Upgrading your QuickBooks Desktop software to the latest version each year allows you to take advantage of improved features, fixes, and enhanced performance. With Intuit releasing QuickBooks Upgrade 2024 in Fall 2023, it is important for users to prepare for and correctly implement the upgrade process. Fortunately, Intuit makes the upgrade procedure straightforward for both existing and new QuickBooks Desktop users.
Back Up Your QuickBooks Data
Before installing any major software updates like QuickBooks Desktop 2024, it is crucial that you back up your QuickBooks data. This provides you with a restorable copy of your data should anything happen during the upgrade.
Follow these steps to back up your company file:
- Open QuickBooks Desktop and go to File > Back Up Company > Create Local Backup
- Choose a location to save your backup copy and click Save
- Enter a name for your backup and click OK
The time to complete the back up process depends on the size of your company file. Make sure the backup is saved in your chosen location before proceeding with the upgrade installation.
Download QuickBooks Desktop 2024
To upgrade to the newest version of QuickBooks Desktop, you'll need to download and install the 2024 release from the Intuit website:
- Go to https://quickbooks.intuit.com
- Click Support > Upgrade QuickBooks Desktop
- Click Download QuickBooks 2024 and save the install file on your computer
Be sure to download the correct edition of QuickBooks Desktop 2024 that matches what you currently use (Pro, Premier, Enterprise). You may need your QuickBooks product and license information to verify eligibility to download the 2024 products.
Install QuickBooks Desktop 2024
With your company file backed up and the latest QuickBooks Desktop 2024 install file downloaded, you are ready to perform the new version installation:
- Locate and double click the .exe file you downloaded to launch the install wizard
- Click through the initial welcome and license agreement prompts
- When prompted to install the application, click Install and enter admin credentials if required
- Follow the prompts to complete the installation process
Intuit recommends closing all other applications during installation to prevent errors. The install wizard will let you know when the new 2024 release of QuickBooks Desktop is fully installed on your computer.
Perform a Quick Upgrade of Your Data
After installing QuickBooks Upgrade, open the application and go through the registration process if required. Then, initiate upgrading your company file's data:
- From the File menu, choose Open or Restore Company
- Select Restore a backup copy and choose the existing company file you want to upgrade
- Open the data file in QuickBooks Desktop 2024 and click OK when prompted to upgrade the file
- The data upgrade process begins and you'll see the progress of accounts, contacts, inventory items, and other data converting over
Depending on the size of your company file, the quick upgrade process may take several minutes to complete. Larger, more complex data sets may exceed half an hour. QuickBooks Desktop displays status indicators letting you know the data upgrade is underway.
Review and Recreate Reports
With your company file fully updated for the new 2024 release, the final step is verifying everything looks good through a refresh of key reports:
- In QuickBooks Desktop 2024, open existing reports you rely on for financial snapshots and business insights
- Review reports for accuracy and check for irregularities
- Recreate reports from scratch to confirm report mapping pulled in historical data correctly
Pay particular attention to balance sheet, profit and loss, accounts receivables/payables, payroll, inventory, and sales reports. If any discrepancies are found in amounts or data mapping, restore the backup company file made prior to upgrading and contact Intuit technical support before proceeding further.
And that's it! With a few simple steps you can upgrade your QuickBooks Desktop upgrade 2024 application and company files to the latest 2024 release. Following best practices for backing up data, installing the update, upgrading the company file, and verifying reports ensures a smooth transition to improved performance and features. Enjoy the optimizations QuickBooks Desktop 2024 provides your business!
