QB Issue Resolution:

After installing a new version of QuickBooks, you update your company data file by opening it in the new version. This process updates company files from any older version of QuickBooks to the newer one.

About updating your data file

Important: Only the Admin user can update the file

If you never created other users and roles in QuickBooks, you are automatically the Admin user. If you see the message, “The company file needs to be updated. Please ask your QuickBooks administrator to update the file,” you are not signed in to your data file as the Admin user.
Do not update over a network.

Be sure the company data file is stored on the same computer you are using to update it. You might need to copy the file from another computer, and then copy it back after you finish updating it.
After updating your data file, it will not open in previous versions of QuickBooks.

QuickBooks automatically backs up your data file before updating it, in case you need to revert to the older version. You can always restore the backup to your old version of QuickBooks if necessary. Or, if you need to restart the update, you can restore the backup to your new version of QuickBooks.
Enterprise data files only work in Enterprise editions of QuickBooks.

You cannot convert QuickBooks Enterprise data to QuickBooks Pro, or Premier. You can covert a Pro or Premier file to QuickBooks Enterprise, but the company file will not open in Pro or Premier after you convert it.
Detailed instructions
Tips and tricks to ensure a smooth update of your company file

Here are a few things you may want to do in your previous version of QuickBooks before updating your company file to the new version of QuickBooks.

  1. Resort your lists.
  2. Verify your data file.
  3. Rebuild your data file.
  4. Check your Qbwin.log file for error messages.
  5. Make sure the updated data file is in good shape by running the Verify Data utility after you finish the update.

To update your company data file:

  1. Open the new version of QuickBooks.
  2. Choose File > Open or Restore Company.
  3. Click Open a company file and then click Next.
  4. Browse to your data file, select it, and click Open.
  5. If QuickBooks displays the Move Company File window, read and follow the instructions shown there.
  6. Read the information in the Update Company File for New Version window, click (check) the box to show you understand, and click Update Now.
  7. Follow the instructions to back up your company file, and make a note of where you put it, in case you need to refer to it later.
  8. When the message “You are about to open a company file using a newer version of QuickBooks…Do you want to continue?” appears, click Yes.
  9. (Recommended) After the company file is updated:
    • Store the backup you created in step 7 in a safe place until you know you will not need it again.
    • If you copied the data file from another computer to update it, copy it back again.
    • If you installed QuickBooks 2007 or later, the company file from your earlier version of QuickBooks may have been moved to a new folder:
      • Windows 8, 7, and Vista: C:UsersPublicDocumentsIntuitQuickBooksCompany Files.

      If you cannot find your data file in its original location, and if it is not in the specified folder, search your hard drive for *.qbw files and try to find it that way. Be sure to include hidden files and folders in your search criteria