How to Update Company File to the Newer Versions of QuickBooks Desktop

QuickBooks Desktop is an accounting software with anytime anywhere cloud access. While working on your QuickBooks software, you get an option to update your Company file to the newer versions of QuickBooks Desktop. Let’s go ahead with this blog which covers all the various factors that you must take into consideration to update company file with ease to work in newer versions of QuickBooks Desktop (Pro, Premier, or Enterprise).

Important Points:

Here are some points that you should remember when you want to convert your QuickBooks Company files:

• QuickBooks company files can be updated by the Admin only.
• You are requested to not upgrade your company files on a network.
• Once, you have converted the company file, you cannot open the file in the older versions of QuickBooks.
• The file upgrade from the Pro or Premier version of QuickBooks to Enterprise, will not be opened in Premier or Pro.
• The Company files of Enterprise can only be operated on the QuickBooks Desktop Enterprise solutions.
• To ensure the smooth functioning of the gradation of the software; you have an option to verify and rebuild the integrity of your QuickBooks Company file.

Related Topic: Convert Quickbooks Desktop Company File to an Older Version

How to Update Company File so it works in Newer Versions of QuickBooks Desktop for Windows

However, there are two scenarios under which you have to update company files. Such as, when you are switching to another version of QuickBooks like Pro, Premier, or Enterprise or when you start to use the most recent version. Besides that, you don’t have to update your file along with the software in case you plan to switch from one edition to another of the same QuickBooks version.

Step 1: Prepare the company file

Before you start to update the QuickBooks company file, it’s important to double-check that you prepare your file for the same. Doing so will keep you away from any issues that might occur during the update process. Also, you can’t make any changes to the company file once it has been converted.

• First of all, you need to create a portable company file.
• Always avoid using alphanumeric characters (! @#$ %^&*) in the name of the company file.
• Now, hold the F2 key to open the Product Information Window.
• Now, you can reset the admin password or password hint because sometimes the passcode creates a problem so change it for security purposes.
• Afterward, verify all the data-related information.
• You have to locate the QBWin.log file after that to check for errors.

Step 2: Update your company file

• Click on your latest version of QuickBooks Desktop.
• Click on the File option from the menu bar and press the Open or Restore Company.
• Go to the Open a Company file option and click on Next.
• Select your data file and press Open
• A dialog box will appear on your computer screen. Read the information in the Update Company File for the New Version
• Now, click on the Update Now
• Create a backup for the file.
• A new dialog box will appear on your screen with the message, you are about to open……….Do you want to continue? Click on Yes
• Once your file is updated. Follow the steps below:
  • Save the backup file as it can be utilized in the future.
  • As you have copied the file from a different file, you will have to create a copy of the file in the system from which you have initially copied the files.
  • There are chances that you are unable to locate your file then search in the hidden files and folders for the .QBW
  • In case, you have also subscribed for the QuickBooks Desktop Payroll, then validate your payroll services. Click on the Employees option and press My Payroll Service Now, go to the Account Billing Information.
  • Close your application and reboot your system.

How to Upgrade Company File to a Newer Version for QuickBooks Desktop for MAC

Every QuickBooks user will eventually need to upgrade or convert their company file to a newer version. The main reason we upgrade isn’t necessarily because the new program has more functionality (though this is a bonus feature); instead, it’s because Intuit disables important add-on features for QuickBooks, like online banking, which allows a user to download transactions.

It’s a good idea to think about switching from QuickBooks for Mac to QuickBooks for Windows at this time since the procedure for ensuring file integrity is the same.

• Open the most recent QuickBooks version you just installed.
• select “File” > “Open or Restore Company”
• Click Click next after opening a company file
• Pick the company file that you prepared in the preceding steps (Where you open the company file is where QuickBooks will put all the background files, ensure the file is in the location you want it to be).
• Select the checkbox. I am aware that this new QuickBooks version will update my company file.
• Click Update. Following the backup, QuickBooks will prompt you to choose whether you want to formally upgrade your company file to the most recent version. Click OK to continue. Yes, QuickBooks will now update your company file to the most recent version.

Even though this may seem like a long list, it can be completed quickly, especially with a fast computer. The best advice we can give you for updating your company file is to take your time and make sure you don’t skip any steps in setting it up.

Compatibility of Company Files with QuickBooks Desktop during an Upgrade

Find out more about company file compatibility before upgrading QuickBooks Desktop to prevent problems and errors.

Limitations on company files when switching to a different product, version, or edition

When switching from one QuickBooks Desktop product, version, or edition to another, it’s critical to be aware of any company file restrictions.

Product:

• Company files from Premier can be opened in Pro and vice versa without affecting the file’s data.
• Enterprise Solutions (ES) company files cannot be opened in Pro or Premier, but Pro and Premier company files can be upgraded to ES.

Version:

• The QuickBooks Desktop version for another region cannot open a company file. As an illustration, you will If you try to open a company file that was created in a QuickBooks Canada version in a QuickBooks US version, it will say that this file was not created with a US version of QuickBooks. QuickBooks files can be upgraded from an older version to a newer version, but the upgraded file cannot be used in the older version.
• However, you cannot use the upgraded file in the older version of QuickBooks. You can upgrade your file from an older to a newer version of QuickBooks. This rule is only applicable if you are working in an Accountant’s Copy and using QuickBooks Desktop Accountant. View the Accountant’s copy overview for more information.
• QuickBooks prompts you to decide whether you want to convert or upgrade the company file when you open it in a newer version. A newer version will typically convert and update an older QuickBooks company file, such as one from 2018 to 2019. You might need to step the QuickBooks company file through a lower version of QuickBooks Desktop in some cases if it won’t upgrade to the new version.

Edition:

• Any edition can open a file made in one (Retail, Manufacturing & Wholesale, Accountant, etc.) without the data being affected.

Reminders:

• Create a different folder called Pre-Conversion Backup to prevent file overwriting.
• Make sure the systems and computers you use to transfer company files between are using the same release and version of QuickBooks Desktop.
• The transactions you entered in the upgraded or converted file must be manually entered again in the old backup file if you choose to use your old QuickBooks version. You can use a different program as an alternative since QuickBooks Desktop does not support merging company files or exporting transactions.

Wrapping Up!

Upgrading is a process in which you take a step to increase the worth of your software and it’s also necessary for your business advancements. You can smoothly Update Company File in QuickBooks if you execute all the steps in a given sequence. However, you must have some technical knowledge and experience to do it successfully. Else, it will hamper your workflow. It’s an undeniable fact that most of us panic when multiple queries start rising in our minds. So feel free to get in touch with QuickBooks Desktop support team members in case you are seeking proper assistance to solve your problem in one go.

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