Brad 
It really depends upon the situation. 

you originally said you had an old file from an early attempt to use GnuCash
and there had been little importing of data since that time and that that
data was expendable. In this case John's single step process is appropriate.
You can then back  import any necessary data as far back is required into a
new file created with the new version.

If on the other hand you had been a long term user with significant records
in your existing file (My data file goes back to before 2010 and has data
imported from previous accounting programs for example - I do question why I
need this occasionally but that is a different matter.), the second update
strategy (David T's) is the more appropriate and safest. 

Changes in data file structures normally only occur with the major version
number changes, e.g 2.x to 3.x and 3.x to 4.x and  the next major version
incorporates procedures for updating the data files for changes from the
previous major version. 

David Cousens



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David Cousens
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