How can I clear the books from last year to start fresh on QBO, specifically for initial inventory values and A/R balances for customers?

I can share some information on a fresh start within QuickBooks Online, @chemguy.

If your books are 60 days old or older, you need to cancel your account. This won't delete your data so you need to set up a new company to start over with new books.

But, if your books are less than 60 days old, deleting your company data will not cancel your QuickBooks or payroll subscriptions but will completely clear out your book. You just need to reenter your employees and historical data.  

I'm sharing an article that articulates the steps you need to take to start over in your QuickBooks account: 

Delete your data and start over in QuickBooks Online.

If you have follow-up questions on this process, just leave a comment below and I'll get back to you. Have a wonderful rest of your week! 

@chemguy 

If you are using QBO Simple Start or your account > 60 days old, you should open a new account and cancel the old one.

https:// quickbooks.grsm.io/US

https:// quickbooks.grsm.io/us-promo

My records are old and out of date, especially receivables that show up that are way wrong.

@tonybalognie 

You should cancel your account and open a new blank one as I mentioned earlier.