QuickBooks splits the received payments broadly in two categories which are Undeposited Funds and Deposited Payments. First one is for the holding account used for various transactions, it is used typically for receiving various payments that are small for example at the cash register and then depositing the entire money as the bulk transaction together.
Second category is useful in the payments that are recorded by you individually and then deposited in the bank. If you think that you have made some mistakes or want to reject the payment then there is an option in QuickBooks of Edit menu, which can help you to complete delete or make either of the payment types void.
Deleting the Deposited Payment
- Step 1: Go to the home page of QuickBooks and click on the icon of Record Deposits present in the section of Banking, in order to ensure that Make Deposits view gets displayed.
- Step 2: In case the window of Payment to Deposit appears, then click on Cancel. This window is not needed for deleting the payment.
- Step 3: Find the deposit, which you are willing to delete. If you are unable to find it, then keep on clicking on Previous till the time you are unable to find the entry which is correct.
- Step 4: Click on Edit Menu and then select Delete Deposit. You will see a warning popping-up, asking for your confirmation of the action. Click OK, if you are willing to get the payment deleted.
Deleting the Payment from the Undeposited Funds
- Step 1: Go to home page of QuickBooks. Select the menu of Lists and then choose the Chart of Accounts. There is also a keyboard shortcut for this, which is Control-A.
- Step 2: Go to Undeposited Funds and double-click on it, in order to view the register related to the funds of this type.
- Step 3: Select the payment which you are willing to delete. If you are unable to see it, use the buttons to scroll up and down in order to check the transactions list.
- Step 4: Go to Edit menu and open it and then click on the Delete Payment. Select OK in order to get the entry deleted after you see the warning box popping up.
Editing the already Deposited Sales Receipt or Payments
Removing the Sales Receipt or Payment from Deposit
- Go to the top and choose the icon of Gear and then select Chart of Accounts
- Then from the action column search for the deposit account and then select the View Register
- Then search the deposit with the wrong sales receipt or payment
- Note the amount of deposit and check the Reconcile box for the letter R
- Select Deposit and then select Edit. By doing this you will be able to see the list of sales receipts and payments that are connected with the deposit
- Get the check mark removed from the incorrect sales receipt or payment. by doing this the transaction will be removed from deposit
- Choose Save and then tap on Yes in order to confirm the changes made by you
Editing the Payment
- From the top select the icon of Gear and then select Chart of Accounts
- Search deposit account and then in the column of action select the View register
- Find and then get the deposit opened
- Then find the payment or sales receipt which was unchecked by you
- Now in the column of Received From, select customer from whom the payment was received. By doing this screen of Sales Receipt of Receive Payment will get open
- Do the changes which you wanted to do and then click on Save
- Click on Yes, in order to give the confirmation for the changes made by you
Replacing the Sales Receipts or Payments in Deposit
- From the top select the icon of Gear and then select the Chart of Accounts
- Find the account of Deposit and then in the column of action select the View Register
- Find Deposit first then Select it and then Edit
- After that choose the corrected sales receipts and payment
- Tap on Save and then on Yes in order to confirm that changes made by you are the final one
- Ensure that the balance of deposit is correct
- Then select the Save and Close
Issues faced by the Users
You may face a situation when a payment is received from the customers whom multiple invoices are paid on monthly basis. Now you may want to get these payments deleted and re-enter them after doing manual ticking of invoices that are paid actually. You wanted to know that how this all is done in QuickBooks?
If you are facing any issues like this or have some other issues, then get in touch with the SMB QuickBooks technical support team on ?smbaccountants.com. Experienced staff at SMB QuickBooks tech support helpdesk will help you.
- Share Quickbooks with Accountant
- Vendor in QuickBooks
- Do A Refund on Quickbooks
- How to Set Up Inventory in QuickBooks?
- Set Up Payroll Liabilities in Quickbooks
- What Is Retained Earnings In QuickBooks?
- QuickBooks Cash Basis Profit and Loss. Show P&L reports in cash basis with ease.
- How to Set Up the Direct Deposit Option in QuickBooks?
- How to Refund a Customer's Overpayment in QuickBooks
- QuickBooks Gift Cards Accounting: How to record gift purchases and spend?