Quickbooks provides various features that offer to manage your business efficiently. it provides accounting solutions to manage small and medium-sized businesses. you can link the Quickbooks software with your bank accounts to manage the financial transactions. while there are some cases where you may encounter the Quickbooks is unable to verify financial institution error. this error generally occurs due to two reasons that are either the Bank ID is not updated in the Quickbooks software or the software is unable to read the ID code properly.
Reasons that can cause Quickbooks is Unable to verify Financial Institution error
While trying to import the.QBO file you may encounter the Quickbooks is unable to verify financial institution error on your screen.
Let us look at the reasons why Quickbooks can send this error message. here are some of the reasons that can cause this Quickbooks error.
- if your Quickbooks version is three years older then the current Quickbooks version for example for Quickbooks 2017, Quickbooks 2014 or earlier Quickbooks enterprise 14 or earlier. hence in these cases, you will not be allowed to import the .QBO file. you will be required to update the Quickbooks to the latest release or you can use the converters like Bank2IIF or CSV2IIF based on the type of file you have or you can use the IIF file instead of .QBO.
- One more reason that can cause this Quickbooks error is that the financial institution is not more associated with the Quickbooks software. hence you can use the Bank2QBO to create the company file and to link your accounts from the allowed financial Institutions.
- there are chances that the.QBO file maybe not created properly for the Quickbooks version you are using. the.QBO files are created from banks or credit card companies that are always different from each other. the .QBO files are also known as QFX files that have minor but important differences between them. you can use the Bank2QBO tool to create the .QBO files for the Quickbooks versions.
- the file created by the third-party software is in CSV or excel format. hence you can use the CSV2QBO to convert the CSV file to.QBO for the Quickbooks.
Now you can follow the methods mentioned below to resolve this Quickbooks error. make sure to follow the steps carefully. One more thing before importing the QBO file in Quickbooks open the file in Notepad or word on your desktop.
Solutions to resolve the Quickbooks error
- open the .QBO file using the Notepad or Microsoft word.
- Go to the 20th line in this Quickbooks file <INTUIT.bid>2002.
- Now edit the line and change the last words to 3000.
- after changing it save the file and close it to apply the changes.
- after this, you can upload the file to the Quickbooks software.
Quickbooks Is Unable to Verify Financial Institution
if you have the .QBO file from a US bank and you are trying it to upload it to the Quickbooks Canada version. or you can have the .QBO file from a Canada bank or you can have the US version. In this case, use the Bank2QBO to generate the. QBO file that can be used in the Quickbooks.
Fixes to resolve this Quickbooks Error
- open the Quickbooks folder and locate the fidir.txt file and then open this file in the Notepad.
- If you have Windows 7/8/vista version then you can find this file in the following path. C:\programfiles\…\filist.
- while if you have Windows XP version then go to the following location to find the file. C:\documents and settings\..\filist.
- Now look for the Name of the Bank.
- note down the digits that are visible in the 4 sets of numbers like this XXXXX XXXXX XXXXX XXXXX.
- Now open the .QBO file in the notepad and then look for the following things <FID><Bank ID>or <BID>.
- after this, you have to change the number that is linked with the FIDIR file that is present near the characters.
- now click on OK to apply the changes.
- now open the Quickbooks software and transfer the file.
You can follow the steps mentioned above in order to resolve this Quickbooks error. One more way to always keep your data verified is reconciliation. you can perform the Quickbooks online bank reconciliation process on a weekly basis to keep your data updated.
if you have encountered the Quickbooks is unable to verify the financial institutions then you can troubleshoot it by using the converters. If you have got any kind of issue while fixing this error then you can contact the experts from Quickbooks.