diff --git a/gnucash/gnucash.cpp b/gnucash/gnucash.cpp
index 2ab37cb00f..1be769bfbb 100644
--- a/gnucash/gnucash.cpp
+++ b/gnucash/gnucash.cpp
@@ -145,9 +145,6 @@ scm_run_gnucash (void *data, [[maybe_unused]] int argc, [[maybe_unused]] char **
     scm_set_current_module(main_mod);
     scm_c_use_module("gnucash app-utils");
 
-    /* Check whether the settings need a version update */
-    gnc_gsettings_version_upgrade ();
-
     gnc_gnome_utils_init();
     gnc_search_core_initialize ();
     gnc_hook_add_dangler(HOOK_UI_SHUTDOWN, (GFunc)gnc_search_core_finalize, NULL, NULL);
diff --git a/libgnucash/app-utils/gnc-gsettings.cpp b/libgnucash/app-utils/gnc-gsettings.cpp
index 6e8bb9bd7e..9288f6f515 100644
--- a/libgnucash/app-utils/gnc-gsettings.cpp
+++ b/libgnucash/app-utils/gnc-gsettings.cpp
@@ -627,6 +627,10 @@ void gnc_gsettings_load_backend (void)
     prefsbackend->block_all = gnc_gsettings_block_all;
     prefsbackend->unblock_all = gnc_gsettings_unblock_all;
 
+    /* Run any data model changes for the backend before it's used
+     * by anyone */
+    gnc_gsettings_version_upgrade();
+
     LEAVE("Prefsbackend bind = %p", prefsbackend->bind);
 }