Hello magicalwonders,

The process you mentioned above should work, but since your QuickBooks version is very old, you might get problems when updating your company file. Installing a newer QuickBooks Desktop version on your computer and updating your company file to that version should help.

Here’s an article that will guide you through the process:

https://community.intuit.com/articles/1021013

If you encounter problems updating, please contact QuickBooks support to get more assistance and other options.

Here's how to reach them:  https://help.quickbooks.intuit.com/en_GB/contact

Thank you and stay safe!