Getting a company file update prompt means QuickBooks has detected an older format incompatible with the current version. Don’t worry—this is standard. Save a secure backup and allow QuickBooks to upgrade the file. Be aware that older versions of the software won’t be able to open the updated file, so make sure your entire team is using the same edition.----https://crivva.com/hacks-to-fix-this-company-file-needs-to-be-updated/