When you buy a new version of QuickBooks (QuickBooks 2012 has some great additions!), the company file you were using in your older version needs to be updated to work in the new version.
Once you convert the file to work with the new version, you cannot use the file with the old version. Create a backup copy and save it in a secure location for future use.
Open the new version of QuickBooks. Click Open or Restore a Company. Select Open a company file and click Next.
Before updating your data file to the current version, QuickBooks will ask you to back up your file. Once you open this file in the newer version, you cannot open it in the older version. By creating a backup, you will always have access to your data in the older version.
QuickBooks asks you if it can update your file. Select the box stating that you understand that your file will be updated. Click Update Now.
Follow the procedure to back up the QuickBooks file.
Once the backup is completed, QuickBooks will update the Company file. Click Yes to continue.
The file data will update.
Once your data is updated, you can begin using QuickBooks 2012.