QuickBooks has positioned itself as one of the best accounting software for small businesses; in fact, when purchased with Sage Accounting, QuickBooks stands out. This program has financial functions that facilitate tasks and record information of this type, so owners, managers, and employees will avoid big headaches.
Among the functions that can be done in the QuickBooks business version is the deposit, which allows you to receive money from customers or accounts with which you make this type of transaction.
So, not only does it record the receipt of money, but it also allows you to make deposits, which helps you to keep a more precise control of these accounting activities.
Can you delete a deposit in QuickBooks?
Fortunately, yes, and it’s not complicated at all. So if you made a deposit and you made a mistake in the amount or simply entered the wrong information, you can log in to your QuickBooks account and delete it. To do this, follow these steps:
- Log in to the account with which you made the deposit
- From the main page, look for the Banking option
- Find the Check Register option and click on it
- Locate the transaction you wish to delete
- Select it by double-clicking and the transaction details will be displayed
- At the top of that sale, select the Edit option
- Click Delete deposit
- Read the warning carefully
- Click “OK”
This is how easy it is to delete a deposit within this program but in its desktop format. In the online version, the process changes slightly, so you should take this information into account to know which process you have to apply according to the QuickBooks you are using. To delete in the web version, just follow these steps:
- Visit your QuickBooks account home page
- Locate and click on the Accounting option
- Select the Chart of Accounts option
- Find the account you made the deposit with and select the link that says view register
- Choose the type of transaction you made (in this case a deposit)
- Carefully find the one you want to delete and select it
- Click on Delete
- Confirm and you are done
How to delete a deposit from Undeposited Funds in QuickBooks Desktop
If your business receives payments by check or some other method in which the deposit is not instantaneous, but they have not been deposited into the company’s bank account, QuickBooks lists them as Undeposited Funds. These transactions are placed in an eponymous account, allowing you to keep track of them. And, like deposits, they can be removed (some deposits may come out as undeposited) by following these steps:
- Go to your QuickBooks account
- Find and select the Plus Icon option
- Click on Bank Deposit
- Find the undeposited fund you wish to remove
- Select it and open the Transaction option
- Click on Payment Screen
- Click on the Delete option
- Accept and you are done
When should I delete a deposit?
The reasons why you should delete a deposit may vary, but it depends on what happened. Many times this transaction should be removed because you entered the wrong information, so if you entered a higher or lower amount, this is an excellent time to remove the deposit.
Likewise, you can dispense with a deposit when you have registered it more than once. Perhaps you forgot that you registered it, or perhaps someone else entered the system and provided the deposit information and, therefore, the information reflected in the system will be different from what you expected and should have.
If any of these possibilities occur to you (or any other that is not in this text), you should be thankful that QuickBooks allows you to delete this transaction. Remember that accounting is essential to a business and must be handled with care.
Can I delete a deposit with the QuickBooks mobile app?
QuickBooks has been on the market since 1983, so after 40 years of facilitating the administrative and accounting work of small businesses, it is inevitable that they do not adapt to new formats. That is why they developed their own mobile app, which is available for some Apple and Android phones.
However, its functions are limited, since what it can do or not will depend on whether your company, as a user of the platform, is eligible to make certain deposits.
If this type of financial transaction is available for the account, you will be able to do some actions, but deleting a deposit or undeposited fund can only be done from the desktop and online options.
Why should I use Quickbooks for deposit?
Quickbooks has positioned itself in the market because it has allowed us to streamline many financial transactions that, in some cases, are time-consuming or cumbersome. Its benefits are many, so not using it would be a mistake.
For example, if you want to make a deposit, you will have the opportunity to pay your open bills and also your contractors directly to their bank accounts.
Likewise, you can process your clients’ deposits and have them in your account in 30 minutes or a little more. For this, you must have a QuickBooks Payments account. This is called an instant deposit.
In addition, and fortunately, the money can fall to your debit card or bank account of choice, financial products that you can change according to your needs and those of your company.
As you will see, QuickBooks not only serves to keep accounting records, but it is also a practical and effective tool for receiving and making payments.
Therefore, it should become your great ally in the administrative and accounting area of that company that you have worked so hard to build and position in the market.
References
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“Accounting Software & Solutions | QuickBooks Global.” QuickBooks®: Official Site | Smart Tools. Better Business., https://quickbooks.intuit.com/global/
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Belakurska, Volha. “How to Delete Deposits in QuickBooks – Quick Guide.” Synder Blog, Synder blog, https://synder.com/blog/understanding-how-to-delete-deposits-in-quickbooks/
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“Clear-or-Delete-the-Undeposited-Funds/.” Dancingnumbers, https://www.dancingnumbers.com/clear-or-delete-the-undeposited-funds/
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“Get Instant Deposits in QuickBooks Online.” QuickBooks®: Official Site | Smart Tools. Better Business., https://quickbooks.intuit.com/learn-support/en-us/help-article/bank-deposits/get-instant-deposits-quickbooks-online/L0KhA5jLY_US_en_US
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“—.” QuickBooks®: Official Site | Smart Tools. Better Business., https://quickbooks.intuit.com/learn-support/en-us/help-article/bank-deposits/get-instant-deposits-quickbooks-online/L0KhA5jLY_US_en_US
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“I Need to Add Mobile Deposit Is Possible Please.” QB Community, https://quickbooks.intuit.com/learn-support/en-us/banking/i-need-to-add-mobile-deposit-is-possible-please/00/1314376
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“Solved: “In the Tool Bar Find EDIT, Then Click on DELETE DEPOSIT…” QB Community, https://quickbooks.intuit.com/learn-support/en-us/banking/in-the-tool-bar-find-edit-then-click-on-delete-deposit/01/200645#M2713
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“Using Undeposited Funds in QuickBooks Online.” QB Community,https://quickbooks.intuit.com/learn-support/articles/getting-the-most-out-of-quickbooks/using-undeposited-funds-in-quickbooks-online/05/920745