QuickBooks, being technical software, there are many more annoying glitches too that can be experienced by the users when they manage their accounting or using it for other purpose. However, many times several users have complaint that they receive an error message QuickBooks is Unable to Verify the Financial Institution whenever trying to import a .QBO file into QuickBooks. You will be informed via warning message that your QuickBooks is not able to justify the information of your banking institution for the download you are trying to be attempted. You will be asked to please try again later. Generally, the error issue happens in two phases, first one if Bank ID is not correctly entered in QuickBooks and the second one if the Program is not able to recognize the ID code. In order to get rid of it without putting much effort, you need to take QuickBooks Help from well-educated and talented engineers. Moreover, read the blog-post as it will be effective!
Reasons for QuickBooks is Unable to Verify the Financial Institution
The very first question may come in your mind that why QuickBooks has sent the message “QuickBooks is Unable to Verify the Financial Institution information for this download” what are those possible causes for this appearance. Therefore, catch a glimpse of the mentioned below points to know your answer:
- In case your QuickBooks is running to the earliest release of version normally about three years old, it will not import .QBO file, for sure. In that situation you have to either update QuickBooks to the latest version or maybe use Bank2IIF or CSV2IIF converters depending on the file you have and import as IIF file instead of .QBO file.
- This can also take place if your bank account or credit card company is no longer authorized by QuickBooks. In such cases, you simply need to use Bank2QBO to create your QBO file from allowed financial institutions.
- When the Web Connect file (.qbo file) is corrupt or QuickBooks unable to read the information written on web connect files
- Maybe your financial institution doesn’t support the file you attempt to import in QuickBooks
- When importing a wrong file, then also you get such an error as QuickBooks only accepts a .QBO file
Before Your Start Fixing “QuickBooks is Unable to Verify the Financial Institution” Problem, Remember the Following Points:
- Create a backup of your company file in QuickBooks
- Make sure you are using an upgraded version of QuickBooks Desktop
- Update your Internet Explorer browser to the latest version
- Select the correct bank account
Steps to Fix QuickBooks is Unable to Verify the Financial Institution
Here are few different relevant ways for making the QuickBooks is Unable to Verify the Financial Institution error eliminate in a quick. So, despite wasting your quality time, make it utilize by following the underneath provided troubleshooting methods:
Step 1: Open QuickBooks in Excel or Notepad and the Import
To do such thing very effectively, go through the given guidelines:
- First of all, open your QuickBooks Online file in Excel or Notepad
- Then, go to the line 20 – <INTUIT.BID> 2002
- Change the last 4-digits to 3000
- After changing it, save the file
- Now, finally upload the files in QuickBooks
If you are still receiving QuickBooks is Unable to Verify the Financial Institution error, continue following the troubleshooting guidelines to obtain right solution.
Step 2: Download the Web Connect File Directly From Banks Website
If while importing the Web Connect file inside QuickBooks it throws an error, then try to import the file directly from banks website. Here are the following steps you need to perform for that:
- First open your Bank’s website on Internet Explorer browser and then sing-in correctly to your bank’s website
- Now, find and download the .QBO file and save it on the desktop
- After that, in QuickBooks, open the “File” menu
- Then, go to Utilities > Import > Webconnect files
- Next, search the file and open it
- And then follow the instructions displayed on import wizard to complete the import of files
- If you see an error while downloading or importing the file, there may be an issue with your bank. In such case, you are suggested to reach out to your bank for help.
- If you can import and see your transactions in QuickBooks, then reset your bank connection.
If you still confront an error QuickBooks is Unable to Verify the Financial Institution, move to the next step.
Step 3: Check the File From Your Bank
In this step, what you should do is to ensure that the file you downloaded from your bank is a .qbo file because this is the only file QuickBooks able to read during import. In case, you have a different type of file, then you are highly recommended to first sing-in to your bank’s website and then download such specific .QBO file. Once you get it, go back into your QuickBooks and then again try to import that file. This time, you may not receive QuickBooks is Unable to Verify the Financial Institution error message. But if yet the same error persists, move to the next step to fix it.
Step 4: Switch Banking Modes
- In QuickBooks, select the “Banking” menu
- Go to “Bank Feeds” and select “Change Bank Feeds Mode”
- In the Bank Feeds section, select “Classic mode”
- Then follow the steps to import the .qbo file in QuickBooks
If yet, getting the same error, use next solution mentioned below.
Step 5: Create a Test File
First, you will have to create a test file and then check whether you can import your transactions into a new company file. Do the following:
- First open QuickBooks, go to the File menu and then select “New Company”
- Choose “Express Start” option and fill out the required fields. Add the word “Test” to the company name so it’s easy to recognize
- In the newly created test company, try to import the .qbo file. Import the transactions into the same bank account you’re having issues within your main company file
If the file successfully imports, then it is great! Your problem has solved.
Contact to Tech-Savvy for QuickBooks Customer Help
Even though completing all these afore-mentioned troubleshooting steps carefully in order to eradicate QuickBooks is Unable to Verify the Financial Institution, the problem yet unsolved. Don’t worry! We have technical squad for QuickBooks Customer Help. So, when you contact them through helpline number, you will be properly directed to reach out the exact solution that you were looking for.