Can you reverse a payment in QuickBooks Desktop in a NEW period?

It's possible to address the situation effectively, Awilp. I’ll guide you step-by-step in handling the mistakenly charged credit card payment, ensuring your actions do not disrupt or alter the financial data from previous months.

 As long as you do not delete the payment, it will not impact your accounting records. 

If the fee is processed through QuickBooks Payments, you can issue a refund back to the credit card your customer used dated on the current period. Here's how:

1. Sign in to QuickBooks Payments from QuickBooks Desktop.
2. In QuickBooks Desktop, select the Customers menu and pick Credit Memos/Refunds.
   
   
   
   
3. In the Customer: Job dropdown, select the customer you need to refund. Then, enter the products/services you need to refund.
   
   
   
   
4. When you're done, select Save & Close. This opens an Available Credit window.
   
5. Press Give a refund, then OK. If you want to give credit for future payments, tick Retain as an available credit and then OK.
   
   
   
   
6. In the Issue a Refund window, select how you want to refund the transaction from the Issue this refund via field. If you choose Cash or Check, click the account you're paying for the refund from. 
   
   

   For credit card payments

   
   

   a. In the Issue this refund via field, select the type of credit card you need to refund.
   
   
   
   

   b. Enter the credit card info, or select Swipe card and swipe the customer’s card.
   

   c. Select the Process credit card refund checkbox.

   
   
7. When you're ready, select OK.
   
   

QuickBooks processes the refund and handles all the accounting for you.

If the payment is manually entered, create a credit memo to refund the incorrectly charged customer.

1. Go to Customers and pick Create Credit Memos/Refunds.
   
   
   
   
2. Choose the customer and fill in other necessary details. Make sure the date you select is from the recent period.
3. Hit Save & Close.

Additionally, if you want to charge the right customer, you can proceed by creating an invoice. Then, receive payment to document the credit card charge for the correct customer.

1. Once in the Customer Payment window, select the customer's name from the Received From dropdown.
2. Enter the Amount Received.
3. Make sure the date is the current period.
4. Choose the payment method and enter the essential information.
5. Hit Save & Close.

The instructions above should provide you with a clear and effective way to allocate the payment to the correct customer's account, ensuring your financial records remain accurate and up to date. Properly managing these transactions is crucial for maintaining the integrity of your accounting system and ensuring that your financial reports reflect your business's true performance. If you have other questions or specific details you’d like to clarify regarding this process, please don’t hesitate to comment below. I’m here to help and make sure all your queries are addressed, Awilp.

Yes. To do this, create a credit memo and a credit card refund in the current period, and then charge the correct customer, also in the current period.

I'm only seeing the option to Edit Deposit, and not Edit Payment. 

That's because the instructions are wrong. Note in the screenshot that in the example data the Payment is deposited directly, which is not the normal case.

In any case, editing the payment will not reverse it, nor will it change the customer that was charged, nor will it change the card that was charged.