All you need to know about “This Company File Needs To Be Updated” error in QuickBooks

QuickBooks is a robust accounting software that has made accounting operations much easier for a largely growing small and medium enterprises with a worldwide user base of 4.5 millions. It offers premium features with an easy to use interface which helps users with their daily accounting operations promptly. There are many versions of QuickBooks in market today. But, when the user upgrades to the other versions, they find difficulty in migration of company files. Consequently, users get an error code “This Company File Needs To Be Updated” on their screen which denies running company files in other version of QuickBooks. And suggests users to upgrade their files. The steps to resolve the error have been provided further in the solutions along with the reasons of its occurrence.

On the contrary, if you still have other concerns regarding the upgradation of QuickBooks version, you can call on the toll-free helpline 1-855-856-0042 for round the clock support.

Causes behind The Company File Needs to be Upgraded Error Code

Here are a few reasons due to which a user could possibly gets the error in QuickBooks-

1. A user is getting this error when one is not having appropriate administrator permissions.
2. When a company file is attempted to be accessed by multiple users simultaneously during update
3. When trying to access a file over a network which is located on a host or web server.

We have had a tour of the causes of possible causes of “This Company File Needs to be Upgraded” error. Let us now take a step ahead to the best solutions to fix this issue at once.

Solution-1: Try re-installation of QuickBooks

1. Close all the windows. Go to ‘start menu’. Go to ‘log-off’ user menu or Reboot your computer.
2. Make sure to login as ‘Administrator’ using appropriate credentials.
3. Go to official website of QuickBooks. Download the purchased QuickBooks version from the given link. Follow on screen procedure and agree to the ‘terms and conditions’ for a successful installation of upgraded QuickBooks version.

Solution-2: Company file upgradation

Whenever user installs upgrade to the original version, QuickBooks prompts user to upgrade their files so as to be able to access them in near future.

1. If on a multi user account, the company file has to be opened only on one system.
2. After complete installation of upgraded QuickBooks version. Open it by ‘right-click’ then ‘open’.
3. Go to menu, select ‘Open or Restore Company’ option from the drop down.
4. Click the ‘Open Company File’ option followed by ‘next’ button to confirm the operation.
5. Search ‘windows explorer’ for the desired company file then right-click to ‘Open’.
6. Login as ‘Admin user’ in QuickBooks to access Company File.
7. Save the backup of the company file in earlier version as your PC prompts you to choose the destination folder.
8. The window appears on screen asking for confirmation to upgrade the files. Click ‘Upgrade’ then select ‘Done’.

At last we end this blog with the hope that you find the answer to your every query or problem in this written piece on “This Company File Needs To Be Updated” error. A user may still get exhausted to check each and every time they get into troubles when one process doesn’t works for them they will have to retry and might give up, in this situation call on the toll-free number 1-855-856-0042 and get immediate live support on the line.