A lot of accounts on balance have incorrect balances how can fix this problem can you use a journal.entry to rectify this with my bank balances they are way out

I can see that it is important to keep the accuracy of your books to come up with a correct estimated future income and expense for your business.  I have a way to narrow this down so you can fix the incorrect account balances on the Balance Sheet, Maags.

The total assets should match your total liabilities on your Balance Sheet. In QuickBooks Online (QBO), if there are discrepancies in your balance for already almost a year, the simplest way to fix this is to reconcile your bank transactions to ensure they are added to your matches together with the bank statement. This is one of the most effective tools to identify those transactions that are incorrectly posted on a specific account.

Another way is to run the Balance Sheet report or use any other financial reports and manually drill down each transaction that causes the problem.

However, if you're still unable to locate the discrepancies, you can use journal entries to move money and balance your books. However, I still suggest reaching out to your accountant to guide you on what accounts to use. To create one, you can follow the steps below:

1. Click + New.
2. Select Journal entry.
3. On the first line, select an account from the Account field. Depending on if you need to debit or credit the account, enter the amount in the correct column.
4. On the next line, select the other account you're moving money to or from. Depending on if you entered a debit or credit on the first line, enter the same amount in the opposite column.
5. Check the amounts - you should have the same amount in the Credit column on one line and the Debit column on the other. This means the accounts are in balance.
6. Enter information in the memo section so you know why you made the journal entry.
7. Click Save and new or Save and close.

Additionally, learn how to review and edit your opening balance if you added older transactions. I've added this article for your reference: Reconcile Transactions that are Older than Your Opening Balance in QuickBooks Online.

Post your reply below if you need further assistance with incorrect balances. Please know, we're always here to help you and get you covered. Have a nice day ahead!