QB Issue Resolution:

I can understand the need to keep transactions associated with closed accounts.

Bank accounts can be disconnected from QuickBooks Online without being deleted. Transactions for a disconnected account will still be available. This is the help file that relates to disconnecting an account:

Should you need to disconnect an account from downloading transactions, here’s how:

You can delete (disconnect) an account’s connection, which stops QuickBooks Online from downloading your transactions from your financial institution. You can set up a new connection, if needed, for any accounts you disconnect.

You can also completely delete an account from QuickBooks Online. But exercise caution! You can’t restore a deleted account, and it may have unintended consequences. If you’re unsure, check with your accounting professional before deleting an account.

To disconnect an account:

From the Transactions > Banking, select the account you want to change, and then click the pencil icon in the blue box next to the bank name.
Select Edit Account Info
On the pop up box click the checkbox that says Disconnect this account on save, click Save.
After Save this will drop you back to the Downloaded Transactions page.

To delete an account:

Be sure you understand the consequences of completing deleting an account.
From the Gear Icon > Chart of Accounts, highlight the row of the account you want to delete by clicking it once, and then click the Delete button at the top right.
Confirm that you want to delete the account, and then confirm again.
Choose Transactions > Banking to return to the Downloaded Transactions page.

With that info you can cancel the account and disconnect it from the downloaded transactions page.

Resolution for Issue 'Closed business accounts – are transactions still recorded?' available: Yes (Solved).
Source: Intuit Community forum.

Closed business accounts – are transactions still recorded?: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.

Support for Banking
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