How to Undo a Deposit in QuickBooks

Undo a QuickBooks deposit to make sure your revenue figures are accurate.

Receiving customer payments may be a welcome task, but incorrect QuickBooks payment deposits can result in unbalanced accounts if they're not remedied. However, you can remove and delete deposit transaction errors from your company's transaction record in the event of miscommunication or accounting error. Correcting the QuickBooks account by undoing a deposit can balance the transaction record and provides accurate company income when analyzing profit and loss.

Instructions

1. Open your company's QuickBooks file. Click "File," then "Open or Restore Company." Click on "Open a Company File" and select "Next." Locate the QuickBooks file you wish to access and click "Open."

2. Select "Banking" from the main menu at the top of the screen. Click "Make Deposits" to access a list of payments received.

3. Right-click above the specific deposit you want to undo. Click "Delete Deposit" to remove the deposited payment. The payment information will revert to the Undeposited Funds account. Click "Save and Close."

4. Click "Lists" from the QuickBooks main menu at the top of the screen. Select "Chart of Accounts." Scroll down to "Undeposited Funds" and double-click on the account.

5. Locate the transaction you removed from the "Make Deposits" screen. Right-click on the line item. Click "Delete" to permanently remove the deposit from your records.

Tips & Warnings

• Select "Void" if you want a record of the transaction to remain but not affect the transaction register. The "Delete" option permanently removes the transaction from your records.

References

• QuickBooks Support: Editing or Deleting a Deposited Payment