Reversing a payment is possible in QuickBooks once you've applied the check payment to an invoice, rustproofing. I'll share further insight on how to reverse payments in QBO.
Deleting or voiding the transactions allows you to reapply the payment correctly, ensuring that your account balances are accurate and that customers' accounts reflect the proper amount due. Since QBO is used for recording purposes, you can always unlink your payment that wasn't linked with the correct customer for it to be tagged as Open. Afterwards, you can recreate the received payment and link them to the correct invoice.
You can follow the steps below:
- Go to the Sales menu.
- Select the All Sales section.
- Locate and click the payment transaction you want to Void or Delete.
- Afterwards, you'll be routed to the Received Payment page.
- Click More and select Delete.
However, if you've already deposited an unsigned check into your bank, your check will bounce. If this occurs, it is crucial to record the bounced check in QuickBooks Online (QBO) to reflect this changes in your financial records. Additionally, you can also get in touch with your accountant for accuracy.
Moreover, you can check this article for further information on how to correctly apply payments to invoices using the journal entry method: Fix a payment applied to the wrong invoice in QuickBooks Online.
Furthermore, here's an article that you can use if you want to run reports for your business operations: Run a report in QuickBooks Online.
Lastly, you can take advantage of our QuickBooks Live Assisted, our team offers real-time assistance and provides guidance with any complication--from recording transactions to reconciliations. Let's enhance your financial management effortlessly.
Keep managing your payments smartly with QuickBooks Online. Please know that you can always revisit this thread if you need further clarifications with regard to reversing payments. We're here to help.
