Quickbooks: The company file needs to be updated. What to do?

Quickbooks: The company file needs to be updated. What to do?

Quickbooks: The company file needs to be updated

It won’t be wrong to say that QuickBooks is the best business accounting software. The advanced features and tools integrated into the software make it the most preferred accounting tool. The ability to mobilize the regular accounting operations by the automated features escalates the accuracy of output and saving time in abundance. Though you can automate your operations and reduce time wasted there are certain issues that need to be taken care of to maintain the software. One such query is “QuickBooks: The company file needs to be updated”. Thus, here we will discuss this very issue and find ways to resolve it.

Are you a Quickbooks user?

QuickBooks comprise of the automatic feature to prompt the user to convert from the old version to new version. It is a very strong feature that helps the user to convert to the newest QB version. It installs all the new features that have been upgraded to the system. You can approach the QuickBooks customer support phone number in case you need assistance.

What you need to know to fix QuickBooks: The company file needs to be an updated error:

Before you jump into the company file upgrade process ensure that you have successfully installed your new version of QuickBooks Desktop software. Once you are through with the installation of the new version you can further follow the upgrade process of your company file to work with the new version.

  • If you are solely using your QuickBooks company file then obviously you are the administrator. In case you are not the admin you need to sign into the “Admin” user to continue further.
  • It is recommended not to upgrade the file while stored on a network or a mapped drive. If done it might result in the conversion unstable and puts the file at risk of being damaged. The QB file must be saved on the same PC from where you access it.
  • When you convert the file to a newer version, older versions of QuickBooks restrict to open it.
  • You can definitely convert a QB pro file to QB Enterprise. But please make sure that the same file cannot be opened back in pro once converted.

Steps to resolve, “QuickBooks: The company file needs to be updatedissue.

In order to fix your issue, you would need to update your software as soon as possible. Follow the steps below to do the same.

  1. Start the new version of QuickBooks program
  2. Choose File -> Open or Restore Company file
  3. Click Open a company file -> Click Next
  4. Browse to your data file -> select it -> Click Open
  5. When QuickBooks displays the Move Company File window -> then thoroughly read and follow the instructions mentioned.
  6. Go through the details in the Update Company File for New Version window -> Click the book that you are through with the instructions -> Click Update Now.
  7. Create a back up of the company file following the instructions and choose the location to save it for future use.
  8. When you are prompted with the message “You are about to open a company file using a newer version of QuickBooks…Do you want to continue?”. Click Yes.
  9. Once the company file is updated successfully it is strongly recommended to follow the following:
    • Save the backup file created in a secure location so that it can be used when you require in the near future.
    • In case you have copied the data file from another computer to update it -> copy it back again.
    • In case you have installed QB 2007 or later, then the company file from the previous version may have been moved.
      • If you are using windows 7 and later then navigate the path like C:\Users\Public\Documents\Intuit\QuickBooks\Company Files
      • If you are Windows XP user then locate the file by navigating path like C:\Documents and Settings\All Users\Shared Documents\Intuit\QuickBooks\Company Files
      • In case you are unable to find your company data file in its original location, and if it is not in the specified folder, search your hard drive for *.qbw files. Do not forget to search the hidden files and folders while searching.

Hope now you have a clear understanding of how to resolve “QuickBooks: The company file needs to be updated” issue.

But, if the steps do not give you a desirable output or you are still searching for the query then you can contact the QB support team.The support team is round the clock available for assistance.

Thus if you are facing issues and demand help then contact QuickBooks support team in Canada at the earliest.

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