Resolving this company file needs to be updated error message

Key points before to resolve the QuickBooks update company

error message

There are a few key points that you should take care of before you try to resolve the QuickBooks update company error message. These are as follows:

• The company file can only be updated by an administrator, so you should either log in to your system as an administrator or provide the user with the admin rights to proceed with the company file update.

• You should not update the file stored on another computer. For files saved on another system, you should move it to your system to update and then copy it back to the other system.

• While the update is going on, no user should open it or make changes to it as it can lead to significant data loss.

• When using older versions on some systems, make sure to have a backup copy of the file on those systems. You won’t be able to open the updated file on the older version.

• You should note that the company file of QuickBooks Enterprise cannot be converted for QuickBooks Pro and Premier versions

How to Convert Company File to a newer version?

Here is a stepwise guide to convert company file to a new version after upgrading your QuickBooks application. Follow the steps to update the company file:

• Go to the ‘File’ menu in your QuickBooks application.

• Click on the ‘Open or Restore Company’ option.

• Select the applicable option from ‘Open a Company File’ or ‘Restore a Backup Copy’.

• Find your company file and then click on the ‘Open’ button.

• Enter the login credentials as an administrator when prompted.

• Click on the ‘Update Now’ button when the message “QuickBooks Needs to Update your Company File” is displayed.

• QuickBooks will create a backup copy before updating the company file.

• You can change the location of the backup file by clicking on ‘Change this Default Location’ option.

• Press the ‘Done’ button when the process completes.