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What to do if QuickBooks is Unable to Verify Financial Institution?

quickbooks is unable to verify the financial institution

QuickBooks deals with all your accounting and financial needs properly. You can comfortably link your Bank Account with QuickBooks application. However, at times, you may notice that QuickBooks is unable to verify the financial institution. This usually takes place in two cases.  Firstly, if Bank ID inside QuickBooks is not fed properly and secondly if the program is not able to recognize the ID code.

What does If QuickBooks is Unable To Verify Financial Institution Error

QuickBooks Is Unable To Verify Financial Institution

When you import a .QBO file into QuickBooks, you will probably get a message stating “QuickBooks is unable to verify the financial institution information for this download”.
Now the question is, why would QuickBooks send such a message and the possible reasons are therefore mentioned below.

  • In case your QuickBooks copy is about three years old, (for example, for current 2017, QuickBooks 2014 or earlier (QuickBooks enterprise 14 or earlier), it will not import .QBO Then, you should either update to the latest version of it or maybe use Bank2IIF or CSV2IIF converters, depending on the file you have and import as IIF file instead of QBO.
  • This may also happen if your bank account or credit card company is no longer authorized by QuickBooks. In such cases, you are recommended to use Bank2QBO to create your QBO file from allowed financial institutions.
  • Your .QBO file was not created properly or not ready for your QuickBooks version. Banks and Credit card companies create .QBO files in various ways that are different from one another. Most QBO files are extended OFX files (QBO is also called QuickBooks OFX), but there are a few small but important differences between QBO and OFX files. A QBO file may follow OFX specification but is not acceptable for QuickBooks. Moreover, different QuickBooks versions have slightly different needs for good QBO files. Use Bank2QBO to make your QBO file ready for your QuickBooks versions.
  • Your .QBO file was built from CSV or Excel file by third-party software. Use CSV2QBO to recreate QBO (Web Connect) file importable by QuickBooks.

Now, before following the resolution mentioned below, it is important that you follow the steps carefully. This will help ensure that prior to importing QBO file in your QuickBooks application; it should be opened either in Microsoft Excel or notepad of your PC.

Also Read: How to Fix QuickBooks Company File Data Damages? 

These are the solutions you can use In case this problem arrives.

  1. Open the file in either Microsoft Excel or Notepad.
  2. Browse to the 20th line <INTUIT.BID>2002.
  3. Now, change the last four digits to 3000.
  4. After you are done, save the file so that the changes are preserved.
  5. Now, you will have to upload the file in your QuickBooks application.
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QuickBooks Is Unable To Verify the Financial Institution

In case your .QBO file belongs to a US bank, and you are trying to import it on QuickBooks Canadian edition. Also, it may be that your .QBO file is from a Canadian bank and you are trying to import into QuickBooks US edition. Use Bank2QBO to make your .QBO file importable into QuickBooks.

Given below is the method of how you can resolve your issues easily. However, note that this is only a temporary solution.

These are solutions you can use In case this problem arrives.

1: Browse for the fidir.txt file. This file is present in the folder that appears first.

2: Run this file in notepad.

For Windows 8/7/Vista users

3: Browse for the following location or the data path, C:\ProgramData\…\filist.

For Windows XP users

4: Browse for the following data path,

C:\Documents and Settings\…\filist

5: Browse for the bank’s name MB Financial.

  • You will have to note down the 4 sets of numbers which are visible like XXXXX XXXXX XXXXX XXXXX.
  • Open the .QBO file through notepad and locate <FID>, <BANKID> or <BID>.

6: Now, change the numbers that are visible near the characters with the numbers that are associated with FIDIR.

7: Apply the changes that you make.

8: Open your QuickBooks Company file and transfer it.

By following the above steps, we hope you were able to resolve your issue although temporarily but easily. If you are stuck anywhere throughout the steps, connect with our experts at QuickBooks help number(Toll-Free).

If you ever feel the need of taking advice from your fellow business owners that happened to be our existing subscribers, you can visit our thriving QuickBooks Community.

About The Author

Editorial Team

Editorial Team

At QAsolved, we are a team of skilled professionals dedicated to delivering unparalleled accounting and bookkeeping services. With backgrounds in finance and technology, our collaborative efforts focus on providing practical solutions and guidance. Our services are tailored for a range of businesses, covering advisory, CFO services, bookkeeping, and financial systems consulting.QAsolved is an award-winning consulting firm and Intuit’s #1 QuickBooks Reseller Partner. We offer comprehensive QuickBooks services, including consulting, integration, migration, maintenance, data conversion, training, and support, among other services. Over the years, we have assisted over 30K customers across various industries with their Intuit products.

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