Making the leap to the latest version of QuickBooks can seem daunting, but it doesn’t have to be. With some planning and preparation, you can make the upgrade process relatively seamless. Here are some tips to help ensure a smooth transition when moving your company file to QuickBooks 2024.
Back Up Your Data
The most important thing you can do before starting the upgrade is to back up your QuickBooks 2024 data. This provides a safety net in case anything goes wrong during the upgrade. Back up both your QuickBooks company file and any other files stored locally, like statement PDFs, scanned receipts, Estimate/Invoice templates, etc. Save the backup files to an external hard drive or cloud storage for safekeeping. Test restoring from the backup after creating it to ensure it worked properly.
Clean Up Your Company File
Take some time before the upgrade to clean up your company file and condense old data. For example, delete old unwanted lists, accounts, items, and transactions. Run a verify/rebuild on your file to optimize performance. The cleaner your file, the smoother the upgrade process.
Review New Features & Changes
Get familiar with what’s new in the latest version of QuickBooks. Review new features, updates to existing features, and any changes to workflows. This helps you take full advantage of improvements and avoid surprises. Check the Intuit QuickBooks upgrade guide for details on changes.
Install the Upgrade Early
Don’t wait until the last minute! Install the new version of QuickBooks a few weeks before your annual license expiration. This gives you time to work out any issues before you must switch over. Install the upgrade on a test computer first to assess compatibility with your company file.
Upgrade a Copy of Your File First
Before upgrading your live company file, upgrade a copy first. This is essentially a test run to ensure everything transfers smoothly. Create an portable company file copy and upgrade that. Reconcile balances afterward to verify accuracy. Only upgrade your live file once satisfied.
Transfer Customizations
Many customizations like custom fields, reports, templates, and more don’t transfer automatically during upgrade. Before upgrading, document and export these customizations. After upgrading, transfer them over to the new file manually. Verifying customizations still work prevents later hassles.
Adjust Conversion Settings
When upgrading in QuickBooks, adjust conversion settings to control how your lists, accounts, items etc. transfer over. Review the default settings first, but make tweaks to prevent duplicates or other issues upon conversion. The right settings can really smooth out the process.
Update Integrated Apps
If you utilize any third-party apps integrated with QuickBooks Upgrade 2024, ensure they are compatible with the new version you’re upgrading to. Update integrated apps beforehand or remove and reinstall them after upgrading if needed. This maintains seamless workflows with your other software tools.
Consult Your Accountant
Your accountant likely has extensive experience with QuickBooks upgrades. Schedule a planning call with them a few weeks before you intend to upgrade. They can provide tailored guidance to ensure your specific company file and workflow transfers smoothly to the new version.
Review Your Chart of Accounts
The upgrade is a convenient time to review your Chart of Accounts to see if any changes need to be made. As your business evolves, you may need new accounts added or old defunct ones removed. Make these adjustments before upgrading for a streamlined CoA.
Check Your Item List
Similarly, take time to review your Item List and clean it up before upgrading your QuickBooks file. Delete unused or obsolete items. Confirm all active inventory items are properly set up for your current workflow. Organizing this list helps immensely.
Resolve Outstanding Issues
Check for any unresolved issues in your current file like unreconciled bank accounts, uncleared transactions, discrepancies, missing documents, etc. and fix them before upgrading. Lingering issues often transfer over and compound if not addressed beforehand. A clean slate aids success.
Hold Off On Major Accounting Changes
Avoid making any major changes to your books right before an upgrade like rolling out a new chart of accounts, switching inventory methods, or activating payroll. Major changes can complicate the upgrade. Introduce them in the new version after upgrading instead.
Create a Test Transaction Batch
In the new version of QuickBooks, create a test batch of transactions across your workflows – invoices, bills, purchases, sales receipts, etc. Then reconcile balances and reports afterward. This verifies all your accounts and workflows function properly after the upgrade.
Review Conversion Reports
Once you convert your file, check any conversion or progress reports QuickBooks provides carefully. They will highlight any errors, issues or changes made during the upgrade. Address potential problems immediately to avoid headaches.
Scrutinize Account Balances
Even if the upgrade goes smoothly, thoroughly inspect all account balances afterward to ensure everything transferred over accurately. Closely compare balances before and after the upgrade. Any discrepancies indicate an underlying issue needing resolution.
Re- Memorize Transactions
Unfortunately memorized transaction don’t make the move during upgrade. Enter any memorized transactions again manually in the new version, testing to ensure accuracy. Re-save them to restore automated workflows. Prioritize ones vital to daily operations first.
Verify Recurring Transactions
Double check that all recurring transactions like for rent, subscriptions, etc. successfully transferred and remain scheduled properly in the new version. Adjust the next occurrence date if needed to keep payment schedules intact through the transition.
Confirm Access to Features
Based on your QuickBooks subscription level, access to certain features can change with an upgrade. Review your employees’ access and permissions to be sure they can still utilize necessary parts of the software based on your current plan.
Update QuickBooks Payroll (If Applicable)
If you use QuickBooks Payroll, the upgrade process is a bit different. Make sure to follow Intuit’s special instructions for upgrading payroll smoothly and ensuring no disruption to your pay runs. Keep tax tables updated.
Get Help If Needed!
If you have any questions at all during the process, don’t hesitate to reach out to QuickBooks customer support. Or enlist help from an accountant or bookkeeper experienced with QuickBooks upgrades. The right assistance makes a huge difference.
Give Yourself Plenty of Time
Finally, avoid waiting until the last days of your license expiration to upgrade. Give yourself several weeks, even a month or two if possible. Trying to rush the upgrade in a single day under pressure usually spells trouble.
Making the leap to new software can be intimidating but doesn’t have to be with the right prep. Follow these tips to keep your QuickBooks upgrade on track. With planning and diligence, you can execute a smooth transition that positions your company for continued success in 2024. Reach out for help from experts when needed – you’ve got this!
