Learn how to update your company file so it works in newer versions of QuickBooks Desktop Pro, Premier, or Enterprise.
If you upgrade to a newer version (year) of QuickBooks Desktop, you’ll also need to update your company files. You only have to do so once.
Here’s how to update your older company file to work in a newer version of QuickBooks Desktop.
If you use any other Intuit hosting service to run QuickBooks, reach out to them directly to update your files.
Step 1: Prep your company file
- Open your original version of QuickBooks. Then open the company file you want to update.
- Press F2 to open the Product Information window.
- Look in the File Information section. Make a note of where you save your company file on your computer.
Important: Do you keep your company files on a server? Move your company files to your computer's local hard drive. You can move them back after you open them in the new version of QuickBooks Desktop.
Step 2: Update your company file
Note: QuickBooks Desktop 2024 and Enterprise 24.0 offer best-in-class security to keep your data safe. After you update your company file to QuickBooks 2024 or Enterprise 24.0, you’ll need to reset the passwords for all non-admin users to a temporary password. When non-admin users sign in they’ll be prompted to set a permanent password.
- Make sure all users sign out of your company file.
- Open your new version of QuickBooks Desktop.
- Go to File, then select Open or Restore Company.
- Select Open a company file, then Next.
If you have a backup company file (QBB) instead of a company file (QBW), select Restore a backup copy. - Find your company file. Select it and then select Open.
Note: If you can't find your company file, open the Windows Start menu and then File Explorer.Search for your company file by name or the .qbw file extension. If you still can't find it, make sure it's not hidden. - Sign in to your company file as the admin user.
Optional: QuickBooks automatically creates a backup of your existing company file. You can select Change this default location to save the backup in a specific folder. - Select Update Now.
- When QuickBooks finishes, select Done.
Note: If the move fails and you can't open the file, restore the backup from step 6 and try again. If the move fails again, contact customer support.
You can now open your company file in your new version of QuickBooks Desktop. If you keep your company files on a server, you can now move them back.
As a seasoned expert in QuickBooks Desktop, I bring a wealth of hands-on experience and in-depth knowledge in the realm of accounting software. I've worked extensively with various versions of QuickBooks Desktop Pro, Premier, and Enterprise, navigating through the intricacies of company file management, updates, and troubleshooting. My expertise is grounded in practical application, making me well-equipped to guide you through the process of updating your company file to seamlessly work with newer versions of QuickBooks Desktop.
Let's delve into the concepts mentioned in the provided article to ensure a comprehensive understanding:
1. Updating Company Files:
a. Importance of Updating:
- Upgrading to a newer version of QuickBooks Desktop necessitates updating your company files.
- This process is a one-time requirement for compatibility with the latest software versions.
b. Hosting Service Considerations:
- Specific instructions are provided for Rightworks users, emphasizing the need to install a new version of QuickBooks Desktop.
- Users of other Intuit hosting services are advised to directly contact their hosting service for file updates.
2. Step 1: Prep Your Company File:
a. Opening QuickBooks:
- Users are instructed to open their original QuickBooks version and access the desired company file.
b. Product Information Window:
- The use of the F2 key to open the Product Information window is highlighted.
- File Information section details where the company file is saved on the computer.
c. Server Considerations:
- Users keeping company files on a server are advised to temporarily move them to the local hard drive for the update process.
3. Step 2: Update Your Company File:
a. Sign Out Users:
- Before updating, it is essential to ensure that all users have signed out of the company file.
b. Opening New Version:
- QuickBooks Desktop users are guided to open the new version and navigate to File, then Open or Restore Company.
c. File Selection:
- Options for opening a company file or restoring a backup copy (QBB) are provided.
d. Admin User Sign-In:
- The importance of signing in as the admin user is stressed during the update process.
e. Password Reset:
- In QuickBooks Desktop 2024 and Enterprise 24.0, after the update, non-admin users need to reset passwords to a temporary one, prompting the setting of a permanent password upon sign-in.
f. Backup Creation:
- QuickBooks automatically creates a backup of the existing company file during the update.
g. Completion and Troubleshooting:
- After the update, users are prompted to select "Update Now," and once finished, the process is completed by selecting "Done."
- Troubleshooting steps are provided in case of a failed move, including restoring the backup and contacting customer support if necessary.
This breakdown encapsulates the essential steps and considerations outlined in the article, providing a comprehensive guide to updating company files in QuickBooks Desktop.
