When you receive payments on your sent invoices from the customers in the Undeposited funds account, then in the next step, you will have to deposit this payment into an account in QuickBooks. This can be done with the help of the Bank deposits feature which will let you create the Group payment for all the payments received in the undeposited fund account and you can create a deposit for them as a single record into an account in QuickBooks.
Sometimes as it happens you may have to delete these deposits due to some error or issues. You can do so by using the Edit toolbar, we will look into the process steps in detail under the next section.
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Steps to Delete the Deposits in QuickBooks
For QuickBooks Desktop
Before we start the process, you should be aware that you will only be able to see the ‘Delete deposit’ option as mentioned in the below steps on the Edit toolbar when you have selected the deposits within the register:
Step 1. First of all, click on Lists from the top menu and then click on Chart of Accounts.
Step 2. In this step, you need to double click on the account and then the deposit. In case you wish to delete a specific payment, choose that from the list.
Step 3. After step 2, click on the Edit tab from the toolbar and select ‘Delete line’ if you are deleting a specific payment and ‘Delete deposit’ if you are deleting the entire deposit amount.
The above three steps will help you in deleting the deposits on the QuickBooks desktop.
For QuickBooks Online
Step 1. First of all, click on the Gear icon for settings and select the Chart of Accounts.
Step 2. In this step, you should choose the undeposited funds and click on View Register.
Step 3. Under View Register, go to the Ref No. and Type column and select the Deposit that you want to delete.
Step 4. Now click on delete and then Yes to finalize the process.
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How can I see a Detailed Deposit Report in QuickBooks Online?
You need to go to the ‘Reports’ and type ‘Deposit detail’ in the ‘Find Report by name’ field. Now specify the reporting period and click on Run report.
What will Happen once I Delete the Deposit from the QuickBooks?
Once you delete the deposit, the payments are reverted to the undeposited fund account. That means you will have to create anew deposit for the again.
How can I clean-up undeposited funds in QuickBooks?
You need to go to the lists > Chart of Accounts > double-click on undeposited funds and double-click on the journal entry to open it and finally you can delete it by pressing control +D on your keyboard.
How can I Change or Correct the Deposit in QuickBooks?
Click on the plus icon from the top menu and select Bank Deposit that you wish to edit, now choose the correct account, date, currency, transactions, etc. and click on save and close.