Correctly Updating QuickBooks

By Harriet Gatter

Question: I am using an older version of QuickBooks and want to upgrade to the current year. What should I do to prepare for this?

Answer: First of all, back up your current QuickBooks file. Then, run your balance sheet, and profit and loss (income) statements on both the accrual and cash bases for the day on which you upgrade.

After you download the current version of QuickBooks, run those same reports again for that date before you make any entries into QuickBooks. Compare them to make sure that your data carried forward correctly. Make sure you are comparing your accrual original report to your accrual new report, etc.

If they do not match, contact the company from which you purchased the software or an information technology specialist for help. Only after you identify and correct the problem should you enter new transactions.

Please email accounting questions you would like considered for the column to HGatter@AccountingSupportLLC.com with the subject line of "Ask the Accountant."

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Harriet Gatter, owner of Accounting Support LLC, was an ad specialty distributor for 23 years and an adjunct professor of accounting at Neumann University. She sold her ad specialty business in 2012, became certified as a QuickBooks ProAdvisor, and now works exclusively with ad specialty distributors nationwide on their QuickBooks, order management and accounting needs.