When recording a payment in Quickbooks, you should double-check the amount to ensure it’s correct. If a customer pays you $75, for example, it’s important to record the payment as exactly $75. Placing the decimal in the wrong place will result in your business’s books being incorrect.
The good news is that you can fix incorrect payment amounts after recording them in Quickbooks. For a step-by-step walkthrough, check out the tutorial below.
Remove the Payment From the Deposit
To fix an incorrect payment, log in to Quickbooks and click the gear icon at the top of the page. Next, click “Chart of Accounts” from the “Your Company” menu. You can then scroll through your deposits until you find the one with connected to the incorrect payment.
After locating the deposit, click the “Edit” button. You should see then a see a list of all payments associated with the deposit. Go through this list and locate the incorrect payment. When you find it, click the box to remove the check mark from it. Doing so removes the payment from the deposit, allowing you to fix it before adding it back.
Edit the Payment Amount
With the payment removed from the deposit, you can now safely edit the payment amount. This is done by going back to the main Quickbooks screen, selecting the gear icon and choosing “Chart of Accounts” again. From here, locate the deposit in the action section and click “View register.”
Next, find and click the deposit to select it, followed by “Edit.” You can then edit the payment with the correct amount. When finished, click “Save and close” to finish editing the payment amount.
Add the Payment Back to the Deposit
The final step involves adding the newly corrected payment back to the appropriate deposit. You’ll need to go back to your “Chart of Accounts” where you can search for the deposit account. After locating the deposit account, click “View register,” followed by “Edit” next to the deposit. You can then enter the correct amount for the payment.
It’s frustrating when you accidentally enter the wrong amount for a customer’s payment. We’re all human, however, so mistakes are bound to happen. The next time this happens, simply follow the steps listed here to correct the payment amount and restore your business’s accounting records back to good health.
Did this tutorial work for you? Let us know in the comments section below!