Hi. This is more a general accounting question. I recently sold my business and now continue as an associate/consultant, and my Quickfile bookkeeping data is much simpler. How long should I keep the older Quickfile data online? Previous accounts have been written up and submitted and I do have backups (cvs files from Quickfile backups) of the old Quickfile data. Is that sufficient or should I keep the old data online? Stephen
Hi @smorlans
According to gov.uk:
You must keep records for 6 years from the end of the last company financial year they relate to, or longer if:
- they show a transaction that covers more than one of the company’s accounting periods
- the company has bought something that it expects to last more than 6 years, like equipment or machinery
- you sent your Company Tax Return late
- HMRC has started a compliance check into your Company Tax Return
I would try to keep these in the best form for access just incase someone should wish to query the data in the future. Keeping them in your QuickFile account is probably best in this case, although the choice is yours.
Regarding the archiving of data - invoices (sales and purchases), as well as estimates, can be archived by selecting them using the checkbox on the left hand side on the overview screen, clicking More Options and selecting Archive Selected. This moves them to an archived section, which can be accessed by selecting “Archive” at the bottom: