QuickBooks Desktop 2024, the newest version from Intuit, is expected to be released at 23 October 2023. It will come packed with the latest features, updates, and security improvements. Upgrading from your current QuickBooks Desktop 2023 to 2024 ensures you stay up-to-date and can leverage the newest capabilities.
While the upgrade process is fairly simple, adequate preparation is required for a smooth transition. This guide covers tips and best practices to upgrade from QuickBooks Desktop 2023 to 2024 successfully.
Overview of Expected Changes in QuickBooks Desktop 2024
Based on historical trends, here are some of the likely enhancements and benefits you can expect by upgrading to QuickBooks Desktop 2024:
- Support for the latest Windows 11 and macOS 13 Ventura operating systems
- Faster processing and improved efficiency
- Advanced reporting with more insights into finances
- Increased automation for reconciling transactions
- Better inventory management tools
- More customization options for invoices and other forms
- Enhanced features for accountants
Upgrading provides access to the latest tools and technology to manage your business finances more productively and efficiently.
When Should You Upgrade to QuickBooks Desktop 2024?
Here are some good scenarios to upgrade your QuickBooks Desktop 2023 to the 2024 version:
- After the official launch of QB Desktop 2024 to get the stable version
- When you need specific features in the new release
- If experiencing software issues, bugs, or crashes in the current version
- Before tax season, take advantage of the latest tax tools
- When changing payroll providers to maintain compatibility
- If your current version is nearing the expiration of support
- If planning to integrate new tools like CRM, ecommerce, etc.
Avoid upgrading mid-year or during closing periods. Keep IT support ready during the transition.
Preparations Before Upgrading from QuickBooks Desktop 2023
Follow these steps to prepare and plan before upgrading to QuickBooks Desktop 2024:
- Review new features in 2024 and evaluate benefits
- Take a backup of current company files and data to an external drive
- Check for any pending transactions or reconciliations
- Condense company file size by deleting unused lists, accounts, etc.
- Ensure current hardware meets system requirements for the new version
- Consult your accountant or advisors on the upgrade plan
- Pick a slow business period with fewer transactions for upgrade
- Keep staff availability flexible to assist with upgrade steps
Proper planning and preparation will help make the upgrade process smooth.
Step-by-Step Guide to Upgrade from QuickBooks Desktop 2023 to 2024
Here is a step-by-step process to follow when you are ready to upgrade:
1. Download and Install QuickBooks Desktop 2024: Acquire the installation file from Intuit or your vendor. Uninstall the previous version. Then, install QuickBooks Desktop 2024 using your license details.
2. Open Your Company Files in QuickBooks Desktop 2024: Launch QuickBooks Desktop 2024 and open your existing company files one by one. This will initiate the file upgrade process.
3. Review the Upgrade Summary and Migrate Lists: Review the conversion summary and map old lists, like accounts, items, etc., to the new ones.
4. Verify Converted Historical Transactions: Spot-check past transactions from reports to ensure proper data conversion.
5. Re-customize Forms and Settings: Set up company templates, user access, preferences, etc., again in the new interface.
6. Perform Final Reconciliations: Do a final reconciliation for all transactions and data. Cross-verify account balances.
7. Test and Validate: Perform end-to-end testing of workflows and features. Ensure everything works correctly before going live.
Following these steps properly will enable a smooth transition from QuickBooks Desktop 2023 to 2024.
Best Practices After Upgrading to QuickBooks Desktop 2024
After upgrading, here are some best practices to follow:
- Take fresh backups of the new company files before ongoing usage
- Print out reports and audit against older file reports
- Verify any synced data and transaction status
- Update the new version’s release notes for reference
- Check payroll, subscriptions, and integrations are unaffected
- Notify your accountant and advisors about the upgrade
- Train employees on new features and workflows
Staying vigilant post-upgrade will prevent any problems down the line.
Understanding Licensing Costs for QuickBooks Desktop 2024
As part of upgrading to QuickBooks Desktop 2024, new license purchases will be required. The costs vary based on:
- Number of user licenses needed
- Whether you are upgrading within the same edition or to a higher one
- Intuit discounts and promotions applicable
Here are the approximate costs:
- QuickBooks Pro 2024: $299 to $359 per license
- QuickBooks Premier 2024: $399 to $469 per license
- QuickBooks Enterprise 2024: $899 to $1099 per license
Buying directly from Intuit online or looking for sales and bundled offers can help reduce upgrade costs.
Key Takeaways When Upgrading to QuickBooks Desktop 2024
Upgrading annually from the previous year’s version allows you to stay up-to-date with features and performance. Follow these tips for a smooth upgrade from QuickBooks Desktop 2023 to 2024:
- Plan timing and prepare data, staffing, and backups ahead of the upgrade
- Acquire new licenses and install QuickBooks Desktop 2024
- Migrate company files and customize settings again
- Reconcile all transactions and validate accuracy
- Test extensively before going live
- Budget for new license purchases based on your needs
- Keep backups and monitor health post-upgrade
Investing in the latest upgrade will provide a significant boost to your business accounting, productivity, and insights.