Who would not prefer an improved upgrade? Everybody’s eyes are on features that can improve their business process. While working with QuickBooks, it’s essential to update it as per the latest version to avail new & advanced features. Along with that, you also need to update QuickBooks company files. Else, you won’t be able to access it on the newer QB version.
However, there are different scenarios under which you have to upgrade your company file. Such as, when you are switching to a different QB version (Pro, Premier, Enterprise). Or when you start to use the latest version of QuickBooks, for instance, if you plan to use the QBDB31 in place of QBDB29, then you have to update your file along with the software.
However, you don’t need to update your file if you want to switch from one edition to another of the same QB version. Once you know when to update the file, let’s go ahead and discuss the various factors that you must take into consideration while updating your company file.
What Factors Must You Consider Before Upgrading QuickBooks Company File?
Before you go ahead and update your company file as per the updated QuickBooks Desktop software, there are 5 factors that you must take into consideration:
- If you are using QuickBooks Desktop Enterprise, then you won’t be able to convert your company file in other QuickBooks versions like QuickBooks Pro and premier.
- No user in the network should be allowed to access the file when it is under update. However, the update may take some time, depending on the file size.
- If the company file is stored on a different workstation or hosting server, then you are advised not to update it. To update, you must transfer it to the local computer and copy it back to the other workstation.
- Before you update the QuickBooks company file, make sure you are logged in as an admin user in QuickBooks. If, in case, you have no idea of the user account access, then get in touch with your QuickBooks administrator to update the company file. You may also ask to provide you the user account with admin rights.
- If you are using an older version of QuickBooks on a different computer, then you have to create a backup copy of the company file on that particular computer. As you won’t be able to access the company file on the older versions of QuickBooks Desktop after updating it.
Preparation Steps to Consider For Smooth Updation Of Company File
Before you try to update the QuickBooks company file, you must check the data for errors to avoid any issues during the update process. Here, we have listed some of the factors that you must consider before updating the company file.
- You have to create a portable company file.
- Don’t use alphanumeric characters while naming your company file.
- To avoid any issue related to data security, you have to reset the admin password & password hint.
- Besides, you also have to rebuild & verify your company data for a smooth update.
Also, You must sort these lists for an error-free file updation:
- Vendors, Employees & Customers: Click on the icon on the top to go to their respective lists. Then, go to view, followed by a re-sort list.
- Other names: Go to List> Other names list>View >Re-sort list
- Items: Click on list> item list> account> Re-sort list
- The chart of accounts: Firstly, go to the chart of accounts followed by account & Re-sort the list.
How To Update A Company File In QuickBooks?
Below we have listed all the steps that would help you to update the QuickBooks company file so that you can access it in the latest version of QuickBooks Desktop (Pro, Premier, or Enterprise). However, while upgrading to the latest version of the QB desktop, it’s essential to update the company file as well. Moreover, follow the below-given steps to make your older company file work in the latest desktop version:
Note: There is no need to upgrade your company file if you are switching QuickBooks to a different edition (Pro, Premier, Enterprise).
Step 1: Install QuickBooks
- At first, you have to sign in to Windows as an admin user.
- Then, download the latest version of QuickBooks Desktop.
- To install the latest version, you must follow the below-listed steps:
- To begin, open the QuickBooks.exe file.
- Now, follow the instructions that prompt on your screen. Accept the software license agreement and click on Next.
- Lastly, enter the Product and License numbers and select Next.
Step 2: Prepare your Company file
Before you start to update the QuickBooks company file, it’s important that you prepare your file for the same. It will keep you away from any issue that might occur during the update process. Here, we have mentioned some of the steps that you must follow before updating your file:
- Firstly, open the QuickBooks version that you are using currently. Then, open the company file that needs to be upgraded.
- After that, open the Product Information window by pressing the F2 key.
- Then, go to the File Information section and note where you have saved your company file.
- To prepare your file for the upgrade, you must run the Rebuild Tool.
Important: To keep your company files on the server, you must move them to the computer’s local hard drive. Transfer the files back right after upgrading them.
The next section will help you know how you can update your prepared company file to the latest version of QuickBooks.
Step 3: Upgrade your Company file
If you have updated your QB software and are trying to open your company file in the updated version, then you have to update the QuickBooks company file. Else, you won’t be able to open the company file in your original QuickBooks version after upgrading it. Below we have listed all the steps you need to follow if you want to update your company file to a newer QuickBooks version.
- At first, you need to make sure that all users are logged out of your company file.
- Then, open the new version of QuickBooks Desktop.
- If you haven’t opened the company file, then select the option Open or Restore Company. You may also navigate to the File menu and select Open or Restore Company.
- After that, select the option Open a company file followed by Next.
- If you have a backup company file (QBB) instead of a company file (QBW), you need to select Restore a backup copy followed by the local backup option.
- Further, browse the computer for your company file. Select and Open the file.
Note: If you are unable to find your company file, then click on Windows followed by File explorer. There, search for the required file with its name or .qbw file extension. Make sure that your file is not hidden, else you won’t be able to find it.
- After that, you must sign in to your company file as an admin user.
- QuickBooks creates a backup of your existing company file on its own before you upgrade it. If you want to save the backup file to a specific location, then you can select Change this default location.
- To begin the upgrade process, select the Update Now option.
- Once the QB completes the process, click on Done.
Once you have upgraded your file successfully, it will be easier for you to open the company file in the latest version of the QB desktop. Also, it will enable you to save your company file on a server.
Step 4: Update QuickBooks Desktop
By updating QuickBooks, you introduce the software with new and advanced features that enhance your business functionality. Therefore, whenever you upgrade your company file, it becomes crucial to update QuickBooks desktop as well. Else, you won’t be able to access the file in the older QB version.
Need Technical Assistance to Upgrade QuickBooks Company File?
This article would have helped you to know why it’s crucial to update the QuickBooks company file and how you can do it. However, if you still have any queries and need expert assistance, we suggest you give us a call on our Asquare Cloud Hosting Helpline Number. Our professionals are available round the clock to assist you with the best.
QuickBooks Company File Upgrade FAQs:
Yes, you can update your company files easily from anywhere whenever required, all you need to do is download your company file to the local system and upload it after updation.
There can be different reasons behind this:
The company file might be damaged.
Your company file isn’t compatible with the QB version that you are using currently.
No, there is no need of updating your file every time. It’s only required when you switch to a different version of QB. Thus, your company file needs to be compatible with the QB version. However, there can be minor updates that you can do from time to time.
It depends on the size of your company file and the internet speed.