clearing account suddenly has beginning balance

Allow me to help you have this sorted out, michael.

I appreciate you for taking the time to pull up a report. Since you already have one, you'll want to check all the associated transactions from that report so you will be able to determine if the transaction is valid or not. 

However, leaving it as it is or deleting it is not applicable. If you do not know what to do with all those transactions, I'd recommend reaching out your accountant. They'll be able to provide the best course of action for your business and keep your books accurate.

For additional details and tips, feel free to check out these resources:

• Reconcile an account in QuickBooks Online.
• Learn how to review your beginning balance and look for issues for accounts you haven't reconciled b....

Please post again or leave a comment in this thread if you have additional questions about opening balances or anything else. I'm always ready to lend a hand. Keep safe.

Interesting point is when I run a balance sheet report showing totals only, the clearing account shows a zero balance, but when I run the report by Customer, the customer that is associated with the clearing account shows this balance.  If I drill down on the balance, it is identified only by "Beginning balance".  No other transactions make up the value shown.

Hello there, Michael.

I'm here to help you check the reason of getting a different balance when running a report by customer in QuickBooks Online.

You mentioned that the clearing account shows a zero balance, while the report by customer doesn't match.

I recommend comparing your balance sheet against Accounts Receivable summary report. Review if there are payments not applied or not linked to an invoice.

Also, you can read these articles about fixing a balance sheet that's out of balance and writing off customer and vendor balances.

• Fix a Balance Sheet that's out of balance
• Write off customer and vendor balances

For future reference, I'm adding this article to guide you in reconciling account in QuickBooks Online: Reconcile an account in QuickBooks Online.

Don't hesitate to comment below if you need further assistance in your bank accounts in QuickBooks Online. I'm always here to help. Have a great day.