Update Company File in QuickBooks to the Latest Version

Have you recently upgraded to a newer version of QuickBooks? When transitioning to a higher version, it’s critical to ensure your company file remains compatible to access your data without issues.

However, you may encounter errors such as:

“QuickBooks company file needs to be updated.”
“QuickBooks Desktop requires an update to your company file.”

In these cases, updating your QuickBooks company file to the latest version is essential for compatibility and smooth operation. This detailed guide provides step-by-step instructions to help you update your company file successfully.

Learn How to Update QuickBooks Company File to a Newer Version

The steps below allow you to access your financial data and perform accounting operations. Without updating, the old company file cannot be recognized or accessed in the new QuickBooks version.

Prerequisites to consider

• Create a company file backup in QuickBooks
• Make sure all users are signed out and you have administrator rights
• If there are any issues, consider verifying and rebuilding your data

Step 1: Prep your company file

For a successful company file upgrade, you must ensure the data file is prepared and you have all the information gathered to activate it.

• Launch the original version of QuickBooks not the workstations.
• Open the company file that you want to update.
• Open the Product Information window by pressing the F2 key.

• Scroll down to the File Information section.
• Now, note down the location where you to save the updates company file on your computer.

Read More- QuickBooks Crashes When Opening Company File

Step 2: Update your company file

• Make sure every user is signed out of QuickBooks (server and workstations).
• Now, open the new version of QuickBooks Desktop.
• Navigate to the File menu and select Open or Restore Company.

• Hit on Open a company file, then Next.
• In case you already have the backup copy of your company file (QBB) instead of a company file (QBW), select Restore a backup copy.
• Look for the original company file and select it. Then, click Open.

• Now, sign in to your company file as an admin.

Optional: QuickBooks Desktop automatically creates a company file backup of the existing file. To save the backup in any specific folder, you can select Change this default location.

• Hit on Update Now.
• Once the process is complete, select Open.

Now, you can finally open your company file in the newer version of QuickBooks Desktop. In case you host your company file on the network, you can move them back.

Summary

This guide has outlined the essential steps to update your QuickBooks company file, ensuring compatibility with the latest software version.

We hope your company file is now functioning seamlessly with the current version of QuickBooks and that you can access it without errors. If you encounter any challenges or need assistance with the upgrade process, don’t hesitate to seek expert help. Contact a QuickBooks ProAdvisor today by calling our toll-free number +1-866-409-5111 for personalized support!