When you are a business owner, you would deal with different transactions and deal on a day-to-day basis. And you will obviously record all the transactions with monetary impact in your books of account for the smooth running and management of the business. But sometimes as it happens and often possible that you or your accountant might make an error while posting the transactions. Or you have posted a transaction that should not have been actually posted because the incident leading to its realization has not taken place. Learn how to Void and Delete Transactions in QuickBooks Online.
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In the above-mentioned scenarios, your books of accounts will reflect incorrect balance in your ledger accounts, what can you do then. Because it will eventually impact your financial statement as well. Well, do not worry, QuickBooks Online does have a feature of voiding or deleting the transactions to correct the ledger balances and your books of accounts, and finally your financial statements.
But you should always discuss things with your accountant first i.e., what is his/her point of view, for example: If you are now certain that you will not get the payment from the customer, your accountant may advise you for writing off the amount as bad debt instead of voiding or deleting the transactions from the QuickBooks online. Once you have decided that voiding or deleting a transactions is the best option for you, then you will have to choose the specific option i.e., whether you want to delete the transactions or void it.
Scenarios in Which You Should go for Voiding a Transaction
Well to be honest it is always better to void the transaction instead of deleting it. Why? Because voiding a transaction won’t make it disappear entirely from your books of account. And it would not impact your ledger books balances and other account balances. And you can refer to the record of the transaction anytime you want. You should be aware, that if you choose to void an invoice in the application, QuickBooks would not void any payment that is already recorded for the invoice.
Scenarios in Which You Should go for Deleting a Transaction
Now there are some transactions in QuickBooks that cannot be voided for example estimates, deposits, supplier credits, purchase orders, delayed charges or delayed credits and bills. In these transactions, if there is some mistake you might have to delete it to correct the Books.
But please ensure that you do not need the record for a transaction that you want to check in the future before taking the decision of deleting the transaction. Because as we know now, once you delete a transaction, it will entirely disappear from the Books of accounts, and you won’t be able to recover it. Though you will be able to extract dome details by using the Audit log, it would not be full details.
Steps to Voiding or Deleting a Transaction in QuickBooks Online
Now when we know the consequences and impact of voiding or deleting a transaction, let us see its step-wise step process:
Estimated Time: 10 minutes
Step 1: Open QuickBooks go to Sales and Click on Expense Menu
At the initial step, click open the QuickBooks and then go to the Sales. Or Instead of Sales you can also click on Expense menu if you cannot find the former.
Step 2: Find the Transaction You want to Delete
Now go ahead search and find the transaction that you wish to delete and click open it.
Step 3: Check the Void or Delete this Transaction
Once you have opened the transaction, review it and ensure again that you really want to void or delete this transaction from your books of accounts.
Step 4: Include the Void or Deletion Date
After this, you should include the void or deletion date, you can do so by adding a note in the memo or message section.
Step 5: Click on Void or Delete, Confirm the Process
After the above step, click on More in the footer section and click on Void or delete as required and lastly click on Yes to confirm the process.
How to Retrieving a Voided Transaction in QuickBooks
Although QuickBooks business accounting software doesn’t have an automatic undo tool if you mistakenly void a transaction, the computer does keep track of these facts in a separate report. Use the Deleted/Voided Transactions report to find the transaction amount and add this data back to the transaction record in your account register to recover a deleted transaction in QuickBooks. In this blog, you will know about how to retrieve a voided transaction in QuickBooks.
What are the steps of retrieving a voided transaction in QuickBooks?
- First you have to launch QuickBooks. In the main menu, select Reports. From the context menu, choose Accountants and Taxes and then Voided/Deleted Transactions Detail.
- Go to the list of voided transactions and choose the void transaction you wish to retrieve. The transaction amount should be copied or noted down.
- Select “Chart of Accounts” from the drop-down menu under “Lists” in the main menu.
- To open the account register, double-click the account that includes the revoked transaction. In QuickBooks, when you void a transaction, the application keeps the transaction in the account register displayed but changes the transaction amount to zero.
- The account register’s transactions can be scrolled through. Select the void transaction with a click.
- In the amount field on the transaction, type or paste the original transaction amount. To restore the transaction with the retrieved information in the account register, click the Save or Record button.
Hopefully, the process proves to be insightful for you, but we have also collated a list of frequently asked questions from users end which will help you regarding miscellaneous queries around the topic.
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I was looking for the Process Steps to Delete an online Bank Transaction, can you help me?
Yes, certainly, you can initiate the process by clicking on the ‘to be deleted’ bank account from the banking tab, and select the transactions by check-marking the small boxes on the left of them. They will be there in the activity tab. After this, you need to go to the toolbar and click on more and then remove cleared status against the transaction and then you need to again click on tick box left to the transactions and select delete button from the toolbar.
Can You Let me Know the Detailed Process of Deleting all Transactions on QuickBooks Desktop?
Yes, it is quite a simple process. You can initiate the process by first click on customers, you will find it in the top menu bar. After that, you need to choose the customer centre. Now after the above steps click on transactions and select invoices. After this start opening all the invoice transactions one by one and click on delete. After deleting the transactions, you need to click on OK.
I wanted to Permanently Delete a Transaction from QuickBooks, Can you help me?
Yes, why not? You need to first exclude the transaction in QuickBooks that you wish to delete. And after that, you should go to the excluded tab and select the transactions to be deleted. Now you need to click on the batch actions and then press delete to finalize the process.
What is the Process of Deleting all Transactions in QuickBooks and Start over?
First, start by clicking customers at the top bar menu, choose customer centre and then click on transactions. Now select invoices and click open all the invoices transactions, well, one at a time. After that, you need to click on delete after opening each transaction. After that, you need to click on OK on pop-up window after the deleting the invoices.