How to Avoid Quickbooks Subscription Fees?

Hector on 31/07/2022 - 11:40
Last edited 31/07/2022 - 13:06 by 1 other user

I have a Pty Ltd. I use Quickbooks online to manage day-to-day transactions and invoices, etc. This next financial year I shouldn't have any invoices, very few expenses, but a desire to keep the company "running". I don't want to pay $444/year to Quickbooks for the privilege to do nothing.

Intuit makes it hard to export data (just as excel), and important I don't quite trust. They do something interesting where they keep your account dormant for a year.

Has anyone cancelled the account, and then re-opened it next year to catch-up all transactions (for income tax and reporting purposes?)

Any other advice to avoid paying for no service?

• 

  bemybubble on 31/07/2022 - 11:53

  +1

  Unless you need STP and payroll - just cancel it - spreadsheet your expenses - and start from scratch again the following year. But before you do confirm with your accountant that they are OK with that as they might want to extract info before burying…

• 

  Sonnyjimbo on 31/07/2022 - 12:10

  +1

  I've used clients' QB online even after defaulting on payment and resubbing - the data stays - not sure how long. Might have to ask them.

  Otherwise just print a "General Ledger" report for the last financial few financial years (if applicable). Sure it's PDF, not sprdsht data you can manipulate or import later but enough for reference and tax.

  This way you'll have a transaction record listed by account name/number and if you are up to date with bank reconciliations, save a copy of the ones for June/July.

  Then cancel your sub and come back later. If things stay simple, as bb said - use a spreadsheet.

• 

  kipps on 31/07/2022 - 12:17

  +1

  Any other advice to avoid paying for no service?

  Have you considered using something like Gnucash rather than Quickbooks?

  • 

    Hector on 31/07/2022 - 13:14

    that's what I'm thinking about.

    I thought about forcing importation which is hard.

    The beauty of financial years I suppose is you can start from scratch quite easily from 1 July…