4 Steps Summary To Update QuickBooks Company File

how to update a company file in QuickBooks

Did you know How essential is it to upgrade QB Application? QuickBooks is always releasing new and advanced features, so it’s important to maintain your desktop version up to date with the most recent release. The new updates can enhance your business productivity as they are immensely important. Moreover, you have to update QuickBooks company file as well to access it in the newer QB version. Users need to upgrade their company file under different cases:

  • When you shift to a different QB version (Pro, Premier, Enterprise). 
  • When you start using the updated QuickBooks version. For example, if you are planning to use the QBDB31 instead of QBDB29, then you have to update your file as well as the software.

However, it’s not required if you want to switch from one edition to another of the same QuickBooks version. Now, let’s discuss certain cautionary factors that you must keep in mind before you begin the update process.

How can I update my QuickBooks desktop company file remotely? We would recommend you to get in touch with our experts +1(855)-955)-1942 to get answers to all such queries. 

Cautionary Steps Before Updating The QuickBooks Company File

There are some important factors that you must take into consideration before you start to update QuickBooks company file:

  1. Make Sure To Have Full Administrative Rights

It’s essential to have full admin rights if you wish to update QuickBooks Company file to the latest version. If you are able to grant users with different levels of the access permissions, it signifies that you are already logged in as an admin. However, if not, then you need to log in as an admin to update your file.

  1. Don’t Interfere with An On-Going Update Process

Make sure that none of the users try to access the company file when it’s under update. One must know that the update process might take a bit longer (depends on the size of the file). Also, you must have a stable Internet connection.

  1. Don’t Update Your Company File Over Network

If you don’t want to get any update error, then you must update the latest version of .QBW file. You can move the file to the system where it needs to be updated, Instead of updating the QuickBooks company file over the network. If it’s updated, you can shift the file back to its original location.

  1. Create A Backup of The QuickBooks Company File

You won’t be able to open the company file in an older version of the QuickBooks application if you have updated your QuickBooks Company file. Thus, you must update your QB version as well. To do this, you have to restore the automatic backup of the QB file in an older version of the application. You must restore it to the latest version, to convert the QuickBooks file to a newer version.

After getting aware of all the cautionary steps that you need to follow before upgrading your company file, let’s proceed and understand how to update QuickBooks company file. 

Also Read: How to Add A Company To Quickbooks Online

Simple Steps To Update A Company File In QuickBooks

Follow the below-given steps to update the QuickBooks company file and make it compatible with the latest version of QuickBooks Desktop (Pro, Premier, or Enterprise).

NOTE: However, if switching QuickBooks to a different edition (Pro, Premier, Enterprise) you don’t need to upgrade your company file as per its latest version.

Step 1: Install QuickBooks Software

  • Firstly, you need to sign in to Windows as an admin user.
  • Now, download the updated version of QuickBooks Desktop (QBDB31).
  • Further, follow the below-given steps to install the latest version of the QB desktop application:
    1. Open the downloaded QuickBooks.exe file. Then, follow the on-screen instructions to complete the installation process.
    2. Accept the software license agreement and click on Next.
    3. At last, you must enter the Product and License numbers whenever required and click on Next.

Step 2: Prepare your Company File for Updating

To avoid any hindrance that might take place when you update the QuickBooks company file, we would suggest you prepare your company file for the same. Below given steps will help you keep the company file prepared for the update process:

  • Open the version of the QuickBooks Desktop application that you are currently using. Then, open the company file that you want to update.
  • To open the Product Information window (Press the F2 key) and then, In the File Information section, Make sure to note the location of your company file. 
  • Lastly, don’t forget to run the Rebuild Tool while preparing your file for the upgrade.

IMPORTANT: Make sure to move your company file to the computer’s local hard drive, if you want to keep them on the server. However, you must transfer the files back once you have updated them.

Step 3: Upgrade your company file

With an updated version of the QuickBooks application, you must update the QuickBooks company file as well. We have listed all the steps that will help you update your company file to a newer QuickBooks version.  

NOTE: Before you begin, make sure that all users of your company file are logged out.

  • To begin, open the QuickBooks Desktop version that you are using currently. Else, click on the Open or Restore Company option. 
  • Now, press Open a company file option and click on Next
  • Click on the Restore a backup copy option followed by the local backup, if you have a backup company file (QBB) instead of a company file (QBW).
update QuickBooks
  • Browse the computer to open the company file.

NOTE: Click on the Windows icon and select File Explorer [If you don’t find your company file]. From there, search for the file with its name or .qbw file extension. Also, you won’t be able to access your company file if it’s hidden.

  • You have to Sign in to your company file as an admin user.
  • Before upgrading the file, QuickBooks creates a backup of your existing company file. Thus, select Change this default location if you want to save the backup file to a specific location.
  • Now, click on the Update Now option to begin the upgrade process.
  • Click on Done when the update process completes and you’ll be able to open the company file in the latest version of QB desktop. 

Step 4: Update QuickBooks Desktop Application

If you want to access your updated company file in QB, it becomes essential to update QuickBooks desktop as well. Else, you won’t be able to access the file in the older QB version. Updating QuickBooks means improving your QB with new features that are beneficial for your business in processing the company’s accounts and finance activities. The update of QuickBooks to the latest version also improves its ability to handle the software. Thus, you can perform the tasks efficiently in QuickBooks without getting any interruption.

This article would have surely helped you understand the importance of updating your company file. However, if you get stuck while following any of the above steps, we would advise you give us a call on our QuickBooks Data Service Solutions Toll-Free Number +1(855)-955-1942.

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