Have you recently updated your QuickBooks Desktop application and are facing issues while running the company file? If yes, then we are going to provide you with the solutions to eliminate this issue. This usually occurs when the company file is not updated and it has become incompatible with the QB application. This error is accompanied by a message that states, ‘this QuickBooks company file needs to be updated.’ If you are getting the convert company file to a newer version error, follow this article till the end.

If you are having trouble understanding the steps or resolving the error code on your own, you can reach out to us at 1–855–542–9309 to get assistance from our team of QB professionals.

Pre-requisites for Fixing the QuickBooks Update Company Error Message

If you are getting the QuickBooks needs to update your company file error message, you need to meet the following considerations -

1. You can update the company file only when you are accessing the application with your admin access privileges.
2. If the file is stored on another PC, you need to move it before running the update process.
3. After updating the company file, it won’t open in the older QB versions.
4. The QuickBooks Desktop enterprise files will not get converted into Pro or Premier editions by using this update process.

Steps to Successfully Resolve the Update QuickBooks Company File to the Current Version Issue

If you want to know how to update my company file, you can use the steps provided below -

1. Open QuickBooks Desktop, and from under the File tab, click Open or Restore Company to access your QB company file.
2. Choose from the options to Open a Company File or Restore a Backup Copy, and you can also select the Local Backup option if you want to access the QB company file through the backup route.
3. Browse the company file and click Open., followed by entering your admin credential to log in to the QB app.
4. Once QuickBooks displays “QuickBooks Needs to Update your Company File” window, click Update Now and create a backup, followed by modifying its location if needed.
5. Once you’ve completed the update process of the company file, you should save your backup file to an easy-to-find location to access it conveniently in the future.
6. If you have the QB 2007 version installed on your system, the company file from the past version might have moved, and you can find it by following this path -
7. – For Windows 7 or later systems, navigate through the path -C:/Users/Public/Documents/Intuit/QuickBooks/Company Files, and for Windows XP- C:/Documents/Settings/All/Users/Shared/Documents/Intuit/QuickBooks/Company Files.
8. – If you can’t find your file in the original or desired folder, search your hard drive to find files with the *.qbw extension and check the hidden files & folders section.

Recommended to read: QuickBooks desktop error the file exists

Conclusion

You can fix “this QuickBooks company file needs to be updated” issue by using the steps given in this blog. If the error remains unresolved, you can call us at 1–855–542–9309 to get assistance from our technical support team.

You may also read: Proven Solution Guide to Terminate QuickBooks Error 15106