The upgrade involves a new tool that will be available “in the coming weeks” in the admin section of all Google Analytics accounts. The screenshot below shows what it’ll look like.
Clicking the blue “Transfer” button starts a 24-48 hour process. When that’s over, upgrading the tracking code on your website(s) completes the transfer and opens the website to all of the features of Universal Analytics.
Upgrade … Or Google Will Do It For You
Whether you think you need Universal Analytics or not, you’re going to get it eventually. Google also announced today that all accounts will be upgraded to Universal Analytics whether they use this new D-I-Y tool or not. (Emphasis below is mine.)
Our goal is to enable Universal Analytics for all Google Analytics properties. Soon all Google Analytics updates and new features will be built on top of the Universal Analytics infrastructure. To make sure all properties upgrade, Classic Analytics properties that don’t initiate a transfer will be auto-transferred to Universal Analytics in the coming months.
For further information, Google suggests visiting the Universal Analytics Upgrade Center.