Upgrading your QuickBooks Desktop company files to the latest version every year is critical to leverage new features, get better performance, and maintain compatibility. QuickBooks Desktop 2024 is expected to be released at the end of 2023 with improvements for transactions, reporting, inventory management, data sharing, and more.
While QuickBooks makes upgrading company files easy through seamless migration, it is important to plan and prepare to prevent any glitches properly. This guide will provide tips and best practices to upgrade your company files to QuickBooks Desktop 2024 successfully.
Overview of QuickBooks Desktop 2024
Here is a brief overview of what new capabilities you can expect in QuickBooks Desktop 2024 based on Intuit’s past release history:
- Support for the latest Windows 11 and macOS versions
- Faster processing and improved efficiency
- Enhanced features for managing inventory, orders, and customers
- More options for customizing invoices, bills, and other forms
- Advanced reporting with drill-down insights
- Increased automation for bank feeds and reconciling transactions
- Improved features and integration for accountants
- Stronger security protocols and compliance capabilities
- Better sync between Desktop and QuickBooks Online versions
Upgrading provides access to all the new features, allows integration of new third-party apps, and enables a smoother filing of taxes. Customer support is also optimized for the latest version.
When to upgrade to QuickBooks Desktop 2024?
The ideal timing to upgrade company files to QuickBooks Desktop 2024 is:
- After the official launch: Wait until Intuit announces the release to ensure you get the stable version.
- During a slow business period, Pick a time with fewer transactions to minimize disruptions.
- Before-tax season: Upgrade early to allow testing of new tax tools and features.
- With IT support ready: Have your IT team or advisors on standby during the upgrade to handle any issues.
Preparing Company Files for Upgrade
Follow these best practices to prepare your company files before upgrading:
- Take backups: Ensure you have complete system and company file backups before upgrading. Store it externally or on the cloud.
- Condense data: Delete any unwanted lists, accounts, items, etc., to streamline the file size.
- Run File Doctor: Diagnose and fix any data corruption issues to avoid upgrade errors.
- Update contacts: Make sure customer, vendor, and employee contact details are current.
- Record balances: Note down account balances for reconciliation after migrating.
- Customize forms: If you have customized templates, take screenshots or copies for reference.
- Verify user access: Confirm all users, roles, and permissions are configured correctly.
- Close books: Ensure the previous year’s books are closed and no pending transactions exist.
- Consult experts: Discuss upgrade plans with your accountant or ProAdvisors.
Steps to Upgrade Company Files
Follow these key steps to upgrade your company files to QuickBooks Desktop 2024 smoothly:
Install QuickBooks Desktop 2024: Acquire the latest version, uninstall the previous version from the Programs menu, and install QuickBooks Desktop 2024 using the license details.
Open company file: Launch QuickBooks Desktop 2024 and open your existing company file for the upgrade process to begin.
Review upgrade summary: QuickBooks will show a summary of changes made to the company file structure as part of the upgrade. Review carefully.
Migrate and update lists: Migrate or map all old lists, like accounts, items, payees, etc., to the new file setup.
Verify converted transactions: Spot-check transactions from the previous year to ensure proper conversion and data integrity.
Re-customize templates: Set up company templates for invoices, purchase orders, etc., again as per required design and branding.
Retest features: Thoroughly test and validate all accounting workflows and new features.
Contact support: Get help from Intuit’s customer support if any questions arise during the upgrade process.
Following these steps correctly will ensure your company file migrates smoothly into the latest 2024 version with minimal disruptions. Be patient during the process and allow sufficient time for proper testing.
Best Practices after Upgrading Company File
Once the upgrade is complete, follow these best practices:
- Backup the new company file again for safety before continuing usage.
- Print out reports and compare older file reports to catch any discrepancies.
- Check any scheduled transactions or reminders are still correctly configured.
- Validate integrations, apps, and import/export workflows.
- Confirm users can access company files without issues.
- Review new features and updates relevant to your organization.
- Notify your accountant, IT support, and advisors about the upgrade.
Staying organized and vigilant after the migration ensures you catch any hidden issues early.
Understanding Pricing for Upgrade
QuickBooks does not have a standard upgrade pricing. The cost depends on:
- Current version – The older the version, the higher the upgrade fees
- Edition – Upgrading from Pro to Premier costs more than within the same edition
- User license – Multi-user access requires upgrading each user license
Here are typical upgrade costs:
- QuickBooks Pro 2024: $299 to $359 per user license
- QuickBooks Premier 2024: $399 to $469 per user license
- QuickBooks Enterprise 2024: $899 to $1,099 per user license
Volume and multi-user discounts may be available. You can save costs by purchasing upgrade downloads directly from Intuit or via authorized resellers.
Key Takeaways on Upgrading to QuickBooks Desktop 2024
- Plan the upgrade during a slow period and with IT support ready.
- Take backups of current company files and prep data before upgrading.
- Carefully follow the steps to migrate and validate the company file in a new version.
- Reconfigure settings and customizations again post-upgrade.
- Thoroughly test with transactions and reports. Seek help if issues arise.
- Factor in license upgrade costs based on your specific version and user needs.
- Stay up to date annually to make the most of new QuickBooks capabilities.
With the right planning and preparation, you can upgrade company files smoothly to QuickBooks Desktop 2024. Investing in the latest upgrade will provide a noticeable boost in accounting performance, productivity, and insights for your business.