1,411 votes287 comments · QuickBooks Online Feature Requests » Homepage · Flag idea as inappropriate… · Admin →
2,973 votesunder review · 178 comments · QuickBooks Online Feature Requests » Import/Export · Flag idea as inappropriate… · Admin →Hugues commented
Or at least give an option to do a snapshot that is stored on your side. Then we can restore to that point in case we want to try some transactions or something goes wrong on our side. That way we don't have our data to run to the competitor, so we are still locked here, but we have the flexibility of doing our non-downloadable snapshot and going back to a point in time.Hugues commented
Basically in Canada CRA have requirement that you must comply with. You are responsible to choose a software that respect those requirement.
"Persons who keep records in an electronic format are required to retain them in an electronically readable format for a period of six years from the end of the latest year to which they relate. This means that a person must retain the electronic records even when hard copy is available."
So basically with QBO if you close your business you must keep paying your subscription for 6 yrs to keep the data available. Exporting to Excel if you loose the justification document (receipt that you attach in QBO) will not be enough for the CRA: "Persons using electronic records must retain all business records in an electronically readable format and the data must be capable of relating back to the supporting source documents. "
You must also be able to provide them with a copy of your data:
"Accessible copy means that the person must provide a copy of the electronic records in an electronically readable and useable format to the CRA auditors to permit them to process the electronic records on CRA equipment."
More information on the link above.