Converted to a new accounting system from QBO. What QBO data do I need to keep in the event of an audit?

Here is a list of reports I recommend to have it on record (export to excel, or save as pdf) before canceling the QBO subscription:

  1. General Ledger (All Dates). Depending upon the file size limits, it may need to be downloaded in batches.
  2. Trial Balance by Fiscal Year Ending
  3. Bank Reconciliation Reports (for last three months)
  4. A/R Aging Report
  5. A/P Aging Report
  6. Open Invoices to match A/R Aging Report
  7. Open Bills to match A/P Aging Report
  8. Profit and Loss by Fiscal Year
  9. Balance Sheet by Fiscal Year Ending
  10. Sales Tax Liability Report (+ Taxable Sales Detail and Summary)
  11. Contact List (Vendor and Customer)
  12. Chart of Accounts

Note: Even after QBO cancellation, you will still have access to company file for a year. Just make sure the account is canceled, not suspended.

What are the specific reports available in Simple Start version of Quickbooks Online

Simple Start plan may be the best value for the bucks if your business just needs to sync bank accounts to the QuickBooks, categorize transactions and generate Profit and Loss, Balance Sheet and other basic financial reports.

These are the built-in standard reports available in Simple Start plan (June 2018).

Business Overview (12 reports):

  • Audit Log
  • Balance Sheet Comparison
  • Balance Sheet Detail
  • Balance Sheet
  • Profit and Loss as % of total income
  • Profit and Loss Comparison
  • Profit and Loss year-to-date comparison
  • Profit and Loss by Customer
  • Profit and Loss by Month
  • Profit and Loss
  • Quarterly Profit and Loss Summary
  • Statement of Cash Flows

For General Ledger (GL) and Trial Balance, see below under “For my accountant” section.

Who owes you (6 reports):

  • Customer Balance Summary
  • Accounts Receivable aging summary(1)
  • Collections Report
  • Customer Balance Summary
  • Invoice List
  • Open Invoices
  • Statement List

(1) TIP: Notice there is no A/R Aging Detail report on the list. From A/R Aging Summary report > click grand total amount link under “TOTAL” column. It will take you to the A/R Aging Detail report. The only difference is in higher plans is you can further customize this report.

Sales and Customers (6 reports):

  • Customer Contact List
  • Deposit Detail
  • Estimates by Customer
  • Product/Service List
  • Sales by Customer Summary
  • Sales by Product/Service Summary

Expenses and Vendors (4 reports):

  • 1099 Transaction Detail Report
  • Check Detail
  • Transaction List by Vendor
  • Vendor Contact List

Since there is no Accounts Payable feature in Simple Start plan, Accounts Payable (A/P) report is not available.

Sales tax (2 reports):

  • Sales Tax Liability Report
  • Taxable Sales Summary

Employees (1 report):

  • Employees Contact List

For my accountant (12 reports):

  • Account List
  • Balance Sheet Comparison
  • Balance Sheet
  • General Ledger
  • Journal
  • Profit and Loss Comparison
  • Profit and Loss
  • Recent Transactions
  • Reconciliation Reports
  • Statement of Cash Flows
  • Transaction List by Date
  • Trial Balance

Manage Payroll:
(Once you are subscribed to the Intuit Payroll service, you should see the following reports)

  • Time Activities by Employee Detail
  • Recent/Edited Time Activities
  • Payroll Summary
  • Payroll Tax Liability
  • Payroll Tax Payments
  • Payroll Billing Summary
  • Payroll Details
  • Employee Details
  • Payroll Tax and Wage Summary
  • Workers’ Compensation
  • Total Payroll Cost
  • Payroll Deductions/Contributions
  • Paycheck List
  • Total Pay
  • Vacation and Sick Leave
  • Retirement Plans
  • Multiple Worksites
  • Employee Directory

My Custom Reports
You can customize many of the built-in reports and make it your own reports. Set up to automatically distribute by email. Awesome!

Management Reports
Professional set of ready-to-use management reports as prepared by accounting firms. Also, an ability to add additional built-in reports to the management reports. You can’t automate the reports at this time.

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