So, you accidentally recorded an erroneous deposit in Quickbooks, and now you’re trying to fix it? We’re only humans, so mistakes such as this are bound to happen sooner or later. But even a single erroneous transaction can throw off your entire books, which is why it’s important to fix them ASAP. Follow the steps listed below to fix incorrect deposits in Quickbooks.
It’s important to note that there are two instances that can cause payments and receipts to end up missing from your Bank Deposits section in Quickbooks. This includes entering the wrong deposit option (e.g. fund were deposited directly to your bank account), or they were added to the wrong deposit by accident. Either way, it’s frustrating when you check on a deposit, only to find that it’s no longer in your account.
First and foremost, you’ll need to find the incorrect deposit in your Quickbooks account. If it was a payment in an Invoice, log into your Quickbooks account and choose Transaction > Sales, after which you should choose the correct payment or sales receipt, double-check to ensure it is marked Deposit to Undeposited funds, and click Save.
But if you marked the payment correctly, you’ll need to check for the word “Deposit: Amount of $$$ on [date],” which occurs below the deposit options. This indicates the money was already deposited into the respective account. Now, if this is the deposit that you entered incorrectly, you’ll need to fix it by clicking the date listed, after which you’ll see a new window for the Bank Deposit options. You can click this field to open the deposit screen and clear the erroneous information, followed by Save to complete the changed. This should bring you back to the payment/sales receipt, or register, after which you should click Save one more time. Return to the Bank Deposit screen and add the payment again, but this time using the correct information.
Following the steps outlined above should set you on the right path to fixing your incorrect deposit. Ideally, you should double-check your deposits before making them to ensure they are correct. Going over the information two or even three times is guaranteed to minimize errors such as this. However, mistakes are bound to happen. And when you make an incorrect deposit, you’ll need to fix it by following the advice listed here.
Did this tutorial work for you? Let us know in the comments section below!