If client closes business - what are options with QBO file ( as need to keep records for ato purpoes 5 years)

Your client has the option to export their data in order to maintain a record of their files, nealeb.

After canceling their QBO subscription, they will have read-only access for one year. During this period, they can log in to review previous financial records, generate reports, and export or print any necessary data. You can provide the following steps to help them export their QBO data.

1. Go to the Gear icon and select Export data.
2. Choose the reports and lists you want to export. Set the date range to cover the entire period your business was active.
3. Click Export to Excel.
   
   

By following these steps, you can ensure compliance with ATO regulations without paying for a QBO subscription for a closed business.

As always, you can click the reply button below if you have additional questions, and we are here to offer assistance.