When you upgrade to a latest version of QuickBooks Desktop and try to open a QuickBooks company file, you may encounter a warning message that says: “This Company file needs to be updated. Please ask your QuickBooks Admin to update the file”Until the problem is fixed, you might have trouble loading your company file. This article talks about how to fix the This company file needs to be updated error in QuickBooks It also explains the causes and methods to fix this error.
Some Factors To Consider Before Upgrading The QuickBooks Company File
To verify that the QuickBooks company file is upgraded without any issues, the following aspects should be considered:
- Sign in as the QuickBooks Administrator
To upgrade your company file, you must have full admin access and permission. Make sure you are logged into the QBD app from an admin profile.
- Do not pause an ongoing download process.
Even if the update is taking longer than you thought, you shouldn’t stop it because upgrading a QuickBooks Company file can be time-consuming. Your company file’s size and internet speed will determine how long it takes to complete. In order to update your company file, you must have a reliable internet connection.
- Avoid updating the company file via the network.
It is not advisable to upgrade the company file on a different computer connected to the network. If the file is located on a different computer, copy it there, make the necessary updates, and then copy it back.
- It is not possible to upgrade from QuickBooks Desktop Enterprises to QuickBooks Desktop Premier
There is no method to change from QuickBooks Enterprise to QuickBooks Pro within the software. However, you can ask QuickBooks Data Conversion services to handle it for you.
- After an upgrade, it’s possible that you won’t be able to open a QuickBooks file in an earlier version
After an upgrade, a QuickBooks file can no longer be opened in an earlier version. If you want to use an earlier version of QuickBooks Desktop, you must recover the automated backup of your QuickBooks Data from that version of QuickBooks. If you want to upgrade the QuickBooks file, you can do so by performing a restore.
Methods To Fix The Error “The Company File Needs To Be Updated”
When QuickBooks displays the message “This company file needs to be updated,” users need to upgrade their company file. You must follow the following procedure step by step:
Step 1: Get Your Company File Ready for an Upgrade
You must make sure that the company file is secure and that it is prepared for the updating procedure. The steps you must take are as follows:
- Run your company file after launching the default QuickBooks application.
- The Product Information box will appear after pressing F2.
- The location of your company file should be noted in the File Information section.
- For your company file, launch the Rebuild Tool. For the upgrade, it will get the file ready.
- If you put your file on a server, please transfer it to a local hard drive. After the file has been upgraded, you can move it back.
Step 2: Update the Company File
Your company file needs to be updated in QuickBooks desktop in order to prevent a repetition of the error message. You must adhere to the following steps:
- From your company file, log off every user.
- Start the most recent QuickBooks Desktop application.
- If no company file has been opened, click Open or Restore Company. Choose Open or Restore Company from the File menu.
- Click Next after selecting Open a company file. Click on Restore a backup copy, followed by Local Backup, if you’re using a backup company file (QBB) instead of a company file (QBW).
- Choose your company file by browsing the list. Then click Open.
NOTE: If you can’t find your company file using the steps above, open File Explorer and browse for it using its name or the.qbw extension. Check to see whether it is hidden if it still cannot be seen.
- Log in using an admin profile to your company file.
- Before upgrading, QuickBooks automatically creates a backup of the company file in the recent version. By selecting Change this default location, you can save the copy in a specific location.
- To start the upgrade, click Update Now and wait.
- After the update has been completed, tap Done.
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Hopefully, you now understand what to do if the QuickBooks error message “This company file needs to be updated” appears on your screen. You can reach out to a professional at 1 800 761 1787 for more help if the issue hasn’t been fixed after trying the aforementioned methods.