Are you trying to make it display 723 feet deep? I think I'm confused as to what the 723 number is. Depth or elevation?
You need three variables. 1. Normal full pool elevation of the body of water, (or a number to use for a baseline level). 2. How far up or down the water was from the normal full pool elevation when you recorded the data. 3. The current water elevation, or elevation you want to use for your map.
So, say the elevation of the lake when full is 100 feet. On the day you recorded data the elevation was at 80 feet, down 20 feet. For that data, when you first import it, you edit the water level in the edit window for each track and add 20 feet to it, so that the data reflects what the depths would be at 100-foot lake elevation.
Now, its time to make a map project. Today, the lake is now at 70 feet. That's 30 feet down from our 100 feet baseline. So in the project settings window, you set the "Water Level Offset" to -30 (negative 30) because the lake is 30 feet lower than our 100 foot baseline. Remember that above, we adjusted our data to the 100 foot baseline, where it will always be saved. That's why we use -30 for the offset.
Your map will now reflect accurate depth when the lake is at 70 feet. Just change the numbers for your body of water. The beauty of this system is that you can create a map for any lake elevation you want using the same data since every track is corrected to the baseline full-pool level first, and saved on your computer (and backed up!) forever.