So then if we have to get electronic signatures on our cheques (my manager said that was a must), does that mean we have to switch to quickbooks desktop instead? (If so, we opened our account about a month ago, but we do have some transactions in it, would it be easy to switch)?

Also would quickbooks desktop be able to generate EFT payments? 

I've also heard that quickbooks online can only save records for the past two years, is this correct? If so, then how many years can quickbooks desktop save records?

Thank you for your time in answering my questions!