QuickBooks is an ideal software to fulfill the accounting and financial needs of all business types. It allows you to perform your accounting and bookkeeping needs with ease and comfort. It is highly secure and reliable, and you can link your Bank Account with QuickBooks App for quick money transfers. Though sometimes the user might face an error where you see that QuickBooks is unable to verify the Financial Institution.
This article will enumerate what the causes are, what happens, and what are the possible solutions to amend the error.
What happens during Error ‘QuickBooks is Unable to verify Financial Institution’
When the QuickBooks user is importing a.QBO file into QuickBooks, you have to stop in between abruptly and an error message might appear saying
“QuickBooks is unable to verify the financial institution information for this download. Please try again later”
You will see the below error message appear on your screen.
Give a quick call at QuickBooks Enterprise support phone number 1-805-257-5030 and resolve the error immediately.
Causes of QuickBooks is Unable to verify Financial Institution:
Below written are a few of the reasons that can lead to QuickBooks Financial transaction error. Have a good read about these so that these can be prevented in the future.
- QuickBooks version is more than three years old – If your QuickBooks version is older than three years, for example for 2019 /2018 you are using QuickBooks version older than QuickBooks 2016/2017, then you will face errors and can lead to unsuccessful ‘. QBO’ import. An update to the latest version or using Bank to IIF or CSV to IIF converters can correct the issue.
- The Bank or Credit card company not authorized by QuickBooks– If your Bank Account or Credit company does not authorize QuickBooks, then you can use Bank to QuickBooks Online to make a QuickBooks Online file from the accredited Financial institutions.
- QBO file or not ready for the QB version– Most of the .QBO files are OFX files with minimal differences in them. A.QBO file might follow some OFX specifications; however, they are not acceptable for QuickBooks. Additionally, different QuickBooks versions need different QBO files. You can use Bank to QBO mode to make QBO file ready for QuickBooks versions.
- .QBO file built from CSV/Excel File- If the QBO file was created from CSV or Excel file from a third-party software then you can use CSV to QBO to recreate QBO file that can be imported using QuickBooks.
- The Bank ID in QuickBooks is not put in properly
- The Program is not able to recognize the ID Code.
Important: You need to Open the QBO file in the Excel or notepad before the QBO to QuickBooks import process. Carry out the below steps to open the QBO file in Excel/notepad.
- First, Open the file in MS Excel or Notepad
- Reach the 20th line <intuit.bid>2002
- Change the ending four digits to 3000
- Once done, ‘Save’ the file
- Now upload a file in the QuickBooks application.
How to Resolve ‘QuickBooks is Unable to verify Financial Institution:
Another important key point to keep in mind before we move onto the solutions is that if the.QBO file is from a US bank, and you are looking to import it for the QuickBooks Canada Edition or vice-versa then use the bank to QBO to create yours.QBO file is importable to QuickBooks.
Alternatively, there is another temporary solution to correct this problem. Try out this solution with the below-given steps:
- First, look for the ‘fidir.txt file.’ This file will be there in the first folder that appears.
- Now run the file in Notepad.
Windows 8/7/Vista users
Go to the Path- c:\programdata\intuit\QuickBooks 20XX\components\olb\branding\filist
Windows XP users
Go to the Path- c:\documents & settings \all users\application data\ intuit\QuickBooks 20xx\components\olb\branding\filist
- Now search for the Bank’s name MB financial and look for ‘four set of numbers.’ You need to note the numbers.
- Once on the notepad, open QuickBooks Online & look for <FID>,<BANKID>or <BID> and then change the numbers with the numbers there in the FIDIR. Once complete, save the changes as ‘.QBO’.
- Open Company file and try to import it.
Have Questions? Need Help?
Hopefully, the article has been informative and has guided you well on the various aspects related to Error – ‘QuickBooks Unable to verify financial institution.’ If still troubled by the same error, then it is recommended to get technical assistance at QuickBooks Enterprise Support Number 1-805-257-5030.