As you begin to use QuickBooks, you start creating company files. These files comprise important information relating to your company. With time, new versions of the QB program are released. When the company files of an older version of the software are opened in QuickBooks’ new version, you may find no success. Therefore, updating the company files along with the software is a great idea. To update QuickBooks company files, there are different methods that you can follow. Using the methods shown here, you can update the company files of QB and QuickBooks Desktop. These files can be updated to 2014, 2016, 2018, 2019, and 2020 versions.
This blog will discuss the following methods:
Why should You Update a QuickBooks Company File?
In the case of some users, their QB company files may be of an older version. The version of the accounting software may have been updated to a new one. When the company files with an older version are opened in QuickBooks with a new version, problems may arise. Due to this, the users may be unable to open their files. Therefore, updating the QuickBooks company files to a new version is suggested.
How to Update My Company File in QuickBooks?
For updating your company files in the QB software, you should be signed in to the server. Now, in the software, find the option of Open or Restore an Existing Company. Soon, you will find a window. Press Next in it and then enter the location of QB’s company files. In the location, the Open button has to be pressed. You can input the credentials of the admin for this file and then press Update Now in the prompt you see.
To learn further about how to update your QuickBooks company file, these steps can be read:
- Ensure that you are signed in to the server.
- Now, open the accounting software.
- Tap on “Open or Restore an Existing Company”.
- You may be interrupted by “Express Start Wizard” saying “Let’s set up Your Business!”. Exit the wizard.
- Visit the window labeled “No Company Open”.
- Click on the “Next” option.
- Navigate to the location of the company files. You may use the following as the files’ default location:
- “SummitHosting (C:) > Users > Public > Public Documents > Intuit > QuickBooks > Company Files”
- After visiting the file’s location, press “Open”.
Note: You may find certain company files with the same name. In that case, you will be suggested to pick that which has been provided with a yellow or green icon. In front of this file, you will see “Type”. Below it, “QuickBooks Company File” should be mentioned. This will help you in confirming that this is the file that has to be opened.
- Provide the administrator’s credentials for the selected file.
- Choose “Ok”.
- Now, a prompt for the purpose of updating the company file will appear. In the prompt, select “Update Now”.
- After this, a process will be run by “QuickBooks Company File Update Wizard” to update the Company files.
Note: It will be helpful for the readers to find that a backup for the company files will be made by the QuickBooks Company File Update Wizard.
- Now, you have to hit “Done”.
- After this, the updated company file can be used for doing your work.
Method to Update QuickBooks Desktop Company File
In QuickBooks Desktop, for the need to update your company file, you can first ensure that the software has been correctly installed. Then you can make a company file as well as use the Rebuild Tool for the purpose of updating it. An option to prepare the backup of the file will be provided to you in this process. Following this, you can open the file from its location on Windows. You can make changes to its default location and then select the option of Update Now.
- When your Windows PC is open, log in with the administrator’s credentials.
- Install “QuickBooks Desktop”.
- Run the file named “QuickBooks.exe”.
- Following the directions, accept the agreement for the license and press “Next”.
- After adding the following information, select “Next”:
- “Product Number”
- “License Number”.
- Now, make a company file. In the software, visit “Product Information”. Tap on the “F2” key for visiting it.
- Navigate to “File Information”.
- The location of the file needs to be saved.
- Open “Rebuild Tool” for starting to update it.
Tip: You may want to prepare the company files and place them on your server. Prior to this, these files have to be moved to the hard drive of your local system. After doing this, the files need to be transferred. You can also transfer them after they have been updated.
- See to it that no user is logged in to the company file.
- Run “QuickBooks Desktop”.
- Choose “File”.
- Opt for “Open or Restore Company”.
- Head to “Open a Company File”.
- “Next” has to be pressed.
- Choose “Restore a Backup Copy” when the “QBB” file exists in the place of the “QBW” file.
Note: It will be useful to understand that “QBB” indicates the QuickBooks company file’s backup. Likewise, “QBW” points at the company file.
- Find the company file on your system.
- Open your file after finding it. You may use “File Explorer” for opening it.
- Log in to the file as the administrator.
- A backup of the file will be made. Save it to a particular folder.
- Click on “Change this Default Location”.
- Now, the “Update Now” button has to be selected.
- Finally, tap on “Done”.
How to Update a Company File in QuickBooks to a New Version?
In QuickBooks, to update the company file for a new version, you can run the menu labeled File. Go to the option of Open or Restore Company. Now, head to Open a Company File and pick your data file. Using the Open option, start reading the instructions in the new window. After this, you can make a backup of your QB Company File and update it to a new version.
You will be suggested to read the directions provided here for knowing this fix better.
- Open the “QB” program’s new version.
- Press “File”.
- Choose “Open or Restore Company”.
- Click on the option of “Open a Company File”.
- Tap on the “Next” tab.
- Choose a data file.
- Select the “Open” option.
- You may see a window mentioning “Move Company File”. It will carry certain instructions. Read and implement them.
- In “Update Company File for New Version”, go through the text.
- Select the box for confirming that the text has been understood.
- Press the option of “Update Now”.
- You will receive the directions for backing up the QuickBooks company file. Implement these directions.
Tip: Make a note of the location where the backup of the file is being saved. You may require this backup in the future. Also, note that if this backup is being made using another system, you can copy it and then transfer it to your own PC.
- Wait for receiving the following message:
- “You are About to Open a Company File Using a Newer Version of QuickBooks, would You Like to Proceed?”
- Next, tap on “Yes”.
- Now, your file will be updated. Save its backup at a safe location.
How Do I Update My QuickBooks Company File to 2019, 2014, 2016, 2018, & 2020?
QuickBooks company files can be updated to 2019, 2020, 2018, or another year version, using the Open or Restore an Existing Company option. Then from Open a Company, you have to navigate to the I: Drive. Make a selection for Computer and select this drive again. From the list, you need to choose the QB program. Following this, the procedure to start updating the company file of the program can be initiated.
Let us know more about how to update a QuickBooks company file to 2019, 2020, 2018, 2016, and 2014.
- Start the accounting software.
- Press “Open or Restore an Existing Company” given on the “Welcome Screen”.
- From “Open or Restore Company”, deselect “Open a Company File”.
- After this, the “Next” button has to be hit.
- In “Open a Company”, visit “I: Drive”.
Note: The “I: Drive” is the location where the files of this accounting software usually get stored.
- Select “Computer”.
- In the upcoming screen, tap on “I: Drive”.
- Click two times on “I: Drive” and press “Open”.
- A list of the files of the accounting software that are present on the drive will be seen. From this list, you have to choose the company that should be updated.
Tip: You may see various files showing similar names. The file to be selected will carry the icon of “QB”. This icon will be green and yellow. In front of the file, you will see “Type”. Below this, check whether “QuickBooks Company File” has been written. If it is written, then selecting this file will be the next step.
- Tick “Open File in Multi-user Mode”.
- Press the option of “Open”.
- When you find a prompt, start providing the QB admin’s credentials.
- The button for “Update Now” needs to be pushed.
Note: A backup of the file will be made. It will be added to the “WBXXBackupFiles” folder on Windows’ Desktop. “XX” in its name will indicate QB’s version.
A confirmation will be received by you. Now, the file will get completely updated.
In a Nutshell,
Here, we learned why updating the company files of QuickBooks is essential. We discussed with you the methods for updating the files. You got to know that the files of QuickBooks, as well as QB Desktop, can be updated to the newer versions. Based on your requirement and the version of the accounting software, you may want to update the files to 2014, 2016, 2018, 2019, or 2020. With the methods discussed here, updating your company files to these versions would have been simpler for you. You can drop your views on this blog through the following comment section.
While running QB, discrepancies in reconciliation can occur. To get hold of the cause of this QuickBooks reconciliation discrepancy, read here about what you can do.