I have data in the year 2020 which I do not want to use. I want to start entering fresh data for 2021 with new opening balances. Can I do that and how do I do it?

Welcome to the Community, @mark-yarney-bsys.

I'll be happy to share some insights about deleting the previous year's data and enter new data for 2021 with zero opening balance.

If your account is less than 60 days old and you're using QuickBooks Simple Start, you need to cancel your account and start a new company. Follow the same process for more than 60 days old.

For higher plans less than 60 days old, you can delete your company data. Create a new account then, you can enter the data you want to keep.

To know more about deleting and starting a new company file, refer to this article: Delete your data and start over in QuickBooks Online.

Additionally, these articles can help you in setting up your new account and moving to another company file:

• Get started and adjust settings after you sign up for QuickBooks Online
• Move your lists to QuickBooks Online

I'm always here to help if you need more help in deleting data and starting from scratch. You can leave a comment below.

@mark-yarney-bsys 

Consider purchasing a new blank QBO account instead and cancel your old one.

https://quickbooks.grsm.io/EU

Thanks and grateful for the suggestion 

Thanks...will explore it and see how it works