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ExoticBengal
Level 1

Reverse a Deposit

We use a back office software that imports our store deposits into QB. A store manager did not deposit the funds into the bank account due to theft.
We have an account for long/short for each store, but I don't know how to reverse the deposit to reflect a shortage, and reconcile the bank statement. 

4 Comments 4
Maybelle_S
QuickBooks Team

Reverse a Deposit

Hello there, @ExoticBengal.

 

In QuickBooks Desktop (QBDT), deposits can be removed using the Make Deposits window. When removing the deposit the payment will be removed as well if you are using an Undeposited Funds account. If you plan to deposit the funds at a later time, you can recreate the original payment. However, if you're not using the Undeposited Funds account and plan to make the deposit later, you can leave the original payment for the deposit intact. Otherwise, make sure to manually delete the payment as well.

 

Here's how:

  1. Go to the Banking menu, and then select Make Deposits.
  2. Click Cancel if the Payments to Deposit window opens.
  3. Select the Previous arrow to move the transactions until you find the deposit or payment that you want to remove.
  4. Select the Edit menu, and then Delete Deposit.

For the Undeposited funds:

  1. Go to the List menu, and then select Chart of Accounts.
  2. Double-click on Undeposited Funds.
  3. Select the deposit you want to delete.
  4. Click the Edit menu, and then Delete Payment.

 

You can also read through this article about undeposited funds: Understand how the Undeposited Funds account works.

 

Don't hesitate to drop a comment below if you have other questions. I'm always here to help. Take care!

ExoticBengal
Level 1

Reverse a Deposit

Thank you, but that is not what I am trying to accomplish.  I know how to delete a deposit, but I need to record this deposit as "Employee Theft."

Our back office software automatically imports the daily books from our store locations.  The manager entered the deposit that she was supposed to take to the bank.  She did NOT deposit the funds.  She stole the money and quit, so the funds will never be deposited.  I need to show the deposit (actually several deposits) that were imported to QB as Employee Theft.  How do I do that?  Journal Entry? (Most likely not) or do I just edit the general journal from the import to change the bank account to the Employee Theft account?

MJoy_D
Moderator

Reverse a Deposit

Thank you for getting back to us and for clearing that out, @ExoticBengal

 

Yes, you can enter this as Journal Entry. Still, I suggest reaching out to an accountant or tax advisor to make sure to use the correct accounts to record it correctly. 

 

To add a journal entry:

  1. Go to the Company menu and select Make General Journal Entries.
  2. Add all the necessary information. Make sure your debits equal your credits when you’re done.
  3. Select Save or Save & Close.

Check this article for detailed guidance: Create a journal entry in QuickBooks Desktop for Windows or Mac.

 

Also, here's more information on how to record and make bank deposits in QuickBooks Desktop

 

Let me know if there's anything that I can help you in recording this transaction. I'm always here to assist. Have a wonderful day!

Cbartel1
Level 1

Reverse a Deposit

Will deleting the deposit effect my bank reconciliations - i want to make a number of deposit adjustments that were not allocated to the customer through out the past years. So i can get an accurate sales report by customer

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