Errors produce unwanted interruptions that obstruct the workplace. When importing a ‘.QBO file’ into QuickBooks, an error notice appears that says “QuickBooks is unable to verify financial institution information for this download“. QuickBooks is a popular accounting software because of its user-friendly features and cutting-edge technology. When QuickBooks does not accept a certain bank ID, the error occurs. There might be several different reasons for this issue, and this article will explain the various causes and methods to help you solve the problem quickly.
Note: To quickly resolve this problem and save your time, you can dial our toll-free number (800)-314-0226 to get in touch with our QuickBooks specialists team. They will rectify the issue for you in a shorter time.
Reasons behind QuickBooks’s Financial Institution Verification Error
- You’re trying to import a QBO file from a US bank into a Canadian edition of QuickBooks, or vice versa.
- Your bank or credit card company is no longer allowed or recognized by QuickBooks.
- Third-party software created the QBO file from a CSV or Excel file.
- The ‘.QBO’ file was not created correctly or is not compatible with your QuickBooks version. ‘.QBO’ files are created differently by banks and credit card firms. QBO files are also OFX files that have been expanded with certain changes. As a result, while the QBO file may comply with OFX specifications, it is not compatible with QuickBooks.
- QBO files cannot be opened with a QuickBooks copy older than three years. Depending on the file format, you must either update to a recent version or utilize Bank to IIF OR CSV to IIF converters.
Before you start troubleshooting, keep a few things in mind.
Before you begin troubleshooting, keep the following points in mind:
- Make a backup of the QuickBooks company file.
- Make sure you have the most recent versions of QuickBooks and Internet Explorer.
- Choose the appropriate bank account.
Steps to Resolve QuickBooks is Unable to Verify Financial Institution
Here are a few methods for quickly resolving the QuickBooks is Unable to Verify the Financial Institution issue. So, instead of squandering your valuable time, put it to good use by using the troubleshooting procedures listed below:
Solution 1: Create a new test file to verify the Web Connect import error
- Select New Company from the File menu in QuickBooks.
- Select the Express Start option.
- In the newly established test corporation, add your bank account to the Chart of Accounts.
- Set up the Bank Feeds record.
- You may now either download or import the QBO.
Solution 2: Open QB in Excel Sheet or Notepad and then Import
Take a look at the following recommendations to see how you can accomplish it effectively:
- Open your QuickBooks Online file in Excel or Notepad first.
- After that, move to line 20 – 2002.
- Replace the last four digits with 3000.
- Save the file when you’ve made your changes.
- Finally, enter the files into QuickBooks.
If you’re still getting the QuickBooks is Unable to Verify the Financial Institution issue, keep going through the troubleshooting steps until you find the appropriate solution.
Solution 3: Verify the Bank’s QBO file.
- You must check the nature of the downloaded file at this stage; it must be a QBO file.
- Because QBO files are the only type that Web Connect can read, you must do this verification.
- If you find any other file type, you must sign in to the Bank’s official website to re-download the file.
- You can also seek assistance from the Bank with any problem.
- Reopen QuickBooks and attempt to import the QBO file once more.
Solution 4: Switching Banking Modes
- Select the ‘Banking‘ menu in QuickBooks.
- Then, ‘Change Bank Feeds Mode’ from the ‘Bank Feeds‘ menu.
- Select ‘Classic mode‘ from the Bank Feeds section.
- Lastly, in QuickBooks, follow the procedures to import the .qbo file.
If the QuickBooks WebConnect Branding error continues, try the next option listed below.
Solution 5: Go to the Bank’s website and download the Web Connect file directly.
If an issue occurs when importing the Web Connect file into QuickBooks, try importing the file straight from the Bank’s website. Here are the actions you must take to do this:
- To begin, access your Bank’s website in Internet Explorer and then sign in properly to your Bank’s website.
- Now, locate and download the QBO file to your desktop.
- Then, in QuickBooks, go to the “File” option.
- Then select Utilities > Import > Webconnect files from the drop-down menu.
- After that, look for the file and open it.
- Then, to finish the file import, follow the directions given on the import wizard.
- There might be a problem with your Bank if you get an error while downloading or importing the file. In this instance, it is recommended that you seek assistance from your Bank.
- Reset your Bank connection if you can import and see your transactions in QuickBooks.
If QuickBooks Unable to Verify the Financial Institution issue persists, please read the conclusion part below.
Despite carefully following all of the above troubleshooting procedures to eliminate QuickBooks is Unable to Verify the Financial Institution, the problem remains unresolved. Don’t worry! Our QuickBooks technical experts’ team is 24/7 available to help you. As a result, if you contact them via a helpline number (800)-314-0226, you will be correctly led to the specific answer that you want.