This is not good news. I used the UK QB Online for an international charity in Sweden, and they needed to stop using it as the audit trail did not meet legal standards. The verification number / transaction number trail that is easy to see in the Desktop version was not possible in online. (OK, this was 4-5 years ago).

Transferring to US Desktop system is also a nightmare as the files are not compatible. 

So - it will be like starting again. And, if you are starting again, I would go to another company as QB USA seem to be locking the Desktop version into annual licensing (for now)....

After 25 years of using Quickbooks (UK and US versions)... the clock is running and Intuit seem to have lost the plot.

/Mike