Listen to this articleWe all know how crucial it is to reconcile transactions for bookkeeping management. However, when trying to download transactions from your bank or import them, you might find that QuickBooks is unable to verify the financial institution. The issue suddenly appears on the screen with an error message stating,
“QuickBooks is unable to verify the Financial Institution information for this download.”
Such an issue can occur mainly due to incomplete bank files or incompatible formats. Updates or changes from your bank can also trigger the same.
When discussing solutions, ensure the file format is correct and refresh the bank connection. Read this thorough guide to discover every potential cause and for specific instructions on troubleshooting the issue.
 | The inability to download or import transactions can halt your crucial bookkeeping processes. To fix it instantly, we recommend you contact our experts by dialing 800-580-5375 |
Consider These Before Fixing the Importing Issue
Before attempting to resolve the issue, consider the following crucial factors:
- Ensure that the Web Connect version you are using is updated.
- Verify and rebuild your company file.
- Ensure you are downloading the correct file from the bank.
- Create a backup of your company file.
- Update your Internet Explorer version.
- Ensure you are selecting the correct bank account when importing.
- Check if QuickBooks authorizes your bank account or credit card.
Once all this is done, move to the below section and try each troubleshooting solution.
Fixing the Unable to Verify Financial Institution Info Error [QuickBooks Desktop & Online]
Until you fix the error message when trying to import the QBO file, you won’t be able to reconcile your books in both QuickBooks Desktop and Online. Therefore, proceed to this section and conduct each stepwise troubleshooting solution.
1. Download the Web Connect file
Download your Web Connect file directly from your bank rather than from inside QuickBooks. Also, ensure the file you are downloading from your bank’s website is a .QBO file, which is the only type Web Connect can read.
- Go to your bank’s website on Internet Explorer and then sign in to the bank carefully using your credentials.
- Find the .QBO file within your bank and download it. Then, save it on your desktop.
- Now, go to the File menu in your QuickBooks and hover over Utilities.
- Select Import and click on Webconnect files.
- Locate and select the file you want to import.
- Follow the instructions on the import wizard to complete the file import.
Now, if you can import and see your bank transactions, you just need to refresh the bank connection with QuickBooks.
However, if you see an error during the import, it means there are issues with your bank. So, it is suggested you reach out to the bank.
2. Refresh the Bank Connection
First, disable online banking of any inactive account, as it can affect the account you are currently using. So, find inactive accounts and disable them by following the steps below:
- Go to Company and then choose Charts of Accounts.
- Mark the Include Inactive checkbox. Now, find any inactive account with the help of lightning bolt (reconciled transactions).
Now, deactivate the accounts you found:
- Right-click on the inactive account.
- Choose Edit Account.
- Then, click on Bank Feed Settings.
- Select the Deactivate All Online Services option and then click OK.
- Finally, choose Save & Close.
- Now, close and reopen your company file and ensure the lightning bolt is gone.
While setting up your affected account, press the Ctrl key every time you click a button except when entering information. This will refresh the connection with your bank.
If you are still unable to import the QBO file, move to the next solution.
3. Review notifications from your bank
Your QuickBooks transactions might not be downloaded due to notifications or updates. Your bank may notify you if any changes are required or if you need to confirm your identity.
Sign in to your bank’s website, check the updates or messages, and follow the instructions. If your bank doesn’t use Web Connect, it is suggested that you disconnect your account.
Are you still getting the QuickBooks is unable to verify the financial institution error message? If yes, consider moving to the next solution.
4. Switch Bank Feeds modes
Use your bank feeds in Classic mode to upload the .QBO file, as the transactions made in Classic mode can’t be read in a different mode.
- From the Banking menu, hover over Bank Feeds and then select Change Bank Feeds Mode.
- Choose Classic mode (Register mode).
- Finally, import your .qbo file.
If switching bank feeds mode doesn’t help you fix the issue, continue following the next troubleshooting solution.
5. Create a test bank account and file
Creating a test bank account will test and find the issues with the file you are trying to import and other issues from the bank side. After testing it, you can merge the test bank account with the original one to avoid duplication.
- At the top menu bar, go to Lists and then choose Charts of Accounts.
- A pop-up window will open.
- Right-click on it and select New.
- For the bank, tick the Radio button and click Continue.
- In the Account Name field, enter the correct bank’s name.
- Then, click Save & Close.
- Click Yes on the prompt asking to merge the account.
Now, create a text file and import your transactions to check if the issues are with your company file.
- Go to File and then select New Company.
- Choose Express Start or Start Setup, then fill in the required information. Add the Test to the company name so that you can easily recognize it.
- Click on Start Working.
- Import the .qbo file to the test company.
- Now, download the transactions again into the same bank account in your main company file where you’re having issues.
6. Open .QBO file in Excel or Notepad and then Import
Opening the .QBO file in Excel or Notepad will test the file for any issue; here’s how to do it:
- Open the QuickBooks Online file (.qbo) using your preferred application: Excel or Notepad.
- Now, find the text 20 – <INTUIT.BID> 2002 in the file.
- Change the last four digits to 3000.
- Save this file after changing it.
- Finally, upload the same file in your QuickBooks.
7. Check the File From Your Bank
During the import, QuickBooks only read the .QBO file. Therefore, you need to check and ensure that the file you downloaded and trying to import is in the same format.
However, if you have a different file, it is highly recommended that you go to your bank’s website and download the transaction file in .QBO. Once done, retry to import your file and ensure the Web Connect import error is fixed.
Is your QuickBooks still won’t import the .QBO file? Don’t worry; follow the next solution.
8. Update the Financial Institution Directory in QB Desktop
The financial institution directory provides all the bank’s data to the users. So, using an outdated version might affect the file and can be a reason why QuickBooks Desktop bank feeds not working.
Hence, it is crucial to keep it updated to the latest version. Learn how you can update the financial directory by following the steps below:
- Look for the fidir.txt file on your system.
- Depending on the product you use, the file location varies:
- QuickBooks Enterprise: C:\ProgramData\Intuit\QuickBooks Enterprise Solutions XXXX\Components\OLB\branding\filist
- QuickBooks Pro/Premier: C:\ProgramData\Intuit\QuickBooks XXXX\Components\OLB\branding\filist
- Now, right-click on the same file and select Rename.
- Change the file extension from .txt to .old, and then click in the blank area to save the changes.
- Choose your version of QuickBooks to get the latest file:
- Once downloaded, save the file to your desktop.
- Go to your Desktop and find the fidir.txt file.
- Right-click on the file and select Copy.
- Now, open the filist folder and paste the file.
- Finally, close and reopen QuickBooks and then try to import the .QBO file again.
Summary
This guide explains why QuickBooks is unable to verify the financial institution and how to fix the issue. Once fixed, you can easily import the.QBO file and continue with your bookkeeping or reconciliation processes. However, if the error message persists, getting experts’ help becomes necessary. Thus, dial 800-580-5375 and connect with a QuickBooks ProAdvisor, who is available 24/7 to assist.
Frequently Asked Questions
You can’t upload the CSV file in QuickBooks Online if Web Connect can’t read the file format. Therefore, experts suggest downloading the transaction file .QBO and then attempt to upload it again.
To verify your bank account in QuickBooks, sign in to your account, navigate to the Banking menu, select the bank account to verify, and follow the on-screen instructions for verification. You may need to enter test deposit amounts sent by QuickBooks or log in to your bank’s online account.
To fix bank upload errors in QuickBooks Online, ensure your file is in a compatible format (CSV, QBO, OFX, or QFX), verify the data is intact, update your bank details, clear your browser cache, and reconnect your bank account.
Importing the Web Connect in QuickBooks Online is quite easy. To do so, go to File> Import > From Web Connect. Choose the . QBO file you want to import, then click Open.