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Deleting a payment that’s already been deposited in your Quickbooks account is a bit more difficult that standard payments. Since the payment is officially processed, you’ll need to wipe it from your account; otherwise, the transaction will affect your entire balance. The good news is that Quickbooks offers a simple solution to this problem. As long as you follow some basic steps, you can delete a deposited customer payment in minutes; here’s how you do it:

Wrong Customer

Did you accidentally attach the payment to the wrong customer in your Quickbooks account? If so, you will need to create a duplicate payment for the appropriate customer. From the main menu, select “Customers,” followed by “Receive Payment.” Enter in the appropriate amount for the payment and click “Continue” when you are finished. This will attach a duplicate payment to the right customer, but you will still need to go back to delete the payment associated with the wrong customer. Unfortunately, there’s no way to simply transfer a payment from one customer to another.

Deleting The Original Payment

To delete a customer payment, click on the “Customers” menu, followed by “Receive Payment.” You should see a “Receive Payments” window with all of the customer’s previous payments. Scroll through until you find the erroneous payment that needs deleting. Depending on how long ago the payment was sent, you may need to go click on the “Previous” button to find it. Doing so will allow you to search through older payments and transactions associated with the customer.

After locating the payment, click on the “Edit” button next to it and select “Delete Payment.” After clicking “OK,” you will be asked to confirm the deletion of the selected payment. As always, double check the payment to ensure it’s the correct one. Once you’ve verified it’s the erroneous payment, click the confirmation button to save your changes. The payment should now be deleted from your Quickbooks account.

Reconciliations

You can go back and reconcile your Quickbooks account to make sure the deposit was in fact deleted. You can read our previous blog posts about how to reconcile a Quickbooks account, but the process is pretty straightforward. Quickbooks has come a long ways over the years, adding several key features and improvements which are designed to make account reconciliations a breeze. Take a few minutes to go through the process to ensure the original payment was in fact deleted.

Recording all of your business related expenses is one of the most important steps in the accounting process. Whether your business is small, large or anywhere in between, chances are you’ll have expenses to account for. Properly recording these expenses will help you identify exactly how much net profit your business is receiving. Of course, it will also prove to be helpful when the upcoming tax season rolls around. To learn more about the steps to entering expense bills into Quickbooks, keep reading.

When you are ready to enter expense bills, fire up your Quickbooks account and log in as either the administrator or a user with the necessary privileges. Click on the “Vendor Menu” button and select “Enter Bills.” You should now see a drop-down menu with all of your account’s vendors listed. Select the vendor associated with your expense bill. If the vendor is new and not yet added to your account, click the button to enter a new one.

With the appropriate vendor selected, you can now attach a new expense bill. Double check the date of the bill to ensure it’s correct. Taking an extra minute or two to enter the appropriate bill date will make the process easier. In addition, it will also let you or other people working on the Quickbooks account know when the bill is overdue.

As long as you followed the steps previously mentioned, you should now see an “Amount Due” field. Enter in the amount of the expense here and double check the date before continuing.

Depending on what type of expense bill you are setting up, you may wish to add a memo or terms. For most basic expense bills, this isn’t necessary. However, you can add a memo as a reminder for specific transactions and deals. When you are dealing with hundreds or even thousands of expense bills, memos will prove to be highly useful.

Lastly, you will need to fill the account field with all of the appropriate information. Click on the “Expense” tab and select the expense that you previously entered. Make sure the expense is tied to the correct account and click “Save.” If you need to attach the expense bill to multiple accounts, click in another account field and manually enter it here. Your expense bill should now be set up. You can go back and view it from the Quickbooks home screen to ensure it’s attached correctly.

Just because a customer writes you a check doesn’t necessarily mean you will receive the funds. For instance, the customer may not have the appropriate amount of funds in their account, at which point the check will either bounce or be returned with a “NSF” label. Either way, you’ll need to address this issue in your Quickbooks account to ensure the balance is correct. Taking a few minutes to record NSF and bounced checks will allow for a smoother reconciliation process.

I can’t stress enough the importance of recording NSF and bounced checks in your Quickbooks account. If you overlook the critical element, it could result in unaccounted fees to your business account. Once this happens, it can throw your entire balance out of order, making it even more difficult to reconcile your account in the future. The bottom line is that you must record any NSF or bounced checks you receive from customers.

The first step is to log into your Quickbooks account and click on the “List” tab followed by “Item List.” From here, click on the “Item” tab from the drop-down menu and select “New.” Now, click “Type” from the drop-down menu and select “Other Charge.” This will bring up a new box that allows you to manually enter a name for the charge, such as “bounced check.”

Since the customer’s check was bad, select “$0.00” in the amount field. Click on the “Tax” tab and select “Non.” Next, select the “Account” tab from the drop-down box and choose your bank account. If you have multiple business bank accounts, select the one associated with the bad check. If a customer wrote a bad check to business account A, then you’ll want to select business account A. You will then have to choose another name for the bad check. To help keep things organized, it’s recommended that you choose the same, or similar, name as previously used.

Select the “Account” tab from the drop-down menu once again and select the income amount. Most banks use the same fee structure for bounced or NSF checks, so you should find the income amount listed here. In the rare event that it’s not listed here, you can choose “Add New” from the drop-down menu to manually enter in the amount. After the amount is entered, click on “Next” to save the items. The fee associated with the customer’s bad check should now be recorded in your Quickbooks.