How to Delete a Deposit or Fund in QuickBooks?

In QuickBooks, users can record their deposits to match their bank statements exactly. QuickBooks is loaded with so many advanced features that make works easier for business owners across the world. But some features are very complicated to understand and one of them is managing funds. In this article we will elaborate“How to Delete a Deposit of Fund in QuickBooks?”

Why comes a need to Delete a Deposit or Fund in QuickBooks?

QuickBooks automates many aspects of managing your business. Sometimes you erroneously record a deposit that you wish to delete. Correcting customer’s payment is always important to keep your company’s record up to date. In this case, you must follow the right method to delete a deposit in QuickBooks accounting software. You must read the entire post to go through the process.

In case you have some doubts regarding QuickBooks features and you need expert’s advice you can call us at our toll-free number +1 800-417-5147. Our team will guide you to your queries related to QuickBooks.

How to Remove a Deposit or Fund in QuickBooks? (Pretty Simple Way)

The instruction given below will guide you to understand the procedure to delete a deposit in QuickBooks. Though it’s a bit complicated to grasp, but here is a simple and easier way to learn.

1. Open your QuickBooks Account, click on Lists from the menu bar.

2. Now click on Charts of Accounts option.

3. Then, double click on the Account.

4. Now hit a click on the Deposit.

5. If you wish to delete a particular deposit, select it from the list.

6. Click on the Edit tab, from the top menu bar.

7. You need to choose the Delete Line option.

8. Now in case you want to delete the entire deposit, choose Delete Deposit.

9. Finally, choose Ok.

Sometimes users delete a deposit or fund mistakenly, and they want to recover the deposit. Luckily, QuickBooks helps you deal with all these unfortunate situations.

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Recover Deposit that was mistakenly deleted in QuickBooks.

1. Open your QuickBooks and click on the Create button.

2. Now choose bank deposit and then click on Select Exciting Payments from the options.

3. Go through all the payment and recreate the one you deleted it by mistake.

Two main categories in QuickBooks Payment 

1. Deposited Funds

2. Undeposited Funds

Above we have discussed delete deposit procedure in case of Deposited Payments. Now we are going to tell you about deleting a payment from undeposited fund.

. Login to QuickBooks, and click on the List menu.

. Now select Chart of Accounts.

. And then double-click on Undeposited funds from the drop-down list.

. Now, right-click and select the Amount to be deleted.

. Click Delete Deposit from the edit menu.

. Finally, press Ok for confirmation.

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Points to Remember

. If you are using the undeposited fund account, then by removing the deposit the payment will be removed as well.

. You must recreate the original payment if you plan to deposit the fund later.

. Undeposited funds in QuickBooks hold payments from invoices until you are ready to pay them.

For business organizations it’s quite difficult to manage their cash flow coming in and going out through different sources. But QuickBooks has made the life of business owners so easier by giving them features to connect their bank account directly from QuickBooks so that they can execute every transaction directly from QuickBooks.

Deposits in QuickBooks are an easier way, but sometimes an easy way can lead you to some unexpected situations. Similarly, users do mistake while depositing in QuickBooks and later they want to remove or delete that transaction. QuickBooks offers you this feature also which we have already informed you in the above line.

Still, have a doubt?

If you are still confused about how to delete a deposit or fund in QuickBooks, feel free to call us at our toll-free number +1 800-417-5147. In case you want to gather more information regarding QuickBooks smart features you can visit our website.

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