How To Update A Company File In QuickBooks To Work Efficiently In The Newer Version

When you upgrade your QuickBooks to a newer version, then you must update your files to efficiently access all the information stored in the file. If you did not update files, it may cause compatibility issues and shows errors indicating an update issue.

In this blog, we will tell you how to update a company file in QuickBooks so that these files do not cause any conflict with the newer version of QuickBooks.

Table of Contents

Steps to Update QuickBooks Company Files

When you upgrade to a new version, it is essential to manually update your company files, as they do not automatically get updated. If you neglect to perform this update, you may experience errors and issues within the software such as this company file needs to be updated.

We have mentioned a complete guide that you can follow to update your old company files before moving them to a newer QuickBooks version.

Step 1: Prepare Your Company File

Open your current version of QuickBooks.
Access the company file you wish to upgrade.
Press F2 to bring up the Product Information window.
Look for the File Information section, and note the location where your company file is saved on your computer.
If your company files are stored on a server, then move them to your computer’s local hard drive for the update. After you open them in your new QuickBooks version, you can return them to the server.

Recommended to read : Fix QuickBooks Error Code 6123,0

Step 2: Update Your Company File

Important: QuickBooks Desktop 2024 and Enterprise 24.0 provide enhanced security. After upgrading, you’ll need to reset all non-admin users’ passwords to temporary ones. Non-admin users will be prompted to set new permanent passwords upon signing in.

Firstly, make sure that all users are completely logged out of the company file.
Open the new version of QuickBooks Desktop.
Go to File.
Select Open or Restore Company.
Choose Open a company file.
Click Next.
If you have a backup file (QBB), choose Restore a backup copy instead.
Locate and select your company file.
Then click Open.
If you have trouble finding the file, use the Windows Start menu and File Explorer to search for the file by name or .qbw extension. Ensure the file isn’t hidden if you still can’t locate it.
Sign in to the company file as the admin user.
Note: QuickBooks will automatically create a backup of your existing file. You can choose Change this default location if you want to save the backup to a specific folder.
Click Update Now.
Once QuickBooks completes the update, select Done.

Note: If the update fails and the file won’t open, restore the backup you created earlier and try the update again.

Once the update is successful, you can open your company file in the new QuickBooks Desktop version and move it back to the server if needed.

Conclusion

We hope that by following the above guide, you have learned how to update a company file in QuickBooks.