Frustrated? Anxious? Don't know how to delete a deposit in QuickBooks Online? Worry not. This helping post will go over everything that you need to know about editing or removing a deposit on QuickBooks online. If you think the process of deleting a payment or deposit is complicated or something that you can't do, our goal with this post is to change that opinion. Just for your kind information, note that if you wish you can contact us and get answers to your questions. Otherwise, keep on reading and educate yourself.
What happens if I delete a deposit in QuickBooks?
Once you delete a deposit in QuickBooks online successfully, it will not show up in the check register and record deposit section. It further means that the same payment reverts to being available to deposit again from undeposited funds. As the deposit no longer stays in the record, you can receive payment again and reconcile it with ease of mind.
How do I delete a deposit in QuickBooks Online?
Due to the duplicate deposit in a QuickBooks online, a broad range of problems might come in. Most specifically, the task of reconciliation becomes horrible. If you don't delete deposit on QuickBooks desktop then a discrepancy will appear between your bank statement and the invoice generated by QuickBooks. The presence of the duplicate deposit can spoil the excitement of using the QuickBooks software as the same payment shows twice. That's why I come across this question from Bookkeepers and accountants - how to edit a deposit in QuickBooks online? The steps to edit a deposit in QuickBook I will explain to you later in this post. First, let's find out the steps to follow to delete a deposit in QuickBook online or you can say void.
Once you log in to your QuickBooks account, select the Gear-shaped icon.
Then select a chart of accounts.
After that, you need to select View Register.
Now scroll down and up to find and select the incorrect payment or sales receipt listed.
Check whether or not the deposit amount has an R in the Reconcile box.
Click the deposit in the register and click edit to open it.
Now all you have to do is just remove the checkmark from the incorrect payment or sales receipt by clicking on it.
Now as the payment has been removed from the deposit, click save and choose Yes to confirm.
As we are talking about how to edit a deposit in QuickBook online, it is important to mention that a payment or sales receipt which is a part of a deposit can't be edited. The great news is that if a problem has occurred in payment or sales receipt, you need to temporarily remove it from the deposit, edit it, and then add it back to the original deposit. These are the steps to follow to edit the payment on QuickBooks:
To start off the procedure of deposit editing, first, click on the deposit from the register.
Now QuickBooks will lead to the deposits screen.
Select name from the unchecked payment section and then further choose to receive payment or sales receipt.
Right on this screen, you can edit the deposit in QuickBooks with ease of mind.
Once you complete the correction, click save.
After that, you need to click Yes to the message, "The transaction you are editing is linked to others. Are you sure you want to modify?"
Mistakes do happen. We all make mistakes. Even the QuickBooks users make mistakes. One of the most common mistakes that users can make is an accidental transaction that negatively affects the balances or reports. But, the great news is that now you can void or delete a deposit on QuickBooks in a couple of steps. That's not all, if you wish, you can turn off the recurring payment to prevent it from being created again.
It's quite normal to get confused making a decision between voiding and deleting a deposit in QuickBooks. Be informed that it is better to void the payment or deposit in QuickBooks. Why? Because the void transaction doesn't affect your account balances or reports. The problem with the idea of deleting a deposit in QuickBooks is that once you delete the transaction it won't appear anywhere on your reports or in your account. However, with the help of the Audit Log, you can recover some details of the deleted deposit in QuickBooks.