A Quick troubleshooting guide to update QuickBooks Company File

QuickBooks is a highly advanced accounting software that is used to enhance small and mid-sized businesses. Well, are you also planning to upgrade to a newer QuickBooks Version? In case you have upgraded your software, you will need to update your previous company files as well. However, if you move to a different QuickBooks version (Pro, Premier, Enterprise), you don’t need to change your company file. 

When it comes to opening the company file, you might end up with an error message like “Needs to update QuickBooks Company File.” Updating your company file to a newer QuickBooks version is a straightforward procedure. 

When does the Update QuickBooks Company File Error Message emerge? 

QuickBooks contains an automatic feature to convert from the old to the new version seamlessly. So when you try to open the company file, it may throw the “QuickBooks Desktop needs to update your company file” message on your screen. Manual updation is mandatory to prevent this issue. However, upgrading to the latest QB version can sometimes lead to this error message; let’s discuss how to update a company file in QuickBooks. 

What do you need to keep in mind before upgrading your company file?

Below are a few things you must consider when you update QuickBooks company file to the latest QuickBooks Desktop software if you want to prevent receiving the error message. 

1. The QuickBooks company file requires to be updated with full admin rights.

2. It is not recommended to update the company file over a network.

3. Once a company file has been updated or converted into the new version, you won’t be able to open it in the older one.

4. Pro or premier files upgraded or converted to Enterprise edition would no longer open in the previous version.

5. Enterprise company files only function in the QuickBooks desktop Enterprise edition.

6. Before upgrading or converting your company file, you should rebuild and verify the integrity of your file.

7. If updating your company file takes longer than expected, don’t interrupt it. Else, the update will be halted. 

Steps to update QuickBooks Company file!

Before moving ahead, ensure that not any user is logged in to the company file and you are signed in with a QuickBooks admin account. Once done, carry out the below-listed steps to update QuickBooks company file properly: 

1. To start off, open your new QuickBooks Desktop version. 

2. Under the File tab, select the Open or Restore company option. If you don't have a company file open, navigate to the File menu and then choose the Open or Restore Company option.

3. Now, click on Open a company file and then press Next. Instead of having a company file (QBW), you must have a backup company file (QBB); tap on Restore a backup copy and then Local backup.

4. From the local storage, you can also hit the Local Backup option if you wish to open the backup copy of your company file.

5. Next, browse your company file and click on Open.

6. QuickBooks will now ask you to enter admin account login credentials if you are not signed in as a QuickBooks Administrator yet.

7. Furthermore, type the login credentials and sign in to your company file.

8. Before upgrading, QuickBooks automatically starts creating a backup of your existing company file.  To save the backup in a specific folder, You can also select the Change this default location.

9. After this, click on Update Now to start the upgrade.

10. When you’re done with the updating process, hit Done. 

Closure!

Are you still unable to update QuickBooks company file even after performing the steps over here? Don’t worry; here’s the solution. It’s very common to bump into some unrecoverable errors while trying to access the company file. Sometimes, the QuickBooks Company file doesn’t update directly even if you update your QuickBooks Desktop to the most recent version; then you are required to update it manually. Hence, feel free to contact us through our Toll-Free Number to get the best professional support without any complications.