What is the Process of Deleting Payment from Deposit in QuickBooks?

Recording deposits is necessary and can be simplified via the use of QuickBooks. Users can easily link their bank account with QuickBooks and sync all the transactions directly. Though you need to configure categories for the transactions at the first sync, but beyond that point, QuickBooks stores your preferences and automatically records and organizes transactions and deposits from your bank account. QuickBooks also syncs the information of the interest that users receive on their deposits.

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Read More: How to Enter a Refund in QuickBooks Desktop?

Removing a Payment From a Deposit in QuickBooks

In order to keep your company’s books current, you may need to correct customer payments. In QuickBooks, you can remove a payment previously indicated as having been placed on a deposit using the Make Deposits window. So, you need to delete this payment from the deposit before you can delete the transaction itself. You can adjust the accuracy of your deposits in the Make Deposits window by scrolling through them.

how to delete a deposit in quickbooks
Know how to delete a deposit in QuickBooks

A few key things to note here. There is a difference between deleting and voiding. When you delete a particular deposit, the payments applied along with it are deleted. On the other hand, if you void the deposit, the value of it is turned to zero. You can then store the deposit and use it for creating reports and analyzing accounting data. These deposits will still show up despite their value and will make your reports more informative.

Mtehod to Delete a Payment From a Deposit in QuickBooks:

Follow the Steps Given Below to Delete a Particular Deposit in QuickBooks:

Method 1: Select Check Register

To access the Register window on QuickBooks, tap on the Banking menu (currently pinned to the top of your screen) and then click Use Register from the drop-down list.

Navigating_to_Check_Register_in_QuickBooks_Desktop

Method 2: Using Chart of Accounts

  • Log into QuickBooks
  • Head over to the List Menu
  • Select Chart of Accounts. You can access all accounts present in a company file from Chart of Accounts.
  • Search for the Undeposited Funds Account.
  • Filter to narrow down your search of the required deposit.
  • Click on the deposit and select the check payment you want to delete from it.
  • Hit delete. This will remove the payment from that deposit.
  • Click on save.

Users can also delete the entire deposit and create a new one. This would be quite arduous, so we recommend that you use the aforementioned step.

Read More: Know How to Delete a Company in QuickBooks Desktop?

  • You can also create a report for gaining access to links for particular deposits. Reports have multiple additional filters that can help you in narrowing down your search. If this deposit was connected to a reconciled account then recheck the transactions with your bank statement.
  • For downloading and importing deposits manually in QuickBooks, download transactions in the WebConnect format. Most banks enable users to download transactions in this format. QuickBooks can easily read and import this format.

Method 3: Using Record Deposits

  • On the QuickBooks homepage, click on the “Record Deposits” button.
  • The window for making deposits gets loaded.
  • Open Payments to Deposit if you want to cancel your transaction.
  • Go to the deposit page and find the required one.
  • Click here to delete your payment
  • Click on Edit
  • Choose Delete Line
  • Confirm or agree to the removal of payment
  • Click Save & Close
  • Close the Make deposit window

Read More: How to removing a payment from a deposit in QuickBooks

Make a Deposit When Not Made From Undeposited Funds

Running your deposits through undeposited funds is a great idea, not just for large sums of money but also because you get to record it when received. However, there may be times that you receive a check and don’t want to deposit it right away. When this happens, you should delete the deposit and offset against any invoice that customer owed you instead.

For any information regarding QuickBooks delete payment from deposit. You can contact our certified QuickBooks Team. We can help you in easily removing and deleting payments from a particular deposit in QuickBooks. To know more, feel free to contact us at toll Free.

Frequently Asked Questions

When I delete a payment from a QuickBooks deposit, the “Delete Deposit” feature is unavailable.

You can delete a deposit on a register. Or, you can use the Delete Line option if there are multiple payments in the same amount of money.

Why would I need to delete payment from deposit in QuickBooks?

If you enter incorrect information into your QuickBooks bank account, you can undo that transaction without impacting the other transactions made.

When an account is deleted in QuickBooks, what happens?

A payment may be reverted to available for deposit again.

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