QuickBooks accounting software can directly connect to your bank account and easily execute related operations. Yet, you can sometimes face difficulties connecting to your bank or downloading banking transactions online. This issue is QuickBooks Error OL-301 and usually occurs due to some connection problem between your bank and QuickBooks. Once you have encountered the error code OL-301, it will not allow you to create a contact with your bank; thus, fixing this is utterly important. So, through this write-up, we will first try to understand the reasons behind the occurrence of QuickBooks Error OL-301 and quick fixes to this error code OL-301.
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What Does QuickBooks Error OL-301 Mean?
OL 301 error in QuickBooks occurs when a user tries to connect to any financial institution, such as a Bank, and tries to download the Bank transactions or feed into QuickBooks and cannot execute the process. It is displayed on the screen as “Your financial institution sent an error message. -Error Code OL-301”. It is also known as QuickBooks Banking Error OL-2301, QuickBooks Error Code OL 301, QuickBooks Bank Feed Error Code OL-301, or QuickBooks
American Express import OL-301. The error message can also be displayed as “QuickBooks, and the bank can not exchange the data because they have different account information.” but the reasons for all these error messages are the same.
Why are You Facing the QuickBooks Error OL-301?
The QuickBooks Error OL-301 occurs when there is a connection problem between QuickBooks and your financial institution while using the Direct Connect or if there is an issue with your company file. You can also face the OL 301 error in QuickBooks if QuickBooks is not able to verify your information with your bank due to technical glitches. Some of the reasons why you face the issue are discussed below:
- The website or the servers of your bank are under maintenance.
- The bank information that you have entered in QuickBooks is incorrect.
- The QuickBooks company file you are using is damaged or corrupted.
- You are accessing a service that is still not activated, for example, (Online Bill Payment Service).
- There is an issue with your login credentials for online banking.
- Your account is deactivated or blocked by the bank for some reason.
- Your identity confirmation is still put on hold by the bank.
3 Important Steps before troubleshooting QuickBooks Error OL-301
Before starting the troubleshooting steps, it is important to follow up with your bank service provider to check if there is an issue on their end. Also, try to back up your company files so that, by chance, if you lose the data during troubleshooting the error code OL-301, you can quickly restore it and update your QuickBooks desktop application.
- Contacting the Bank or Financial Institution.
It is always better to contact your bank or financial institution first because chances are they might be making changes to their website or servers and causing you to face the error code OL-301 while connecting with your QuickBooks. If it is the situation and they are running with issues, it’s better to wait for at least 24 to 48 hours and try the below-mentioned troubleshooting steps.
- Making the backup of the Company files.
Creating a backup of your company files before starting any troubleshooting steps is always considered a healthy practice. Follow the given steps to back up your files.
- Open your QuickBooks.
- Go to Files, then the Back-Up Company option, and click on Create Local Backup.
- Next, follow the on-screen instructions to create a backup.
Follow the Article Backup QuickBooks Desktop company file, to Know in Details How to Backup QuickBooks Desktop company file.
- Updating QuickBooks desktop application to the latest version
To update to the latest version of the QuickBooks application, follow these steps:
- Go to QuickBooks Application
- Open the Help tab and then click on Update QuickBooks Desktop.
- Tap on the Update Now tab from the top and click on the Get Updates option.
- Once the update process gets completed, hit Close.
After you have installed the new version of QuickBooks on your computer, you should verify your identity with your bank once again. To verify your information with the bank, go to any web browser, Sign in to your online banking and Check the notification for the identity confirmation request.
Proceed to the troubleshooting steps if you still face the QuickBooks Error OL-301 after performing the steps mentioned above.
Read Also- QuickBooks Online Banking Error 355
Quick Solutions to fix QuickBooks Error OL-301
After you have taken the backup of your company files, rectify QuickBooks Error OL-301 by first creating test company files to see if there is an issue with your company file. After that, proceed with further steps to rectify the error.
Solution 1: Creating a New Test Company File
- Go to the File tab and then to the New Company option.
- Tap on the Start Setup or Express Start option.
- Enter the required information to create a new company and click Create Company option.
- Wait for a moment, as it will require some time to create a new company file.
- Once you are all done, hit the Start Working button.
- Next, add your bank account details to the test file.
If you still face the QuickBooks error OL-301 using the new test file, it might be because of some technical issues on your bank’s end. In such a case, you need to get in touch with your bank for further assistance.
As soon as you contact your bank, ask them to verify your account information so you can use QuickBooks without getting stuck upon the QuickBooks error OL-301.
But, if you do not face issues with your company file, your bank is working fine, and there are some other reasons behind QuickBooks Error OL-301; thus, you need to try other solutions to rectify the error.
Solution 2: Resetting the Connection of your Bank account with QuickBook.
You can reset and refresh your bank account connection in QuickBooks to resolve any general connectivity issue you might be facing.
Step 1: Deactivating all the Bank Feeds
- Go to the Lists tab and tap on Chart of Accounts.
- Search for the account with which you are facing error code OL-301, right-click on it, and choose the Edit Account option.
- Go to the Bank Feed Settings tab and click Deactivate all online services.
- Hit OK and then Save & Close.
Once all the bank feeds are deactivated, we will reactivate them all to rectify the QuickBooks error OL-301.
Step 2: Reactivating Bank Feeds For Direct Connect
- Go to the Bank Feeds option under the Banking tab.
- Now, select the Setup Bank Feed for an Account option.
- Next, choose your Bank and fill out all the required information there.
- Now, follow the instructions on the screen to complete the process.
Step 3: Reactivating Bank Feeds for Web Connect
- First, log in to your online bank account, and then download the bank transactions file, which would be in .qbo format, and save the file on your desktop.
- Go to the File menu and click on the Utility tab.
- Now click on the Import option and then on Web Connect Files.
- Choose the .qbo that you had initially downloaded and click Open.
- The next step is to select the Use an existing QuickBooks account option in the Bank Account.
- Press OK after you see a message saying Your Web Connect data is successfully read into QuickBooks.
After performing all three steps mentioned above, check if you are still facing the QuickBooks error OL-301. If yes, then try the next solutions to solve the error.
Read Also- Banking Error 324 in Quickbooks
Solution 3: Resetting the Banking Connections for any Inactive Accounts.
Sometimes, even the Banking Connections with Inactive accounts can also become the reason for QuickBooks error OL-301. In such cases, resetting connections with inactive accounts can also solve the problem.
- Go to Charts of Account form List menu.
- From the Accounts drop-down menu, choose Show Inactive Accounts.
- Right-click on the accounts that are inactive and select the Edit Account option.
- Now, checkmark the Deactivate all Online Services in the Bank Feed Settings tab.
- Hit OK to confirm the changes.
- Repeat the same process if you have any other inactive accounts.
- Restart your QuickBooks desktop application and check if the error code OL-301 still exists.
- If yes, then follow the next steps.
Solution 4: Check the QB Company File for any errors.
The QB company File errors can also trigger the QuickBooks Error Code OL 301. Follow the given steps to resolve any error with the Company File.
- Download and Install QuickBooks Tool Hub on your system; run it through the desktop shortcut icon if not already installed.
- Start the Tool Hub software, navigate to the Company File Issue menu, and select QuickBooks File Doctor.
- Select the file that is linked to the account causing you trouble and select the Repair the Company File.
- Once the process gets completed, try to access your bank feeds to check the status of the QuickBooks banking error OL-301.
Solution 5: Enabling the TLS 1.2 Security Protocol.
TLS stands for Transport Layer Security and is used to authenticate and encrypt data securely while transferring over a network. Follow the given steps to enable TLS 1.2:
- Press Windows+R from your keyboard and a Run box will pop up.
- Now, type INETCPL.CPL to open Internet Properties.
- Click on the Advanced tab.
- Scroll down and look for the Security sections.
- Here, uncheck the box in front of Use TLS1.0 and check the box on Use TLS 1.2.
- Press Apply and then OK.
- Now restart your system.
To Sum Up
QuickBooks Error OL-301 is caused due to a connectivity issue between your bank and QuickBooks. So, after trying the solutions to rectify the error code OL-301, if you still face it you need to contact your bank and get an appropriate solution. If any other problem persists, you can contact our support team directly.
Still having issues? Call us at +1-(855)-955-1942
Frequently Asked Questions
You can get the QuickBooks Error OL-301 if there is a connection problem between QuickBooks and your financial institution’s connection while using Direct Connect. You can also face this issue if there is some dissimilarity of account information between QuickBooks and the bank.
QuickBooks can show Error OL-301 for any bank associated with QuickBooks. However, if you face QuickBooks Error OL-301 Bank of America, then you need to perform the troubleshooting steps given in the article to rectify it.
No, it is not mandatory to keep a backup of your QuickBooks Company file. However, there is always a risk of data damage or data loss while fixing the error OL-301 in QB. So in that case, having a backup can protect you from losing all of your financial data.