Update your company files to a new version of QuickBooks

When you upgrade your QuickBooks Desktop software to the latest release, you’ll also need to convert your existing company files to the new format. Updating your company's data ensures full compatibility with new features and optimizes performance. In this article, we’ll cover the steps to smoothly update QuickBooks 2024 company files to a new version.

Why update company files?

Here are some key reasons for converting your company files when you upgrade QuickBooks:

• Compatibility: The new file format supports new features and functions.

• Optimization: Improvements are incorporated for speed and efficiency.

• Stability: Updated company files help prevent errors and crashes.

• Security: New file versions may offer better protection and encryption.

• Support: Ongoing Intuit support requires updated company files.

• Bug fixes: Company file updates can resolve data errors or corruption.

Keeping your company files current ensures you benefit from the latest capabilities and enhancements.

Upgrading company files in QuickBooks Desktop

When you install a new version of QuickBooks Desktop Pro, Premier, or Enterprise, updating your company file is simple. Here are the steps:

Back up your company file.

Before any update, always back up your data as a precaution. Go to File > Backup Company > Create Local Backup.

Install the new QuickBooks version.

Download and install the latest QuickBooks Desktop release on your computer system.

Open your company file.

Launch the new QuickBooks version and open your existing company file. A prompt will appear asking you to update your file to the new release.

Start the update.

Click Yes to begin the company file update process. An on-screen progress bar will display the conversion status.

Finish the update.

Once complete, your company file will open in the new version of QuickBooks Desktop, now optimized for all the latest features.

And that's all there is to it! QuickBooks makes company file updates seamless when upgrading between major versions.

Updating Company Files for a QuickBooks Edition Switch

If you are changing QuickBooks editions (e.g., Premier to Enterprise), the process is a bit different:

• Install the new edition on your computer without opening company files.

• Make a copy of your existing company file.

• Open the copy in the new edition and save it as a new file.

• The file will be converted and optimized for the new edition.

This converts your company data to the new format without risking your original file. Review Intuit’s guides for switching editions before starting the process.

Important Update Tips

Follow these tips for a smooth company file update:

• Always backup before converting files.

• Install the new QuickBooks version fully before updating files.

• Update one company file at a time for multi-file users.

• Copy and update files when switching editions.

• Let the optimization process finish completely before using files.

• Call Intuit support if you encounter any errors or issues.

Proper planning prevents headaches when updating company data.

Updating Customizations and Settings

Some preferences won’t carry over when updating company files:

• Re-enable customizations like reports, templates, and custom fields.

• Merge in any lists like customers not brought over.

• Verify user security settings after company file updates.

• Reset preferences to match the previous version’s settings.

• Re-add third-party apps connected to your data.

Review your settings closely to ensure important customizations remain intact after upgrading your company files.

When to Create a New Company File

In some cases, you may want to create a new company file from scratch rather than converting an older one.

• Your file has grown extremely large over many years.

• You need to reconstruct damaged or corrupt data.

• Converting the file fails, despite troubleshooting attempts.

• You want to start fresh and don’t need historical records.

Work with Intuit support before creating a new file to see if other options are available. You can then migrate the necessary data to the new company file.

Key Points on Updating Company Files

• Convert company files to new formats when upgrading QuickBooks.

• Make backups before any update to protect your data.

• Let optimization run fully during company file updates.

• Switching editions requires copying and then converting files.

• Review settings closely after updates are complete.

• Consider new company files if your current file has major issues.

With attention to detail during conversion, your important business data will continue running smoothly in the latest version of QuickBooks Desktop.