Delete.
How to Delete a Duplicate Payment in QuickBooks
If you mistakenly enter the payment twice, you can easily remove it by following these steps:
- First, Start QuickBooks.
- Open your company file.
- Now go to the Click “Banking” menu, then choose “Make Deposits.”
- Select that line which containing the duplicate payment you want to delete.
- Click the “Edit” menu < select “Delete Line.”
- Now save all the changes by clicking on “Save”.
- Go to the “Lists” menu < click on “Chart of Accounts.”
- Double-click on “Undeposited Funds” option to open your bank account register.
- Now, select the duplicate payment that you want to delete.
- Click “Edit” < select “Delete Payment” for final step.
Frequently Asked Questions
Can I reverse a direct deposit in QuickBooks?
It might be possible because it’s noted that the NACHA (National Automated Clearing House Association) guidelines are very strict and allow direct deposit reversal only under certain circumstances. The transaction has occurred less than 5 days after the settlement date.
How can I change undeposited funds to deposit in QuickBooks?
- First, go to the “Banking” menu, and then click “Make Deposits“.
- Now, select the payments from Undeposited Funds that you want to deposit.
- If your “Payment to deposit” window does not open automatically, then click on “Payments” under the “Make Deposit”, click on “OK”
I hope this article will help you learn how to delete a deposit in QuickBooks Online & Desktop. After the above guidelines, if you still facing any kind of problem with the same topic or any other issue related to QuickBooks, please feel free to contact our certified ProAdvisor or directly reach us by dialing +1-855-441-4417.