We frequently receive the question, “Should I update QuickBooks?” While you may not need to upgrade every year, it is wise to do so at least every few years as the last few upgrades have brought exceptional new features that vastly improve productivity. Also, for many business owners QuickBooks Online may be the optimal solution; you pay a small monthly fee and the fee includes automatic upgrades each year. Your local QuickBooks consultant can advise you on whether it would benefit your company to upgrade to a newer version and they can also walk you through how to update QuickBooks if you need help.
When you do upgrade, follow the simple instructions below that will allow you to quickly and efficiently import your company file into your new version of QuickBooks. Do not hesitate to contact our QuickBooks ProAdvisor® in your area if you encounter any difficulties along the way.
First install your new version of QuickBooks. Once you have the software installed, you may convert and update QuickBooks company data from your old version into the new software by simply opening your company file in the new version. Once you have opened your company file in the new version it will no longer open in the older version. This can only be done by the admin user. When updating Enterprise files, you will only be able to update into a newer version of Enterprise. When updating, be sure you have a good internet connection and don’t try this over a wireless network.
Once again, to update the company data file, be sure you have the latest version of QuickBooks downloaded:
- Open the newer version of QuickBooks
- Click the File button then Open or Restore Company
- Choose Open a Company file then hit the next button
- Find your data file, select it then choose Open
- If a window appears that reads Move Company File, read the instructions and follow them
- Read the text in the Update Company file for new version, and click the box indicating you understand the text. Click Update Now
- Follow onscreen instructions to back up you company file; be sure to remember where you saved it in case you need it at a later time
- You will see a window that says You are about to open a company file using a newer version of QuickBooks, would you like to proceed? Click Yes
- Once the company file has been updated you will want to store the backup somewhere safe
- If you made a copy of the data file from another computer to update it, copy it on the original computer again
- If you updated to version 2007 or later, the company file may be saved in a new location so be sure to note where the file is saved.
Good luck and let us know if our QuickBooks trainers can be of assistance in any way!