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QuickBooks Error OLSU 1024 – Fix it Now

QuickBooks Error olsu 1024

One of the reasons why QuickBooks is the user’s favorite is its ability to handle multiple bank accounts at once. However, you can come across problems while connecting bank accounts in QuickBooks in the form of errors. One such error you can encounter is QuickBooks Error OLSU 1024 in the Bank Feeds. Most users encounter this error message when QuickBooks fails to download fresh transactions from the bank for certain reasons. This issue probably lies on your bank’s end or in QuickBooks, which must be fixed to get rid of the error message number: [OLSU-1024]. So, if you want to fix this banking error in QuickBooks without anyone’s help, go through and implement the troubleshooting mentioned in this article.

What Exactly is QuickBooks Error OLSU 1024?

There are a number of banking errors in QuickBooks that interrupt you from accessing the bank feeds in QuickBooks. One such error is QuickBooks Error OLSU 1024. This error is part of the OLSU series of errors. You can get QuickBooks Error message OLSU-1024 in any version of QuickBooks, be it QuickBooks Desktop, Online, Pro, Premier, or Enterprise. This error message is provoked if you enter incorrect credentials to log in to your bank account in QuickBooks. Usually, this error message appears at step two of connecting your bank account in QuickBooks and states:

QuickBooks Error message OLSU-1024

“(OLSU-1024): It Looks like something went wrong when writing to QuickBooks. Verify your credentials and try again. If you keep seeing this message, find common fixes for this issue. “

What are the Major Reasons for QuickBooks Banking Error OLSU-1024?

As discussed earlier, you will see the QuickBooks online banking error OLSU-1024 when there is an issue on your end or the bank’s side. So, you need to contact your bank in case this issue arises from the bank’s end. Let us see the primary reasons that trigger the OLSU 1024 error in QuickBooks.

If the issue arises from the bank’s end

  • If you have pending alerts on the online bank account, you need to acknowledge them.
  • The bank connected to QuickBooks changed the service offering to Web or Direct Connect, provoking QuickBooks Error OLSU 1024.
  • If you are trying to use an inactive bank account in QuickBooks Desktop for online banking.
  • In the QuickBooks application, the bank’s detail is not updated on the Financial Institutions Directory (FiDir).
  • If there are problems with the bank’s server.

If the issue arises from your end

  • If you have a poor internet connection that interrupts the communication of QuickBooks with the bank.
  • You can add multiple bank accounts in QB and might see the QuickBooks error code OLSU-1024 when there are issues in one or more bank accounts linked to QuickBooks.
  • In case the file you receive from the bank is incompatible with QuickBooks software.
  • If you are using an unsupported version of QB Desktop. Refer to the FAQ section for more info on unsupported QuickBooks Desktop versions.

Consider These Points Before You Start Troubleshooting

Wait before you directly go to the solutions, as you need to perform some essential tasks before troubleshooting. These tasks will ultimately ease up getting rid of QuickBooks Error message OLSU-1024:

  • Always create a company file backup and proceed to match any pending downloaded transactions.
  • Do log into your bank’s website outside the QuickBooks application to verify that you do not have any pending alerts.
  • Check your internet connectivity.
  • Also, ensure that the Mircosoft Defender firewall is not blocking connection to QuickBooks.
  • Check if you are getting QuickBooks OLSU 1024 in Bank Feeds Classic Mode. If not, this means the file you got from your bank works fine in Classic Mode. But, if you still see this error, move to solutions.

How to Fix QuickBooks Banking Error OLSU-1024?

The following are the top methods to resolve QuickBooks online banking Error OLSU-1024.

1st Solution: Download Bank Feed Transactions in QB Test Company File

If the problem is in your bank’s servers, then you must download transactions in a test company file. To do that:

  • First, launch the QB Desktop.
  • Further, move to the File tab to choose the New Company option.
  • Then, click on the option to Express Start or Start Setup.
  • Now, set up the Bank Feeds for the bank accounts impacted by the error.
  • Finally, download the transactions.

After performing the above steps, if you see the QB error OLSU-1024, there is a possibility of issues in the bank account and not in QuickBooks. Talk to a bank representative and keep a copy of the Bank Feed logs.

Related Post: Easy To Fix QuickBooks Error OLSU 1014

2nd Solution: Verifying the File from Your Bank is Compatible with QB Software

QuickBooks only opens a transaction file that has a .qbo extension. If your bank uses a different file extension, it will not support it and will throw an error. To see if the problem is with your bank or the file type, try to download transactions from your bank’s website.

  • First, you must sign in to the bank’s website outside of QuickBooks Desktop.
  • Then, search for the bank’s transactions and download them in a .qbo file.
  • Lastly, import all the transactions to QuickBooks software.

If you are still unable to launch the .qbo file in QB, the issue might be with the bank. Instantly, call the bank for further support.
If you can import and view your transactions, move to the next solution.

3rd Solution: Refreshing Your Connection with the Bank

To begin with, refresh the bank connection on the concerned account, disable the online banking feature, or inactivate the account. The following are the steps to fix the QuickBooks error OLSU 1024 using this troubleshooting solution.

  • Step one is to verify if you are using an inactive bank account with online banking.
  • Then, proceed to the Company tab and choose the Chart of Accounts option.
  • Now, click the Include Inactive box.
  • Search for an inactive account with a lightning bolt.

Note: The lightning bolt signifies the account is set up for online banking.

If you find one, follow the procedure to disable online banking. Otherwise, download the transactions after setting up the Banks Feeds.

  • Begin by right-clicking the inactive bank account and selecting the Edit Account option.
  • Proceed and move to the Bank Feed Settings tab.
  • Then, click Deactivate All Online Services, then the OK option.
  • Further, choose Save & Close.
  • Finally, Close and again open the company file.
  • Make sure that the lightning bolt is removed.

Important: At the time of set-up, press and hold the Control key every time you click on a button, besides when you enter any information. It will help you refresh the connection with your bank.

Now, If you do not see QuickBooks online banking error OLSU-1024, that means there’s a problem with the bank connection. But if you still see the error, move to the solution below.

4th Solution: Create and Merge the Accounts in QuickBooks

Verify that there is an issue with the QB company file. If you do notice some issues, create a new copy of the account and merge it with the old one.

The following are the steps to create a new copy of the account to fix the QuickBooks Error code OLSU-1024.

  1. Initially, move to the Chart of Accounts, followed by right-clicking the affected account.
  2. Then, click the Edit Account option.
  3. Further, choose and copy the account name.
  4. Do not forget to add an asterisk (*) at the end of the account name.
  5. Proceed to click the Bank Feeds Settings tab and click the Deactivate All Online Services option.
  6. Then, select OK and then Save & Close.
  7. Afterwards, in Charts of Accounts, create a new account.
  8. Note: Paste the text you copied earlier when setting up the account name.
  9. Lastly, close and again open the company file.

After creating a new account, follow the steps to Merge the accounts:

  • From the list of Chart of Accounts, right-click the account with the asterisk at the end.
  • Now, choose the option to Edit Account.
  • Further, you must remove the asterisk and click Save & Close option.
  • Then, to merge the accounts, choose Yes.
  • Finally, set up the Bank Feeds and see if you can now download transactions.

If you cannot perform the steps given above, the company file in QuickBooks might be damaged. To fix it, get in touch with our expert. However, if you still see QuickBooks Error OLSU 1024, follow the next solution.

5th Solution: Disable and Re-activate the Online Banking

In the QuickBooks application, you can set up several bank accounts for online banking. However, if there is an account that you are facing issues connecting to QuickBooks, it can trigger the same issue in other accounts. To get rid of Intuit QB error message code OLSU-1024, follow these two simple steps:

  • First, go to the Chart of Accounts, and from the list, click the Include Inactive checkbox.
  • Then, disable and set up online banking for each of the accounts once again.

Wrapping Up!!

We hope all the troubleshooting solutions listed above in this article will help you eliminate the QuickBooks Error OLSU 1024. But, if you face difficulty implementing any solution repeatedly, do not hesitate to ask for help. Contact us at +1-(855)-955-1942 to get in touch with our technical team right away.

Question 1: How to manually update bank feeds in QuickBooks Desktop?

Ans: If you are getting the QuickBooks Error OLSU 1024 while downloading bank transactions, try manually updating the bank feeds. Follow the steps below to update bank feeds in QuickBooks Desktop manually.
1. From the navigation panel at the left, move to the Banking section.
2. Then, click the Banking tab.
3. Further, under the Bank and Credit Cards section, proceed to select the bank account you are facing problems with.
4. Lastly, click the option to Update.

Question 2: What does an unsupported QuickBooks Desktop version mean?

Ans: A QuickBooks Desktop version becomes unsupported when it gets discontinued by Intuit. You can no longer use online banking and update that version from the date of discontinuation. If you try to access the online banking feature in the discontinued version, you can encounter QuickBooks Error OLSU 1024. To get rid of this error, you must upgrade the QB Desktop to the latest version or ultimately shift to the QuickBooks Online program.

Question 3: What if you still face issues after troubleshooting the QuickBooks OLSU- 1024 banking error?

Ans: The following are the options you have if the solutions do not work for you:
1. First, you can try to reach out to the bank’s support with a copy of your Bank Feed logs.
2. Second, you can ask the bank spokesperson to escalate the case via Intuit’s OFX Connectivity page for solutions. Do take note of the case/ticket #.
3. Third, you can directly contact a professional at Data Service Solution for quick answers to all your questions.

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Oscar Joe Editor
Oscar Joe is a Certified Accountant with Expertise in QuickBooks, Sage and Quicken Accounting Software. Joe has been working with Data Service Solutions for the last 3 years as a QuickBooks Expert and is Helping Accounting software users with their day to day accounting tasks and issues.
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