How to fix Quickbooks error code ol-301 ?

When you attempt to download bank transactions into QuickBooks, you will see Error OL-301. Typically, Error Code OL-301 occurs as a result of a temporary bank server outage or a problem with your company file.

As a result, in this article, we’ll identify the root causes of this issue and resolve them permanently on the QuickBooks desktop. Occasionally, your bank will want you to verify your identity in order to access their online QuickBooks services.

Quickbooks error code ol-301
Quickbooks error code ol-301

Quickbooks error code ol-301: Possible Causes

1. The bank’s website or servers are unavailable for maintenance.

2. Inconsistent data integrity in the company file

3. The QuickBooks desktop application must be updated.

Prior to resolving this error code, the following steps should be taken.

A. Make an appointment with your bank or financial institution.

We recommend that you contact your banking institution first, as it is possible that they are performing maintenance on their server(s) or website(s), which is causing this issue with the Quickbooks error code ol-301. If they are operating normally, please wait 24-48 hours; if they are not, continue with the troubleshooting instructions below.

B. Create a backup of your business’s files

  1. To begin, launch QuickBooks Desktop
  2. Navigate to File > Company Backup > Create Local Backup.
  3.  Now, follow the on-screen prompts to build a backup.

C. Update the QuickBooks desktop application

1. Open the QuickBooks Desktop application.

2. Navigate to Help > QuickBooks Desktop Update…

3. From the top, choose the Update Now option and then Get Updates.

4. When the Update process is complete, click Close.

Five straightforward approaches to resolving Quickbooks error code ol-301

STEP 1: Disable and re-enable Bank Feeds

Disable Bank Feeds

To begin, navigate to List > Chart of Accounts (CTRL+A).

2. Right-click on the account(s) in the list that is causing you to receive this error number and choose Edit Account.

3. Navigate to Bank Settings.

4. Select Deactivate All Online Services from the drop-down menu.

5. Click the OK button.

6. Click Save and Exit.

Restore Bank Feeds

To begin, navigate to List > Chart of Accounts (CTRL+A).

2. Right-click on the account(s) in the list that is causing you to receive this error number and choose Edit Account.

3. Click on Configure Bank Feeds… and then Yes to shut any QuickBooks windows that are currently open

4. The following screen allows you to input the name of your bank(s) and click Continue.

5. In the following window, enter your bank’s Username and Password and click Connect.

6. Once QuickBooks locates your bank account(s), it will LINK the account(s) to the appropriate existing account.

7. Select Next.

STEP 2: Execute the Verify and Rebuild utility utilities.

Utilize Verify Utilities.

To begin, launch QuickBooks Desktop

2. Navigate to File > Utilities > Data Verification.

3. Click OK to bring all open windows to a close.

4. If QuickBooks detects no errors in your data, click OK.

5. If QuickBooks identifies any problems with your data, select Rebuild.

Utilize the Rebuild Utilities

1. Select File > Utilities > Rebuild Data from the menu bar.

2. To generate a backup, click OK and then Save.

3. When the rebuild process is complete, click View Results.

4. If you discovered no errors, please continue with the steps below.

5. If you discover any problems with your data, you can contact our experts.

STEP 3: Create a file for a testing firm

The goal of creating a new test file is to ascertain whether the issue stems from your bank or a company file. The following stages will guide you through the process of creating a new company file:

  • To begin, navigate to File > New Company.
  • 2. Click the Start Setup button and then the Skip button.
  • 3. Now, enter the necessary details and click Create Company.
  • 4. It may take some time for QuickBooks to create a new company file.
  • 5. Once You’re Completely Prepared! Select “Begin Working”
  • 6. Now, in the test file, input your bank account.

If you are able to download bank transactions

If you are able to download bank transactions after establishing a new test file, this indicates that your primary company file may have some issues. Please contact our specialists for additional troubleshooting.

If you are unable to download bank transactions

If the same issue persists after producing a fresh test file, this indicates that your bank needs your confirmation to authenticate your identity or that they are performing maintenance on their server(s) or website (s). In this case, you should contact your bank and speak with a member of their QuickBooks expert team.

STEP 4: Enable the TLS 1.2 Secure Sockets Layer Protocol

  • By pressing the Windows+R keys on the keyboard, a Run window will appear.
  • To open Internet Properties, type INETCPL.CPL.
  • Now, select the Advanced tab.
  • Scroll down to the section on security.
  • Uncheck the Use TLS 1.0 checkbox and check the Use TLS 1.2 checkbox.
  • Apply and OK
  • Restart your computer now.

Step 5: Bank Request for Identity Verification

Additionally, your bank may request identification confirmation when you use online services in QuickBooks Desktop. This typically occurs following an upgrade to QuickBooks or an update to the current edition.

Additionally, you must log onto your bank’s website to verify your identification. Please check your notification or message centre for an update to the confirmation. Alternatively, you might contact your financial institution.