In this situation, when we create a transaction by mistake, we need to delete it as soon as possible otherwise, it can affect the account balance, and finance report, and can decrease the trust rate of our business. So we need to know the procedure to delete the transaction. If you are a QuickBooks Online user, and also facing the same problem then we can say that you are very lucky because here in this article you can know how to void or delete transactions in QuickBooks Online.
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Before proceeding with the procedure we want to inform you that, this procedure is not only to void or delete transactions in QuickBooks Online, but also for the invoices, expenses, and others. So you can follow the same procedure to delete invoices, and expenses in QuickBooks Online.
Procedure to Void or Delete Transactions in QuickBooks Online
Here below we have provided the procedure to void or delete transactions in QuickBooks Online, you just need to follow two steps to complete this procedure. Then start the process to void and delete transactions.
Step 1: Decide Whether to Void or Delete the Transaction
Time to Void a Transaction
This process is best to delete the transaction instead of deleting it in most cases. In this way, the transaction does not affect your account balance or report, but you always have a record of it. It is an important part of good accounting.
Note:- QuickBooks has not zeroed any payments that you have recorded for the invoice that if you void an invoice. You can apply the payment to a separate invoice.
QuickBooks has a few transactions that you cannot void, and that is estimates, deposits, seller credits, purchase orders, late fees, or delayed credits. You cannot zero bills, but you can zero bill payments.
Time to Delete a Transaction
Only delete a transaction if you are sure that you do not need its record. When you delete a transaction, you completely erase it from your books. It will not appear anywhere in your report or your accounts. You can use your audit log to retrieve some details, but you cannot recover transactions.
You can delete any type of transaction in QuickBooks. If you are still not sure whether to make or delete a transaction, reach out to your accountant. If you do not have one, we can provide you a ProAdvisor that can help you for improving with your queries.
Step 2: Void or Delete the Transaction
When if you want to decide to void or delete a transaction, then here’s we will provide the details on how to do it:-
- Firstly, go to the Sales or Expense menu.
- And, you need to find and open the transaction.
- After that, review the transaction. And then make sure that you need to void or delete it.
- If you want to include the void or delete data, then you can add a note to the Memo or Message section.
- Select More in the footer. Then select Void or Delete.
- Then, click on the option of Yes to confirm this.
You can only void one transaction at a time. And since once you can change is permanent, then the QuickBooks limits how many you can void to prevent mistakes.
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Hope you like this article, and have the knowledge to void or delete transactions in QuickBooks Online. This method will help you a lot to manage the finance report. So follow it carefully, you can also get our ProAdvisor support, if you need help regarding this topic. We are always with you to help you.