All in 1 Guide to update QuickBooks Company File [2023]

Just suppose you’re going to upgrade the QuickBooks Desktop application to the latest version, and suddenly QuickBooks Desktop needs to update your company file error prompt pop up on your screen. Many users often report such issues while trying to open the company file.

Well, if you switch to a different QuickBooks desktop version such as Pro, Premier, or Enterprise, you don’t ever need to change your company file. But the glitch in your company file requires to be updated at the earliest. Don’t you know how to update the QuickBooks company file? Let’s discuss this further.

When does the update QuickBooks company file error message emerge? 

It is an undeniable fact that QuickBooks has come up with an automatic feature to convert from the old to the new version seamlessly. So when you try to open the company file, the “QuickBooks Desktop needs to update your company file” or “this company file needs to be updated. Please ask your QuickBooks Administrator to update the file” error prompt starts appearing on your screen. 

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Things you must consider before upgrading your company file!

Below are a few points to keep in mind when you update the QuickBooks company file to the latest QuickBooks Desktop software. Have a look:

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. You must rebuild and verify the integrity of your company file prior to upgrading or converting your company file.

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

Learn how to update QuickBooks files!

Before moving ahead with the process, ensure that no user is logged in to the company file without having admin privileges. Once it’s done, carry out the below-given steps to update QuickBooks company file smoothly:

Step 1: Prepare your Company File 

1. In the beginning, open your original version of the QuickBooks Desktop application and then access the company file you want to upgrade.

2. Now, you need to hold and press F2 to open the Product Information window.

3. Navigate to the File Information section, where you save your company file on your computer.

4. After this, run the rebuild Tool for your company file. This will prepare it for the upgrade.

5. If you don’t move your company files to your system’s local hard drive, you must move them back once you upgrade. 

Step 2: Upgrade your Company File

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

2. Under the File tab, select the Open or Restore company option. If the company file doesn’t open up, 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. Also, you can select the Change this default location if you want to save the company file backup in a specific folder.  

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

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

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Wind-up!

Are you still not able to understand how to update QuickBooks company file without any hassle? Don’t worry; you’re not alone in this. There are many QB users who experience different company file errors while trying to open it. However, sometimes, you need to update your QuickBooks company file manually as it doesn’t update automatically.

Therefore, you are recommended to ping our certified experts at a Toll-Free number +1-(855)-955-1942and share your query or concern with them. You’ll most probably get satisfactory results in a zero amount of time.