For efficient and effective running of small to medium size business QuickBooks have become very helpful software. The software has quite a few features that are important in keeping the finance and accounting works of the business update in a seamless manner.
Users of QuickBooks however, do face some errors at times with the software that hinders the performance and working ability to maintain the finance, one such issue is QuickBooks unable to verify Financial Institution. This error means that the accounting software is unable to accept or verify the ID of a particular bank.
In case of such an issue, it is very important that the error is fixed for QuickBooks to operate effectively.
Get Support: QuickBooks ProAdvisor Support
Causes for the Error QuickBooks Unable to verify Financial Institution
There are several reasons that might cause the error of QuickBooks unable to verify Financial Institution; here are some of the possible causes:
- The possibility that the online banking system and the user is using does not support a QuickBooks version that is older while the user is trying to import that .QBO file.
- The file has been imported is incorrect type of file, i.e. .QFX, .CSV, .IIF.
- The details that are used by the QBO file is either incomplete or invalid, as the QuickBooks is unable to comprehend data from the .OQB file, hence the details for formatting used by the user needs to be correct.
- In case there is a restriction of importing by the user’s financial institution on importing its data into QuickBooks, i.e. fi.intuit.com.
- The desktop version of the QuickBooks used is not the one that supports the data of the financial institute.
- There is also a chance that an error message may appear when a user tries to download a .QBO file from a financial institution. The error messages might be as follows:
- An error occurred while processing your online banking data
- Your data was not imported in to QuickBooks
- QuickBooks is unable to verify the Financial Institution information for this download
Ways to Resolve the Issue of QuickBooks Unable to verify Financial Institution
- The user should use the Excel or notepad to open the QBO file before importing the QB online, to do that
- Open either notepad or Excel
- Move to line 20 – <BID>2002.
- Change to 3000 the last four digits
- Simply Save the file and its important not to use the ‘Save As’ to save the file
- Onto the QuickBooks upload the saved file.
- Download the data from the financial institution’s website directly
- Use a new file to test the issue by duplicating it
- Review the download from the web .QBO, to see if there are any errors.
Get Technical Help from PosTechie Experts:
If you have checked and tried to resolve the issue with the above-mentioned methods and still facing the same problem, it is advised that you should contact the PosTechie QuickBooks Support Number or our QuickBooks Tech Support helpline via their toll-free number 1800 935 0532 immediately. They are 24*7 available to help you in troubleshooting the error.