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Delete Payment from a Deposit in QuickBooks

Have you erroneously recorded a deposit in your QuickBooks business accounts and wish to reverse your action? Well, it can be possible provided you obliterate the wrong entry either from your disbursement log or from the funds that have not been deposited yet.

Though it is pretty simple to add deposits in your company’s account, today we will try to figure out the right method to delete the incorrectly recorded deposit in QuickBooks accounting software.

Before we proceed further to discuss the deletion process, let’s first try to delve into the concept of the how deposit transactions work in QuickBooks.

How Do Deposit Transactions Work Within The QuickBooks Desktop?

When you deposit a certain sum total into your bank, you may or may not receive an interest on the same amount depending on the terms and conditions of the bank. For organisations, it is quite difficult to manage the flow of money that coming and going out through different sources.

Here comes the role of QuickBooks, as it has made the life of entrepreneurs a bit easier by allowing them to connect their bank account and execute transactions straight away from QB and manage their liquid asset.

Read Also-: How to Delete Undeposited Funds in QuickBooks

Glitches That Users Face While Carrying Out Any Transaction In QuickBooks

Let’s suppose if you generate the sales receipt is generated for deposit or contribution of some value and submit the same. When you clicked the submit button, you realized that you have committed some sort of mistake and wish to remove the same submission. There could be chances you will get two warnings when you make an attempt to delete the submitted deposit:

Cautioning Warning 1: “You need to get this cash sale removed from a deposit before you make an attempt to rectify or remove the sum or forename.”

Cautioning Warning 2: “Payment details cannot be rectified in the deposit transaction. i) Get the payment removed from a deposit. ii) To rectify it, need to see the transaction of original payment. iii) The payment needs to be deposited again.”

In such a situation, it could be difficult for anyone to decide what to do next. You can follow the given below steps to remove the incorrectly recorded deposit transaction. However, if you feel you won’t be able to perform these steps, feel free to speak to our QuickBooks experts at Accountinghub QuickBooks helpdesk number 1 844 313 4856

Method To Delete The Deposits In QuickBooks Desktop

  • Open QuickBooks software> Browse the banking menu > Click on the Make Deposits option. When you will do so, the log of deposits from your account will appear.
  • When prompted by account register window, you need to select from the given list the deposits you wish to erase. Then get the Edit menu opened in the screen you are using currently
  • Click on the Delete tab so as to get rid of the deposit the Make deposits window and likewise from the account register.
  • Click on the Save tab so as to apply all the changes that you have made.
  • Click on the exit button to close the Make Deposits.
  • Once the deposit is erased from the recorded list of Make Deposits, the disbursement will be rolled back to the Funds that have not been deposited yet, but this procedure won’t completely delete the transaction.

Obliterating The Duplicate Disbursement In QuickBooks

If you see that the disbursement has been by mistake added twice in QuickBooks, then you can get the duplicate disbursement obliterated by following the given below steps:

  • Firstly, open your business account in QuickBooks
  • Click on business file and then Open it
  • Go to the Banking menu and click on the Make Deposits
  • Ensure you select the line that has the duplicate disbursement, which you wish to get rid of.
  • Go to the menu and look for Edit option and select the Delete Line
  • Click on the Save button to apply the changes that you have performed recently
  • After this, just select the menu of Lists and later open the Chart of Accounts
  • Now, you need to double click on the un-deposited fund option which you can find when you will open your bank account
  • Click on the duplicate payment that you wish to erase from the given list
  • Last but not the least, you need to click on the Edit tab and look for the Delete Payment and press on the same.

Still, Have Doubts?

If you wish to get all the answers related to deletion of deposit in QB or any other problem, connect with our Accountinghub QuickBooks enterprise technical support team at our QuickBooks 1 844 313 4856

👉Frequently Asked Questions

Q 1. What is the Importance of Deposits in Quickbooks Desktop?

Ans : Once you transfer a given sum of money into your bank, you may or may not get a return on that amount, based on the bank’s terms of service. It is challenging for businesses to regulate the flow of funds coming and goes from many sources.

Here lies QuickBooks’s part, as it has made the lives of businesses a little simpler by enabling them to link their bank account and perform transactions directly from QB, as well as monitor their liquid assets.

Q 2. How do I know that there is an Error with Deposit in QuickBooks Desktop?

Ans : Assume you construct a sales receipt for a deposit or donation of some monetary amount and deliver it. When you hit the submit button, you realise you have made an error and want to delete the same post. There is a potential you will receive two cautions if you attempt to erase the submitted payment.

Such errors can be caused by damage to the program files. You may need to run the repair tool through the control panel to resolve the error. When you’ve successfully repaired all the program files, you’ll be able to record deposits once again.

Q 3. Should I create a Backup before Deleting a Deposit?

Ans : Yes, you should. In QuickBooks, you can create a manual backup. If you’ve already set automatic backup, even then you should create a manual backup so that you’ve the most recent data protected from any damage or loss.

Once you’ve deleted the deposit, you can run reports to ensure that your data isn’t negatively impacted. If you want to recover the deposit, then unvoid the check associated with the deposit, as you would’ve voided the check when you wanted to delete the deposit.

Q 4. What is Deposit in QuickBooks Desktop?

Ans : A deposit is a business phrase that refers to money that is kept in a bank. A deposit is an event in which money is transferred to another person for protection. A deposit, on the other hand, can refer to a sum of cash used as security for a loan for the delivery of an item.

A deposit might have two distinct meanings. One type of deposit entails transferring cash to a third party for protection. According to this definition, a contribution is money that an investor deposits into a savings or checking account at a banking institution. Direct deposit is commonly associated with wages. After all, converting to an all-electronic system saves companies both time and resources, which is why most individuals first encounter direct deposit services. You can, meanwhile, sign up for direct deposit money from sources other than your job.

The United States government, in particular, wants to pay residents by direct deposit instead of physical cheques. Since 2013, all Social Security payments have been distributed through direct deposit or preloaded debit card. Likewise, you may have your tax return put in your bank account online instead of waiting for a physical check that can require up to six weeks to appear.

Further Reading

  1. How to Import Data into QuickBooks Intuit for Mac
  2. QuickBooks Company File Used By Another Application
  3. Write Off a Bad Debt in QuickBooks
  4. QuickBooks Error 3371 Status Code 11118
  5. How to Set Up HRA in QuickBooks Desktop and Online
  6. QuickBooks Backup Failed “Unable to Restore Company File”‘
  7. How to Fix Reconciliation Discrepancies in QuickBooks
  8. Change a Sale Receipt Number in QuickBooks?
  9. How Many Native Offerings Are Available In QuickBooks Online?
  10. Sign in to QuickBooks Payroll
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