This article is part of a larger series on Accounting Software.
QuickBooks Desktop allows you to delete errant deposits while restoring the checks included in the deposit to the undeposited funds account where they can be edited or completely removed. In this tutorial, we’ll walk you through the step-by-step process of how to delete a deposit in QuickBooks.
Deleting a recorded deposit in QuickBooks is pretty easy, whether you’re using QuickBooks Desktop Pro, QuickBooks Desktop Premier, QuickBooks Enterprise, or QuickBooks Desktop Accountant. If you don’t have your QuickBooks Desktop product yet, we compare all QuickBooks Desktop versions to help you decide.
QuickBooks is currently offering a 33% discount for your first year of subscription to QuickBooks Desktop Pro, one of our best small business accounting software. You can check the QuickBooks website to learn more about available discounts for other Quickbooks Desktop products.
The following video tutorial is based on QuickBooks Desktop Premier, but the process is essentially the same for Pro and Enterprise.
Why Delete a Deposit in QuickBooks Desktop
There can be several reasons why you need to delete or undo a deposit in QuickBooks Desktop. These include the following:
- Incorrect checks added to the deposit
- A duplicate deposit is created
- Added a deposit to the wrong customer
To delete a deposit in QuickBooks Desktop, follow these steps:
- Select check register.
- Find the deposit.
- Delete or void the deposit.
1. Select Check Register
Go to Check Register under the Banking menu on your QuickBooks Desktop homepage. You can also tap on the Banking menu on top of the screen, and then click Use Register from the drop-down list:
2. Find the Deposit You Want to Delete
Next, choose the bank account where the incorrect deposit was recorded from the Select Account drop-down menu:
From the check register, find the deposit that you want to delete. As you can see in the screenshot below, many deposits originate from the undeposited funds account. The undeposited funds account accumulates checks as they are received and applied against Sales Receipts or Invoices. Checks from the undeposited funds account are then combined into a single deposit transaction when deposited in the bank. If you delete that deposit, then all the checks included in that deposit should reappear in the undeposited funds account:
3. Delete or Void the Deposit
After selecting the deposit to delete, the deposit screen will appear, as shown below:
You will notice that there is no delete button on the deposit screen. To delete your deposit, click on the Edit menu on top of the screen, and click on Delete Deposit:
While you can delete the deposit, you can see that there is also an option to void it. When you delete a deposit, it is removed completely from QuickBooks. However, voiding a deposit turns the amount to zero, but the transaction is still recorded in QuickBooks.
To void a deposit, click on the Void Deposit drop-down under the Edit menu:
Click Save & Close, and then click Yes if QuickBooks asks you to confirm the change.
The checks included in the deleted deposit return to the undeposited funds account, which can be found on Record Deposits under the Banking menu:
Now that the customer checks have been returned to the undeposited funds screen, you can edit, delete them, or combine them into another new deposit.
Delete a Deposit When Not Made From Undeposited Funds
While I recommend always running your deposits through undeposited funds, the alternative is to record a check being immediately deposited in your bank account when received. For instance, when receiving a check against a customer invoice, you can choose to deposit the check immediately. The process for deleting this deposit is the same as the above steps. The difference is rather than appearing in the undeposited funds account after deletion, the customer’s check will be deleted and any invoice it offset will now have an open balance.
Congratulations on completing our lesson on how to delete or void a deposit in QuickBooks Desktop. If you are considering a switch to QuickBooks Online, be sure to check out our tutorial on how to convert QuickBooks Desktop to QuickBooks Online.