Accounting
Whenever you run the up-to-date version of QuickBooks Desktop, you also have to update QuickBooks company file. Without upgrading the company file, you can’t run it in the new version of the QuickBooks software. However, it might be the possibility that while trying to launch the existing data file with up-to-date QuickBooks Desktop, you notice the error that says
“QuickBooks company file needs to be updated”
If you are also struggling with the QuickBooks Desktop needs to update your company file, then don’t worry. Instead, read this post thoroughly and find the top solutions to fix the issue.
Why Company File Needs to be Updated QuickBooks Issue Occur?
At times, users might end up with the “Company file needs to be updated QuickBooks” issue due to the following reasons. To find the correct troubleshooting method, we must know all the root causes behind this issue in detail.
- In case you don’t have adequate permissions to access the company file from its location in QuickBooks.
- The symbols or spaces mentioned in the company file’s name are causing this issue.
- Sometimes, damage or corruption in the data file that occurs while transferring might cause this issue.
- You are using an incompatible version of QuickBooks Desktop to open the data file.
- You may be opening the company file incorrectly.
- If the user is using multiple methods to open the company files of a specific type.
- This issue may also arise when your QuickBooks data file is available on the network and is used by anyone else.
Considerations Before Updating the Company File
Before updating the company file to the latest version, you must remember the following pointers.
- You must know that you won’t be able to run the older version once you update the company file to the latest version.
- Another important thing is to establish a backup of the company file before you make any changes.
- Thirdly, you must also have enough Windows permissions to update the company file. If you log in with a standard user, simply log out and log back in again with the admin user.
- If you place the data file on the server, you must transfer it to the local drive before opening it on the new version of QuickBooks Desktop.
- Moreover, you must avoid interruptions during the update of the QuickBooks company file. Otherwise, it might put your company data at risk or cause corruption in the data file.
- The process of updating the company file is irreversible, and once everything is in order, you won’t have to downgrade it to the previous version.
How to Update QuickBooks Company File to the New Version?
Go through the following procedure carefully to update QuickBooks company file to the new version of the QuickBooks Desktop.
1. Get Ready With Your Company File
- Primarily, you must launch the Latest version of QuickBooks Desktop you are currently running on your workstation. Then, launch the company file that you wish to update.
- Afterwards, press the F2 key to bring up the Product Information window on the screen.
- From there, start looking for the File Information section. Then, it’s time to note down the location where you saved the data file on your computer.
2. Update your Company File QuickBooks to the latest version
Note: QuickBooks Desktop 2024 and Enterprise 24.0 deliver advanced security for keeping sensitive data safe. Once you update the data file to QuickBooks 2024 or Enterprise 2024, you must change the password for all non-admin users to a temporary password. However, when non-admin users ask to sign in, they will ask you to create a new password.
- Begin the process by ensuring all users log out of the company file.
- Now, it’s time to launch the latest version of the QuickBooks Desktop.
- Afterwards, switch to the File menu and choose the Open or Restore Company tab. If you have a backup company file (QBB) instead of a data file (QBW), select the Restore a backup copy option.
- Next, you must choose the company file that you wish to update and opt for the Open tab.
Note: If you are unable to locate the data file, launch the Start menu and then pick the File Explorer option. Here, ensure that you look for your data file by its name or with its .qbw file extension. If something is still causing issues while opening, then ensure that it’s not hidden.
- Now, it’s high time that you log in to your data file as an administrative user.
- Furthermore, choose the Update Now tab to move further.
- Once QuickBooks updates the company file, hit the Done option to complete the process.
- With this, you can now launch the data file in the new version of the QuickBooks Desktop. If you have placed your data file on the server, it’s the time when you can move it back.
Fixing QuickBooks Desktop Needs to Be Update Your Company File Issue
If you are receiving the message that QuickBooks Desktop needs to be updated on your company file, then proceed with the solutions below to fix the issue; make sure you perform the steps in the same manner as given below to accomplish the task.
1. Start Running the Verify & Rebuild Data Tool in QuickBooks
Most often, the damage or corruption in the QuickBooks company file might give rise to the issue of updating the QuickBooks company file. Therefore, running the Verify & Rebuild Data tool in QuickBooks is essential to repair the damages.
2. Start Using the Reboot.bat File
Sometimes, registering the reboot.bat file again in QuickBooks helps resolve the issues with the PDF driver or other components. Therefore, resetting and re-registering some important elements within the QuickBooks application is necessary.
- Begin the process by closing the QuickBooks Desktop application and other applications running on the workstations.
- After this, open the Start menu and then insert “File Explorer” in the search text field.
- Once you reach the File Explorer window, start looking for the folder having QuickBooks. By default, you will get the company file by browsing the following path: “C: >> Program Files >> Intuit >> QuickBooks (year).”
- After finding the QuickBooks installation folder, start searching for the “reboot.bat”.
- Now, you must right-click on the reboot.bat file and head to the Run as Administrator option. Then, launch the Command Prompt window on the computer screen.
- In the upcoming screen, you will notice that the series of commands will be executed in the Command Prompt window. You must allow reboot.bat to repair the issues without creating any interruption.
- Once the command is executed, shut down the Command Prompt window.
- Conclude the process by restarting your PC and verifying that all the changes are executed properly to resolve the issue.
3. Perform the Clean install QuickBooks in Safe Mode
- In the beginning, shut down the QuickBooks application and then open the Run command window.
- After that, in the search section of the Run window, mention “msconfig” and press the Enter key.
- With this, you will get the System Configuration window, wherein you must switch to the General tab.
- Now, circle the checkbox beside the ‘Selective Startup’ and ‘Load System Services’ tab.
- Next, you must move to the Services tab. Then, assure that you have circle the “Hide all labelled Microsoft Services” checkbox.
- Furthermore, tap on the Disable All tab and unmark the Hide All Microsoft Services checkbox again.
- The users must pick the Windows Installer from the service list and tap the OK tab.
- You must relaunch your computer from the system configuration window and then click the Uninstall option. Later, install QuickBooks Desktop again and run the Clean Install tool.
- Once again, launch the Run command window and include “msconfig” in the search console.
- Head to the General tab and return back to the Normal Startup option.
- Conclude the entire process by tapping the OK and relaunching the system from the system configuration window.
4. Changing the Name of the Company File After Switching Its Location
- In the initial stage, switch to the company file folder location that holds the data file.
- After that, launch the File Explorer, right-click, and tap on the Rename option from the available search results.
- Thereon, removing special characters like “<, >, $”, etc., is essential before saving the data file’s name.
- Now, right-click on the QuickBooks data file and opt for the Copy tab.
- In the next step, the users must head to the location “C: >> Users >> Public >> PublicDocuments >> Intuit >> QuickBooks20XX >> CompanyFiles.”
- You must paste the company file using the shortcut keys, e.g., Ctrl + V, and try QuickBooks from its default location again.
- Finally, when you find that QuickBooks is still throwing the issue, shift to another solution.
5. Fix the Company File Issues With the QuickBooks File Doctor Tool
If the above solutions didn’t help you rectify “QuickBooks company file needs to be updated” issue, it might be the possibility that the file is damaged or corrupt. So, to configure the damaged file, you must run the QuickBooks File Doctor Tool.
6. Try Restoring the Backup Copy
In some instances, users may encounter QuickBooks company file update issues when there are problems with their financial data. Therefore, to configure the issue, you must restore the latest backup file to regain access to your company file. Follow the steps instructed below to restore the backup of the company file.
- Primarily, you must launch the QuickBooks Desktop application and switch to the File menu from the top.
- After that, head to the “Open or Restore Company” option from the drop-down menu.
- Thereon, choose the “Restore a backup copy” > Next > Local Backup and then hit the Next tab again.
- Afterwards, switch to the location where you have placed the backup file and then open it.
- Now, opt for the Open tab to pick the backup file and then choose the appropriate location to save the restored data file.
- Furthermore, you must opt for the Save tab to restore the backup file.
- Finally, complete the restoration process as per the instructions given on the screen.
Summarizing the Above!!
We have reached the end of this post, and we hope you can now easily update the QuickBooks company file without any issues. If you still require further assistance fixing the issue, speak with our QuickBooks professionals one-on-one. Our professionals will ensure you provide the best assistance within the shortest possible time.
