1. Unapply the payment from the advance deposit. 
  2. Delete the unposted advance deposit payment  or Void the posted advance deposit payment  
Note: This will create a reversing entry for your advance deposit application that will hit the General Ledger to wash out the Liability account that will need to be posted before deleting the advance deposit.
  1. In Administration, Post, post the advance deposit reversal
  2. On the student's Activity tab, select Scheduled Activity from the View drop-down menu. 
  3. Select the advance deposit and click Delete.
Note: If the advance deposit has been generated, refer to How to delete a partially generated advanced deposit
  1. Recreate the payment for the correct record, re-adding the advance deposit  from the payment.