QB Issue Resolution:

Not unless you are willing to create a new file for 2017 and enter starting balances.

Even if you went through last years transactions and deleted each one – which would change last years financials, the audit log would show that.

And keep in mind if you do that, there is no user back up for the previous file, it will be deleted in one year if you cancel the account.

The only real option to get all your data for archiving against a future audit is to have an accountant log in and print or export to excel the general journal. (Or invite yourself as the accountant, create the log in, and log in as the accountant so you can use the accountant tools.) Due to QBO’s limited data handling capability that will probably have to be done in date segments. Of course that may not help in the event of an IRS audit since they have stated that the actual software data file is what they want, and an excel spreadsheet is not satisfactory.
(Note: simple start does not have a true general journal report at all.)

QBO data handling capability for reporting is not adequate, if there is more than 5K records it times out and reports that you have too much data.  You will have to do a journal report in date range segments, like Jan-Feb, Mar-Apr, etc etc.
How many months you can span per report is a guessing game since the report can not deal with more than 5K transactions.

Resolution for Issue 'Is there a way to delete the transaction history for all inventory items?' available: Yes (Solved).
Source: Intuit Community forum.

Is there a way to delete the transaction history for all inventory items?: 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.

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