Undoubtedly, QuickBooks takes care of all of your financial and accounting needs. Apart from that, you may easily connect your bank account to QuickBooks. At times, when you try to download or import from your bank, you may see an error message that says “QuickBooks unable to verify financial institution.” This normally happens in one of two ways: first, if your QuickBooks Bank ID is incorrectly entered, and second, if the program is unable to recognize the unique ID code. Don’t panic, you can blissfully mend it using some appropriate troubleshooting. In this article, we will talk about all possible ways to get rid of the error along with the facts or causes behind the error.
What Exactly is QuickBooks Unable to Verify Financial Institution Error?
It is an online banking error that occurs when QuickBooks refuses to accept a specific Bank ID. When you try to import or download from a restive bank, you’ll get a warning that says “QuickBooks was unable to verify the Financial Institution information for this download.
However, there could be a variety of causes for the inability to verify Financial Institution Information error. Continue reading to learn about a few of the key factors that lean to this error.
What Causes QuickBooks Unable to Verify Financial Institution Error?
QuickBooks can’t verify the financial institution information for downloads for a variety of reasons. Web Connect import errors can be caused by a variety of factors, it can either wrong format or bank’s end issue:
- When your financial institution or Credit Card Company refuses to integrate with QuickBooks.
- You will not be able to import .QBO files if you are using a version of QuickBooks that is more than three years old. As a result, the error message “QuickBooks is unable to verify Financial Institution” will appear.
- The .QBO file you made did not download correctly, or it isn’t compatible with the QuickBooks version you’re using.
- Web Connect import issue occurs when a .QBO file is downloaded from a US bank and imported into the Canadian version of QuickBooks or vice versa.
- To convert CSV or Excel files to .QBO files, third-party software was used.
Remember the Following Points Before you Start Fixing the “QuickBooks is Unable to Verify the Financial Institution” Issue:
- Make a backup of your QuickBooks company file.
- Make sure that you’re running the most recent version of QuickBooks Desktop.
- Upgrade to the most recent version of Internet Explorer.
- Choose the appropriate bank account.
Solutions for QuickBooks Unable to Verify Financial Institution Error
As soon as a problem arises, you can use these troubleshooting approaches:
🔹 Use Excel or Notepad to open your file
🔹 Go to the INTUIT.BID>2002 – line 20
🔹 Change the last four digits to 3000
🔹 Save the file to your computer
🔹 Finally, upload the files into QuickBooks.
Here are a few different methods for quickly resolving the QuickBooks is Unable to Verify the Financial Institution problem. So, instead of squandering your valuable time, put it to good use by using the troubleshooting procedures listed below:
Total Time: 35 minutes
Download the Web Connect File Directly from the Bank Website
If an issue occurs when importing the Web Connect file into QuickBooks, try importing the file directly from the bank’s website. Here are the actions you must take to accomplish this:
🔹 First, open your bank’s website in Internet Explorer
🔹 Then sign in to your bank’s website appropriately
🔹 Now, you must locate and download the QBO file then save it to your desktop
🔹 After that, open the File menu in QuickBooks
🔹 Then select Utilities >>> Import >>> WebConnect files from the drop-down menu
🔹 Once done with that, look for the file and open it
🔹 To complete the file import, follow the steps provided on the import wizard
🔹 There could be a problem with your bank if you get an error while downloading or importing the file
🔹 You should contact your bank for assistance in this circumstance
🔹 Reset your bank connection if you can import and view your transactions in QuickBooks.
Switch to Banking Modes
🔹 Go to the Banking tab in QuickBooks
🔹 Change Bank Feeds Mode after selecting Bank Feeds
🔹 Select Classic Mode from the Bank Feeds section (Register Mode)
🔹 Then try importing the .QBO files and see whether the QuickBooks Web Connect Branding problem is still present.
Ensure that you Download only the .QBO File
🔹 Go to the Banking tab in QuickBooks Desktop
🔹 Select Banking Center from the drop-down menu under Bank Feeds
🔹 Click Download Transactions after finding your bank
🔹 Your banking website will then open in a new browser window
🔹 Finally, sign on to your bank’s website with your credentials and download the .qbo web connector file.
Create a Test File
You must first construct a test file before determining whether or not you can import your transactions into a new company file. Perform the following actions:
🔹 To begin, open QuickBooks and then select the “New Company” from the File menu
🔹 Select “Express Start” and complete the required fields
🔹 To make the firm name more recognizable, include the term “Test” in the name
🔹 Import the .qbo file into the newly created test company
🔹 Import the transactions into the same bank account as the one with which you’re having problems in your main company file.
🔹 It’s fantastic if the file imports correctly! Your issue has been resolved.
Look at your Bank Notifications
Look for notifications or verification requirements on your banking website.
Any changes to the bank’s support for QuickBooks Desktop will be communicated to you. Check the bank’s website for messages by logging in. Follow the instructions to make the necessary modifications. Some banks also verify the user’s identity before granting access to QuickBooks data. After reinstalling or updating QuickBooks to a newer or updated version, this occurs.
Conclusion
We’ve covered every possible ways for resolving the error “QuickBooks was unable to verify the Financial Institution information for this download” as well as the Web connect errors, in the sections above. Even after successfully following the solutions above to resolve Web Connect Import Error, you still getting the same issue. For assistance with QuickBooks Online Banking error then talk to certified professionals via QuickBooks Customer Helpdesk.
How can we Quickly Resolve QuickBooks Unable to Verify Financial Institution Error?
You can perform the following if you are short on time and need a quick and temporary solution:
🔹 Locate the file ‘fidir.txt’ in the first Folder
🔹 Use the notepad to open the file
🔹 Open – C:\ProgramData\Intuit\QuickBooks20XX\Components\OLB\branding\filist, if you’re running MS Windows Vista, 7 or 8
🔹 Open C:\Documents and Settings\All Users\Application Data\Intuit\QuickBooks20XX\Components\OLB\branding\filist, if you’re using Windows XP
🔹 Next, look for the bank’s name, MB Financial, and you’ll see four sets of numbers that look like this: “XXXXX XXXXXXXXXXXXXXX”
🔹 Take note of the figures/numbers
🔹 Search for “FID>, BANKID>, or BID>” in the file “.QBO” with notepad
🔹 Then replace the number next to the characters with the number from the “FIDIR” command
🔹 Changes should be saved as a “.QBO” file
🔹 In QuickBooks, open your Company file and import it.
What to do if I Can’t Import the Transactions even after Creating a Test File in QuickBooks?
If you’re still having trouble moving transactions into the test company file, it’s almost certainly a problem with the Qbo file you downloaded from the bank’s website. To correct this problem, contact your bank and ask them to assist you in downloading the correct file. Banks and financial institutions that use Web Connect are familiar with this type of problem and can assist you in resolving it.
When you Try to Download QuickBooks, It Appears to be Stuck and Prompts you to Select a New or Existing Account. What Should you do?
You must log into your bank’s website to check your messages. Look for any access requests and authorize them according to their policies. For assistance in locating the relevant file, contact your bank. Banks and financial institutions using Web Connect are well-versed in dealing with such issues.
