How to Delete Payments in QuickBooks
We cannot agree more on the fact that Intuit QuickBooks is one of the most amazing Accounting Software that has made account related work of firms as easy as a piece of calk. Intuit QuickBooks has become more than software to people who have been using it from the time of its inception. It plays the role of an accountant who does all your accounting and you are saved the time which you could invest in other tasks that need your involvement.
Many tasks that have gotten fantastically simpler and quick are e filing of taxes, e payment, making payments to the employees and contractors outside the organization and many other works that needed your full attention earlier. Payment makes everyone smile and therefore when making payment to an employee’s account directly through checks has been taken care of by QuickBooks never like the method used before, there are more loyal customers of the software. Off all the accuracy that QuickBooks promises, human error can lead to disappointment. Sometime, due to an error by us, we may have to delete a payment already entered in QuickBooks.
When do you delete a payment already made in QuickBooks?
With QuickBooks, everyone is benefitted, an employee as well the employer and as a result the company is benefitted. The facility of making payments enables an employer to pay anytime, from anywhere. The process is quick, easy and is hundred percent compliant as the software ensure no loop hole is committed. Payment is generally done in 2 to 3 days either through ACH bank transfer or your cards. It sounds pretty simple, doesn’t it? But everything can be null and void if the payment made is incorrect or has been made to a wrong person.
Well there are two payments that can be seen in QuickBooks – Deposited Amount and Funds that are not deposited. Deposited amount is that amount which is exact in terms of calculation for a particular recipient. QuickBooks recognizes and keeps it aside. On the other hand, there are certain funds which you receive in breaks and can be deposited once in bulk after you have enough funds to pay.
If you realize that you have made a mistake or you don’t want the payment to go through for any other event, if you feel the need to delete the payments already recorded, you can follow specific steps for both the funds.
For Deposited Fund
When payments go wrong in this category, you can follow the steps below-
- You need to log in to QuickBooks and reach the home page
- Once reached, you will see the Record Deposit icon in the Banking section. You need to click on that icon to view deposits that you have already made
- You might get a window saying Payment to Deposit. Cancel that
- The deposit window should pop up enabling you to see the various deposits you have made in the past
- Choose the deposit that you would like to delete. You will see the most recent entries, and if you don’t find your entry that you want to delete, click on Previous till you locate the entry
- Once located, you need to click and select the Edit After that, select Delete Deposit
- You will get a pop up asking you if you are sure to proceed with the action
- Click OK
For Funds that have got accumulated
Well, the steps involved in deleted payment of this category is slightly different from the previous category. It is crucial that you don’t merge the two steps.
- The first step is the same though. Yes, you need to log in to QuickBooks. From the Homepage, you need to make selection of the menu Lists. Now, you need to choose Chart of Accounts.
- For the first step, you can choose Control A shortcut from the keyboard
- You will be taken to the Undeposited Funds. Double click and you will see the list of the fund
- From the list, make selection of the payment you have made up your mind to delete. You might not be able to view the payment on the screen, unlike the previous category, you can scroll up and down and locate the deposit
- Once that has been located, click on Edit and then click on Delete Payment. Ignore the warning box that will be displayed like the display in the previous category, and then click OK
You are successful in deleting those payments following the simple steps mentioned. One can behave really cranky when such mistakes are done while payments have been made in QuickBooks. Payments are no doubt the most integral part of an organization, paying and non-paying which can lead to satisfaction or dissatisfaction of the employees. So make sure to never let anything come on your way to making correct payment. No one wants to get things redone that can be done in one go. Meticulous calculation can be of great help.
Prevention is better than cure. Deleting a payment is not difficult but why to go through a procedure which is only killing your time? Rather make provisions of double checking before payment is entered in QuickBooks. After all, it is a controllable problem.