A payroll check was processed from the wrong bank account. How do I correct and adjust the balances of the two bank accounts?

Welcome aboard to QuickBooks Community, @eprman. 

We can go to your payroll setting to correct fix this issue. Let me show you how:

1. Go to the Gear icon and select Payroll Settings.
2. Click Preferences.
3. Select Accounting Preferences.
4. In the Checking Account drop-down arrow, select the correct account.

If payroll were posted to the wrong bank account, then you'll have the option to create a journal entry to transfer the funds to the correct bank account other than delete and recreate the paycheck or taxes in QBO.

To create a journal entry:

1. Select + New.
2. Select Journal entry. 
3. Fill out the fields to create your journal entry.
4. Select Save and close.

Reach out to your accountant if you need help with the associated accounts. 

You can check out the matching payroll payments on how to easily add and match journal entries to transactions from your online bank account. 

You can also refer to this article for your future reference: Manually enter payroll paychecks in QuickBooks Online. 

Stay in touch if you have any other questions. Please know I'm here anytime to help. Have a great rest of your day.

Are the amounts shown on a P&L report the actual cost to the organization for wages and taxes?

Thank you for reaching out to us, eprman.

I'll be glad to help you with your P&L report concern.

Yes, it is. The profit and loss statement is a financial statement that is a rundown of the revenues, costs, and expenses earned during a specified period.

You can also check on this article: Enter payroll paychecks manually in QuickBooks for more information about the P&L report.

We're always here in the Community to help if you have other questions related to the P&L report in QuickBooks. Stay safe!

I learned that paychecks can be paid from just one bank account. So I transferred the amount of the paycheck between accounts.

can u provide journal entry example to correct in books

Hi, I can adjust the past event by journals. The problem is when I corrected our bank account using preferences under payroll setting, there are still some journals under the previous, wrong account for future payroll. Do I need include them or just ignore them as they will be automatically adjust by QBO?

Thank you for joining the thread, @sullivanchan007. Let me point you in the right direction for help with your concern about payroll in QuickBooks Online.

You can contact payroll support by following the steps below:

1. Sign in to your QuickBooks Online company.
2. Go to Help (?).
3. Select Contact Us and enter your concern, then select Let’s talk.
4. From there you can choose a way to connect with us.

Add your transactions to the correct account and start reconciling. You can utilize this article to review your account, compare your statement, and review past reconciliations in QuickBooks Online.

Hit me up when you need further assistance with your payroll. The Community always has your back. Have a great day!

What would be the steps to this in QB desktop?

I know how important it is to ensure your payroll record is accurate, Bob French. I'm here to help you with that.

If your payroll check was processed in the wrong bank account, let me help you sort this out.

To start, let's correct your bank account for processing payroll in QuickBooks Desktop. I'd suggest following the steps below. 

1. In QuickBooks, select Employees, then Send Payroll Data.
2. Select Preferences to open the Payroll Service Accounts window.
3. Then, select your new bank account from the Pay Payroll Liabilities with drop-down menu.
4. Click OK.
5. Choose Send and then enter your Payroll PIN.

For more details, please see this article: Change your Payroll Bank Account.

Then, let's correct the payroll transaction by creating a journal entry. Here's how:

1. Go to the Company menu and then select Make General Journal Entries.
2. Fill out the fields to create your journal entry. Make sure your debits equal your credits when you’re done.
3. Select Save or Save & Close.

Before proceeding, please consult your accountant to ensure you've selected the correct accounts. If you don't have one, you can use our Find-an-Accountant tool to look for an expert near you.

Aside from creating a journal entry, you can also delete and recreate the transaction.

In case you'll want to reach out to our QuickBooks Support Team, please see this article for the detailed guide: Contact QuickBooks Desktop.

Additionally, I've included an article that'll help you view your payroll totals, including employee taxes and contributions. This helps you view useful information about your business and employees: Create a Payroll Summary Report.

I'm only a few clicks away if you need assistance with your other QuickBooks tasks, Bob French. It's always my pleasure to help you out again.

Try to merge two accounts by changing the wrong bank account to correct bank account.