Thank you for adding a reply, @jlclark137.
Please allow me to help share additional information about updating a new company file with this year's information.
You have the option to create a new company by copying your 2012 file. You can use the Condense Data utility to remove all transactions from the old file. The copy will keep your accounts, lists (customers, vendors, items, etc.), templates, and preferences from the original company.
QuickBooks won't be able to remove all transactions if you have payroll data in the current year. You can delete the transactions manually or create a new company file instead. After creating a new company file, you can export your lists from your 2012 company and import them to into the new one.
To learn more and for additional reference, you may check these articles:
Please let me know if you have any other questions about QuickBooks company file by adding a comment below, I'm always here to help you. Have a great day ahead!