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deejoseph
Level 1

I am closing my business and need to also close my Quickbooks account as it is an expense I don't need. What reports should I save for 5 years beside P&L? No payroll.

I am a sole trader so don't have payroll to worry about. I did not keep a lot of paper receipts as I scanned them all into Quickbooks. Do I need to save these somehow?
1 Comment 1
IntuitSheila
Level 8

I am closing my business and need to also close my Quickbooks account as it is an expense I don't need. What reports should I save for 5 years beside P&L? No payroll.

Hi deejoseph,

 

Thanks for posting in the Community!

 

It's recommended to export your reports and list in QuickBooks Online prior to closing the subscription. You'll have 1 year read only access to your file from the cancellation date. Know that we delete data from unused accounts after one year. So be sure to export data for back up purposes. Let me guide you how to export reports or list:

 

  1. Go to Settings ⚙.
  2. Select Export data.
  3. On the Reports tab, set the date range.
  4. Add or remove items from the Reports and Lists tabs by turning the switch on or off.
  5. Select Export to Excel.

 

You'll be prompted with confirmation that the data has been exported.

 

When you're ready to cancel your subscription, you can follow the steps below.

 

  1. Open a web browser on your computer, not a mobile device.
  2. Sign in to QuickBooks Online as the primary or company admin.
  3. Go to Settings ⚙ and select Subscriptions and billing.
  4. In the QuickBooks section, select Cancel subscription or cancel online.
  5. Follow the on-screen steps.

Drop by again in the Community if you have further concerns with your QBO account.