Hello rmcintyre!
The Banking feature in QuickBooks Online allows you to download and categorize the transactions from your bank. Allow me to help you in categorizing them.
Yes, you can exclude the downloaded transactions. From the Banking page, select the transactions you want to exclude by putting a checkmark in the box before the Date column. Then, tap Exclude.
However, please note that QuickBooks Online won't automatically create nor replace these transactions with a journal entry. You'll need to create one and the steps are in this article: Create a journal entry in QuickBooks Online. If you need help in creating a journal entry, I suggest you reach out to your accountant since it can affect multiple accounts.
I also added this link if you need detailed steps in balancing your books: Reconcile an account in QuickBooks Online.
Leave a comment below if you have other concerns. Take care!
