We update the QuickBooks desktop to its latest version for its new features and better functioning. But, sometimes, when we try to open the company file in QuickBooks, we face an error message, “This company file needs to be updated QuickBooks 2020.” It usually happens when we open the old company file in the new version of QuickBooks. To work on the company file, you also need to upgrade it to the latest version. However, there is no need to upgrade the file while switching QuickBooks from one edition to another. If you are thinking about how to update my company file, this article will brief you on it.
If you want to get rid of the QuickBooks update company file error message and need expert guidance, then talk to the certified QuickBooks professionals by dialing our toll-free number (855)-526-5749.
Points to Remember before upgrading QuickBooks company file
Keep in mind the following points before proceeding to update the company file:
1. The QuickBooks user should have full-admin rights to update the company file.
2. Don’t forget to take a backup of the company file:
• Open QuickBooks.
• Go to the File menu and choose Switch to Single-user Mode.
• Again, move to the File menu and choose Back up Company.
• Next, select Create Local Backup.
• Within the window, select Local Backup and click Next.
• Move to the Local Backup Only section, select Browse and choose where you want to save your backup company file.
• If you want, you can also set the number of backups you want to keep.
• Click OK and then Save it now.
3. Don’t update your company file on the server computer. Move the company file to the local drive, upgrade it and then place it to its previous location.
Steps to Update QuickBooks company file to its current version
1. Update QuickBooks to its latest version. Here how:
• Close company file.
• Then, exit QuickBooks desktop.
• Select the Windows Start menu.
• Find QuickBooks Desktop.
• Right-click the icon and choose Run as administrator.
• On the No Company Open screen, move to the Help menu and select Update QuickBooks Desktop.
• Click on the Options tab and select Mark All.
• Next, click Save.
• Select Update Now tab and then mark the Reset Update checkbox.
• To start the download, select Get Updates.
2. Prepare the company file using the following steps:
• Open the QuickBooks desktop version you are using.
• Open the company file you want to update.
• Tap the F2 key, and it will open the Product Information window.
• From the File Information window, look where you have saved your company file.
• Prepare the company file by running the Rebuild Tool:
1. Select Window.
2. Click Close All and then Verify Data.
3. Click on the File menu and select Utilities.
If the ‘QuickBooks detected no problems with your data’ message appears, there is no need to take further action.
If the ‘Your data has lost integrity’ message arises, you need to rebuild data.
Now, follow the steps to rebuild data:
1. Select File and then choose Utilities.
2. Choose Rebuild Data.
3. The tool will prompt to take backup.
4. After completing the backup, the tool starts rebuilding the data.
3. Update the company file:
• Sign out of the company file from each workstation.
• Open the latest version of QuickBooks Desktop.
• Select Open or Restore Company.
• If the company file doesn’t open, go to the File menu and select Open or Restore Company.
• Select Open a company file and then Next.
• If you have a backup company file, in that case, select Restore a backup copy and then Local backup.
• Search for your company file.
• Select the file and click Open
• Log in to your company file as an admin user.
• Before upgrading, QuickBooks automatically creates a backup of your existing company file. If you want, you can select Change this default location to save the backup in a specific folder.
• Click Update Now and start the upgrade.
• At the end, click Done.
That’s all about QuickBooks update company file. We hope you find the article informative. If you still have any queries, then contact the certified QuickBooks team by calling us on our helpline number (855)-526-5749.