QB for US has a Condense Utility. You select, for example: from Dec 31, 2013 and older, and it makes Generic JE as monthly, and this removes Transactions, releases Names, Items and Accounts from being in use, if you want the program to delete them once they are no longer needed. There is some housekeping to do, for it to be Efficient.
You also can use ES Accountant to make a Period Copy, = pull out only 2014 to Current.
It really depends on the lifecycle of your projects. My custom log home projects that last 2-3 years means I always keep the most current 5 years, doing any Condense.
Yes, whatever you use, you need to confirm all balances and payroll data is intact.
