Upgrading to the latest version of QuickBooks 2024 comes with many great new features for small businesses and accountants. The newest version includes improved reconciliation tools, deeper integration with Microsoft Office 365, an enhanced dashboard, and smarter search functions to help you easily find transactions.
Upgrading is relatively quick and painless, but it's important to properly prepare your QuickBooks company file first. Here is a step-by-step overview of how to successfully upgrade QuickBooks to ensure you avoid any data loss or software issues.
Back Up Your QuickBooks Company File
The most important preparatory step is safely backing up your QuickBooks (QuickBooks) company file. This provides you with a restorable copy if any unforseen issues appear during the upgrade process.
To backup your company file in QuickBooks 2023:
- Make sure all windows are closed within QuickBooks.
- Launch QuickBooks and choose “Back Up Company” from the File menu.
- Choose a location to save your back up file, such as an external hard drive or cloud storage.
- Choose a name that helps you easily identify when the back up was created.
- Click “Save” to create the .qbb backup file.
Install the QuickBooks Update
Once your company file backup is completed, you can proceed to install the latest QuickBooks update on your computer.
The QuickBooks update can be easily downloaded from the Intuit website. Follow these steps:
- Visit https://quickbooks.intuit.com and log into your QuickBooks account
- Navigate to the Downloads section and select Updates
- Download the relevant QuickBook 2024 (R2) Updater file to your computer
- Run the .exe file once the download has completed and follow the on-screen prompts
- Restart your computer after the installation finishes
The entire update installation takes 10-15 minutes in most cases. Be patient and let the installation fully complete before opening QuickBooks again.
Open & Upgrade Your Company File
You're now ready to upgrade your company file database to the QuickBooks 2024 format.
Launch QuickBooks Desktop 2024 from your Windows Start menu or desktop shortcut. The application should display the last company file database you had opened.
If prompted, go ahead and open your existing company file you want to upgrade to QuickBooks 2024. A window should automatically appear asking you to back up your file once more (you just did but it doesn't hurt to do it again!) and then scan your data to upgrade it.
The upgrading process scans your entire company file andneath-the-hood" to ensure full compatibility with the latest QuickBooks version and feature set.
Important: Do NOT cancel the upgrade process mid-way once it begins! Wait for the upgrade to fully complete to ensure data integrity and access to all features. The length varies based on your file size but usually takes several minutes.
Verify Successful Upgrade
Once your file finishes upgrading successfully, QuickBooks 2024 opens your company file database per usual but now with access to the latest features.
Navigate to the Help menu and click “About QuickBooks” to verify the product now displays QuickBooks 2024 as the current version.
You can also click F2 or Ctrl+1 to open the Product Information section, which should show version R2 of QuickBooks 2024.
Now is a great time to explore all the awesome new features available to you in QuickBooks 2024!
Some highlights include:
- Enhanced transaction search
- Improved Microsoft Excel integration
- New custom fields and controls
- More customization options for forms/templates
- Better sales order fulfillment tracking
- Dashboard insights and reporting
With that, you now know how to properly upgrade your QuickBooks to the latest 2024 release. Upgrading routinely helps ensure you stay up-to-date, prevents potential compatibility issues importing data from your bank or other software, and keeps you on track to utilize the latest helpful features from Intuit.
