Has anyone closed a company in QB and had to get reports after the year mark? If so can you tell me how this was done?

It's good to see you here in the Community, @srudesal.

I'm glad to assist you today! Yes, once you cancel your QuickBooks Online (QBO) account, you have read-only access to your company file for one year. After this time period, you'll need to resubscribe to QBO in order to have access to your data, such as the P&L report.

Moving forward, I recommend that you export reports, lists, and other data from QuickBooks Online before cancelling your account. 

Feel free to read through this article to know more about the QBO cancellation process: What happens to my QuickBooks Online data after I cancel?

You can always go back whenever you need help handling your QBO data. Be safe!

I was told by Steven, the person I did a call with,  that even if I resubscribe that I would not be able to access the reports since it had been over a year. If this is not the case, what is the cost and can I cancel right after I get what I need?

It's good to have you back here in the Community, srudesal.

You can only access your data if you resubscribe within the year from your cancellation period. If you already exceeded the one-year viewing access, then we can no longer retrieve the data even if we resubscribe. This is because the system will automatically delete all the information a year after the cancellation. 

To learn more about what will happen to your data after the cancellation, refer to this article: What happens to my QuickBooks Online data after I cancel

You can always come back if you have further question about QBO. I'd be happy to help. Have a nice day!

What happens if a company is audited after a few years of closing the account and needing to provide reports to the auditor?  I find it hard to believe that a company like QB online does not have archived records.  I do have another company that I may switch to QB desktop at least there will be backups of all information.  

Hi @srudesal,

It would be beneficial to keep data permanently within QuickBooks Online. This way, you'll be able to keep a copy of your records for future purposes.

It's a crucial task that every business would need to secure for tracking cash flow and other information. Allow me to chime in and share some information about our product.

Unlike QuickBooks Desktop, QBO is a cloud-based version of accounting software. We back your data up with the same level of security used by banks and financial institutions online.

That's why there's a limit to storing your data for one year after you cancel your subscription. As a workaround, export your reports and lists to your local hard drive.

Also, I recommend sending feedback about this directly to our product engineers. We constantly provide updates, and they might consider making changes to the feature in the future.

Here's how:

1. Click the Gear icon in the upper-right corner.
2. Select Feedback under Profile.
3. Share your feedback.
4. Hit Next to submit.

With the Online version, we keep your data safe and secure. To learn more about how it works, I've included this article: Do I need to back up my data with QuickBooks Online?.

Keep us posted if you need anything else regarding using our QuickBooks products or acquiring data. I'll be right here to lend a hand. Have a great day.

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@srudesal wrote:

I do have another company that I may switch to QB desktop at least there will be backups of all information.  

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@srudesal 

Please note, you can only purchase the new license for QB Desktop 2023 Pro Plus and Mac Plus through selected partners/resellers at this time.

Thank you for your input.  

You're very much welcome, @srudesal.

We are pleased to help you with your QuickBooks concerns.

Please feel free to post if you need assistance again. The Community is always here to help you out. Have a great day!