Can I delete an incorrect payment after it has been deposited?

Yes, you must remove the bank deposit from the Chart of accounts before deleting the incorrect payment.

Here's how:

1. Go to the Gear icon in the upper right corner.
2. Under YOUR COMPANY, select Chart of accounts.
3. Find the bank where you deposited the payment.
4. Click Account history.
5. Locate and click on the Bank Deposit transaction that includes the incorrect payment.
6. Click Edit to open the deposit details.
7. Uncheck the box next to the incorrect payment to remove it from the deposit.
8. Click Save and Close.

Once done, go back to the Sales transactions page and remove the payment error.

For step-by-step instructions on making bank deposits and deleting a bank deposit in QuickBooks Online, see this guide: Record and make bank deposits in QuickBooks Online.

I hope this helps you get your books straightened out smoothly. If you have any questions or need help with any other steps along the way, please don't hesitate to reach out. Have a wonderful rest of your day.

No. Once a payment has been deposited, you generally shouldn’t delete it directly. Instead, record the correction using the appropriate reversal or adjustment, and reconcile the bank account to keep your records accurate. The exact steps depend on your accounting software and the type of payment.

Monthly reconciliation beginning balance issues usually occur when previously reconciled transactions are changed, deleted, or entered incorrectly. Review the reconciliation discrepancy report, verify the opening balance against the prior month’s ending balance, and correct any discrepancies before reconciling again.

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The steps from the QuickBooks Team reply are the right way to do it. One thing to check first: open the bank Account history and look at the reconcile column (R) on that deposit. If it's already reconciled, removing the payment changes the deposit total and will throw off that reconciliation, since the deposit should still match what the bank actually received. In that case, fix the deposit so its total stays the same (for example, add the correct payment or amount as a line) before you delete the wrong payment.

If the deposit isn't reconciled yet, just uncheck the payment, save, and then delete it from Sales transactions. Was the deposit already reconciled?