Every QuickBooks user should avail of the new and improved facilities of the latest update. So why would anybody not, and what is the harm in doing so? Along with updating the whole QuickBooks application, you should also make updates to the components within it at timely intervals. For example, QuickBooks is the most compatible in working with the latest release of the company file; thus, the experience becomes seamless with each update. This article contains precise instructions to Update QuickBooks Company File quickly.
The consistency of QuickBooks in serving small and medium scaled business owners with modern facilities in their accounting software is commendable. Coming with updates for components with QuickBooks and the whole QuickBooks software shows their determination towards reaching perfection. To increase and improve the protection of the client’s financial data, the company file that sustains it also needs timely updates. Updating the company file is also essential from the point of view that the functionality of the accounting software depends on the compatibility of QuickBooks and the company file together. Hence, following the procedure to update QuickBooks company file is necessary after the QuickBooks update. This ensures you do not receive the ‘This Company File needs to be Updated’ message. This article shall provide the readers with a thorough process to Update QuickBooks Company File with ease.
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It is a common mistake made by many users that after they carry out the QuickBooks update, they directly attempt to access the company file and receive the QuickBooks Needs to Update your Company File message. To avoid this consequence, we must perform the QuickBooks Company File Update operation, but before that, we must take some precautions and do some preparations.
Table of Contents
Safeguards before we Update QuickBooks Company File
This section of the article is dedicated to warning users about precautions they need to take before they Update QuickBooks Company File to the Current version.
- The limitation of changing the company file is restricted if the user desires to convert from QuickBooks Desktop Enterprise to QuickBooks Pro or QuickBooks Premier; the company file of Enterprise won’t work in Pro or Premier.
- Accessing the company file from over a network of connected computers is harmful to the process of updating the company file, and the possibility of it failing increases. So, other workstations should not interfere with the company file during this operation.
- Suppose the company file is stored at the hosting server; then, the update should not be performed on the workstation. Instead, the user must shift the company file to local storage, update it and transfer it back to its original system.
- You should necessarily Update QuickBooks Company File only with the admin account. You can find the information on the admin account from your QuickBooks administrator. You shall ask them for the login credentials to avoid Getting Error Message Company File Needs to be Updated.
- In case you have a previous version of QuickBooks, the necessary precaution you must take is to make a backup of the company file, as the new company file doesn’t work on older versions.
These were all the safeguards and protection you need to take for the company file update to be successful. So now it is time to perform a few preparative actions before moving on to the main section.
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Preconditions to be satisfied before you Update QuickBooks Company File
Updating the company file without performing the actions below could result in data loss or failure to update; thus, ensure all the operations below.
- Make a portable company file.
- Do not mention special characters while titling the company file.
- Before the company file update, avoid future data security problems by modifying the password and password hint.
- Carry out Verify and Rebuild procedures on the company file to enjoy a seamless update.
- It is recommended to sort the lists, which is very easy to carry out and can be done by following the steps.
- Vendors, Employees & Customers:
- Reach out to the top of the screen to enter the respective lists.
- Go within the View tab and tap re-sort list.
- Other names:
- Enter into the List option and tap the Other Names option.
- Go within the View tab and tap re-sort list.
- Items:
- Enter into the List option and tap the Items Names option.
- Go within the Account tab and tap re-sort list.
- The Chart of Accounts:
- Enter into the List option and tap The Chart of Accounts option.
- Go within the Account tab and tap re-sort list.
This action concludes all the necessary requirements to be fulfilled before we Update QuickBooks Company File. So now we are totally ready to perform the update without a second thought.
Good to Know: Updating the company file is not an obligation if you plan to switch between different products of QuickBooks like Pro or Premier.
Comprehensive Procedure to Update QuickBooks Company File
Referring to the previous parts of this article, we know that an updated company file can only function alongside the compatible version of QuickBooks; hence to Update QuickBooks Company File, the QuickBooks software should also be updated.
Thus the most awaited part of the article, where we give the step-wise procedure, is mentioned below.
Stage 1: Install Updated QuickBooks
- Firstly, login with the admin account credentials to sign in to the Windows Operating System.
- Go to the Intuit website from the web browser and download the original copy of the latest QuickBooks Desktop for your computer.
- Initiate the installation with the following steps.
- Now, you must open the QuickBooks.exe file within the download folder of This PC to initiate the installation.
- When prompted with commands to accomplish installations, follow them and also agree to the terms and conditions.
- Once in the last window, fill in the product and license number in the assigned space and enjoy the latest QuickBooks version.
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Stage 2: Prepare the Company file
The essential task of preparing the company file before the actual update can be performed by the following steps.
- Launch the freshly downloaded latest version of QuickBooks and start the company file you require to update.
- The F2 key on the keyboard needs to be pressed continuously until the Product Information window appears on the screen.
- Move to the File Information section and note down the route where the company file is saved.
- Further, run the Rebuild process on the company file to prepare it for the forthcoming update.
Essential: If you want to keep the company file on the server, transfer it to the local storage, Update QuickBooks Company File, and transfer it back to the original place.
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Stage 3: Update QuickBooks Company File
The company file is the vessel for private financial data. Users will be troubled if they can’t open it due to Error Message Update Company after Upgrading QuickBooks. So the below process is effective in solving your problem.
- Firstly, confirm and inspect that no other workstation is interfering with the company file and that all possible users are logged out of the company file.
- Launch and open the freshly downloaded latest version of QuickBooks.
- Enter within the File menu section and tap the Open or Restore Company option.
- Further, hit the Open a company file option and hit the Next button.
- Only having the backup company file (.QBB) instead of the company file (.QBW) is no problem, as you can choose to Restore a backup copy option and then Local Backup to fix it.
- Afterward, browse the contents of the computer to locate the company file to open it.
Remember: If the company file cannot be found easily, search .QBW in File Explorer to accomplish this task.
- Now, particularly for this step, use the admin account credentials to sign in to the company file.
- The previous course of action will nudge QuickBooks to automatically initiate the backup of the company file. Which you can save by clicking Change this default location to a suitable site.
- Further, proceed to Update QuickBooks Company File by tapping the Update Now option.
- Lastly, End the procedure by tapping Done, When the Update is accomplished.
Summary
This article aimed to help you Update QuickBooks Company File without interruptions. We have provided all the actions the reader must take and all the preconditions they must satisfy to ensure a smooth sailing experience of updating. Hopefully, the QuickBooks company file is updated, and you can access your financial data at your convenience. However, the best-in-class accounting guidance is just a phone call away, where our QuickBooks experts are glad to solve all your QuickBooks issues, including helping you to Update QuickBooks Company file in minimal time.
Erica Watson is writing about accounting and bookkeeping for over 7+ years, making even the difficult technical topics easy to understand. She is skilled at creating content about popular accounting and tax softwares such as QuickBooks, Sage, Xero, Quicken, etc. Erica’s knowledge of such softwares allows her to create articles and guides that are both informative and easy to follow. Her writing builds trust with readers, thanks to her ability to explain things clearly while showing a real understanding of the industry.