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To delete a transaction in QuickBooks, first, the user needs to close their main company file and open a sample file to avoid any unintended changes to real transactions. Upon opening an older company file, QuickBooks prompts for an update to the 2019 version. Once in the sample file, the user adjusts the view by hiding the icon bar and accessing the open windows list. They create a mock bill for $1 million, labeled as advertising. To delete a transaction, they need to locate the specific transaction, which follows a process similar to modifying a transaction. The tutorial continues detailing the specific steps for deletion.