A high balance in Accounts Receivable (A/R) within QuickBooks Online (QBO) suggests that payments have not been applied correctly to their respective invoices.
Please check if you have open invoices and look for matching positive invoices and negative payment balances for the same customer that haven't cleared each other out.
Here's how to check it:
Sign in to your QBO account.
Go to Sales.
Click Invoices.
By doing so, you will see the status of each invoice.
Kindly review your bank transactions to identify any duplicates or transactions that were not entered into QuickBooks Online (QBO).
If you find any incorrect entries, you can remove them and then recheck your AR to ensure the balance is accurate.
Please respond to this post if you have additional questions about your QBO transactions.
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