McVay Business Services - Accounting & Tax Services Pensacola, FL
One of the most commonly used features ofQuickBooks is their online banking. It not only allows for easier and more accurate input of data into the system, but it can also make the reconciliation process quick and easy, provided that there are no duplicate or missing transactions. Online banking allows you to connect credit card and bank accounts to QuickBooks. This way, you don’t need to manually enter transactions, just download or import, then match, and add to your register.
As the name implies, you need an Internet connection to use this feature. Also, your financial institution needs to offer this service. Once you have met these two requirements, then you are ready to activate your QuickBooks online banking. However, you may encounter errors when setting it up, when downloading transactions, or while working on downloaded transactions either when using QuickBooks Online or the desktop version.
Errors and Fixes for QuickBooks Desktop Online Banking
When working on QuickBooks Desktop, it is always important that you have a supported version of the program to continue using some of its features, such as online banking. This does not mean that you need to have the latest version, but you must have a version that less than two years old (counting back from May 31st of the current year). It is also recommended to always install the program on a computer that meets the system requirements.
Error codes that start with"OL" and "OLSU" are common when activating online banking or when downloading new transactions. There are several possible reasons for these errors:
On some occasions, you may not be able to merge the accounts or deactivate the Online Services. This may mean that there is a more serious data damage, which often requires the file to be sent to Intuit’s Data Services team.
Common QBO Bank Feed Errors
As an alternative to Direct Connect, which is the automatic downloading of bank transactions inside QuickBooks, Web Connect can be utilized specially when dealing with bank-related issues that may take a day or more to be resolved. Web Connect is available for both QuickBooks Desktop and QBO. It is also the solution if your financial institution no longer offers Direct Connect. This option also allows you to download and import the transactions beyond the last 90 days.
Before switching to Web Connect, make sure to first deactivate the Online Services for the account in QuickBooks. Then login to your bank’s website and verify that you can download a .qbo file of your bank transactions. As opposed to Direct Connect, Web Connect needs you to download the file from the bank’s website, save it to your computer, and import it into QuickBooks. But the process of matching and adding the transactions to the register is the same.
For additional QuickBooks Training call Mike McVay, Accountant at Pensacola Bookkeepers - 850-725-5696
Mike McVay, Tax Accountant Blog
Certified QuickBooks ProAdvisor & Licensed Tax Accountant Pensacola, FL
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