Updating your company file for use in a newer version of QuickBooks is a straightforward procedure, but you must be the admin user of QuickBooks to perform the update.

QuickBooks company files contain transaction details and a variety of other entries, such as customers and vendors. Over time these types of data may cause a company file to become fairly large ...

Since you might have crucial information stored here, you’ll need to update your QuickBooks company file if you want to access it in your newer version.