How to Delete Bank Account Deposits in QuickBooks

Deleting bank account deposits in QuickBooks is an important task when deposits have been entered incorrectly. Common reasons to delete deposits include:

Duplicate Deposits

If the same deposit gets recorded twice by mistake, you’ll need to delete the duplicate deposit. Having duplicate deposits can overstate your account balance and cause problems when reconciling your bank statement in QuickBooks.

To delete a duplicate deposit:

• In QuickBooks Online, open the deposit from the register and click “Delete”. Confirm deleting the deposit when prompted.
• In QuickBooks Desktop, double click on the deposit in the register to open it. Then go to Edit > Delete Deposit and confirm deleting. The payments tied to the deposit will go back to the Undeposited Funds account.

Incorrect Deposit Amount

If a deposit gets entered with the wrong amount, you’ll need to delete it and re-enter the deposit with the correct amount. An incorrect deposit amount will make your QuickBooks records not match the actual bank deposits.

Follow the same steps above to delete the incorrect deposit. Then create a new deposit with the right amount.

Deposited to Wrong Account

If a deposit accidentally gets entered into the wrong bank account register, you’ll have to delete the deposit and recreate it in the correct account. Having deposits in the wrong account can wreak havoc when reconciling your various bank accounts.

How to Delete Deposits in QuickBooks Desktop

Here are the steps to delete deposits in QuickBooks Desktop:

1. Go to Banking > Use Register and select the account with the deposit you want to delete
2. Double click on the deposit transaction to open it
3. Go to Edit > Delete Deposit
4. Confirm deleting the deposit

Once deleted, any payments included in the deposit will automatically go back to the Undeposited Funds account. You can then re-enter the deposit correctly as needed.

How to Delete Deposits in QuickBooks Online

Deleting deposits in QuickBooks Online is easier:

1. Go to the Chart of Accounts and open the register of the account with the deposit
2. Click on the deposit transaction to select it
3. Click the Delete button and confirm deleting

The deposit will be permanently deleted from your QuickBooks Online account.

Important Notes When Deleting Deposits

• If you have already reconciled the account with the deposit, deleting it can cause your reconciled balance to be off. You may need to redo reconciliations after deleting deposits.
• In QuickBooks Desktop, deleted deposits move payments back to Undeposited Funds. But in QuickBooks Online, deleting deposits permanently removes them.
• An alternative to deleting deposits is to void them, which zeros out the deposit amount but keeps the transaction recorded.

Best Practices to Avoid Needing to Delete Deposits

While the ability to delete deposits is important for correcting errors, there are some best practices you can follow to avoid needing to delete deposits in the first place:

Carefully Review Deposits Before Recording

Before you record deposits in QuickBooks, double check that you have the right amount for the deposit and that is going into the correct bank account. Taking an extra minute to review can save you from entering deposits incorrectly.

Spot Check Deposits After Entering

Occasionally spot check some of your recent deposits in QuickBooks against your bank statement. This can help catch any issues with duplicate or incorrect deposits right away before they cause bigger problems down the line.

Reconcile Accounts Frequently

One of the best ways to catch any deposit errors is to regularly reconcile your various bank and credit card accounts in QuickBooks. When you reconcile the account register balance to the bank statement balance, you’ll be alerted to any deposits causing discrepancies.

Correcting Issues After Deleting Deposits

After you delete an incorrect deposit in QuickBooks, you’ll then have to take further steps to correct your records:

• For duplicate deposits, no further action should be needed after deleting the extra deposit
• For deposits with incorrect amounts, create a new deposit with the right amount
• For deposits into the wrong account, recreate the deposit in the correct account

Additionally, check if deleting the deposit impacted any prior account reconciliations in QuickBooks. You may need to redo a past reconciliation if deleting the deposit caused the reconciliation balance to no longer match your bank statement ending balance for that period. Getting your past reconciliations back in balance ensures the accuracy of your QuickBooks reports.

When to Get Help with Deleting Deposits

If you have a very complex situation involving deleting deposits or you run into issues getting your account reconciliations back in balance, it may be time to get help from an accounting professional. The QuickBooks support team or a ProAdvisor can assist with tricky cases related to deleting deposits and correcting your QuickBooks company file.

Deleting incorrect bank account deposits is a key skill in managing your QuickBooks accounting. Following the steps outlined above and applying best practices will have you deleting errant deposits with confidence. Taking the time to correctly fix deposit errors helps keep your QuickBooks records in top shape all year long.