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Can we restore version 6.0.3 data into version 7?

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OpenERP SA has a service for this: OPW = openERP Warrantee contract.

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No, the database model has changed. You need to migrate your database to fit into the new model.

The migration is part of OpenERP Enterprise: https://www.openerp.com/en/pricing

Upgrade to future versions to benefit from new features

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