QuickBooks Error OL 332: How to Fix Bank Errors?

QuickBooks Error OL 332

Do you receive QuickBooks error OL 332 while using online banking? If so then you must be attempting to log in with the wrong ID and PIN. Moreover, there can be other reasons that you are having trouble using online banking solutions.

To be precise, we are highlighting the key reasons for OL 332 in QuickBooks Desktop. Along with this, you will discover effective methods to eliminate banking errors.

What Does Cause OL 332 in QuickBooks Desktop?

Online banking solutions do not enable banking accounts. This can be the major reason for QuickBooks error code OL 332. However, there can other reasons that are as follows:

  • There are problems with the bank such as:
    • Users need to acknowledge pending alerts that are sent by the bank.
    • Banks have changed their service to Direct Connect or Web.
    • Your bank account is inactive which uses online banking.
    • You probably did not update the bank information on the Financial Institutions Directory in QuickBooks.
  • Internet connection is misconfigured.
  • Using an old version of Internet Explorer.
  • The QuickBooks version is not supported.
  • Bank files are not compatible with your QuickBooks program.
  • Issues with the multiple bank accounts in the company file.

Fixations Methods for QuickBooks Error Code OL 332

As is well known, banking errors can occur due to multiple reasons. However, you can fix your bank account and other important company files to get rid of errors. For instance, you can enable TLS 1.2 security protocol, create a test company file, check the compatibility of a bank file, and refresh your bank connection by deactivating the online service, after that delete company file from QB Desktop

By creating and merging an account with the old one or disabling other bank accounts, you can easily resolve QuickBooks error OL 332. Let’s understand these methods one by one.

Method 1: Configure Your Internet Security

If you are facing QuickBooks error OL 332 then you should check your Internet Explorer settings and make sure that you use the TLS 1.2 security protocol. This can be done through the Internet Properties. Follow these steps to understand better:

  • Use “Windows + R” keys on your keyboard.
  • Once a “Run” dialog box appeared, type “INETCPL.CPL”. This will open the “Internet Properties”.
INETCPL - QuickBooks Error OL 332

Tip: Alternatively, you can launch the Internet Explorer, go to the Tools and click on Internet Options.

  • Switch to the “Advanced” tab.
  • Now, scroll down to reach the “Security” section.
  • Here, mark a check for “Use TLS 1.2.
  • Click the “Apply” and “OK” respectively.

After pursuing these steps, you can restart your computer. Thereafter, you can try downloading the transaction from the bank and see if the error persists.

Method 2: Create a Test File to Download Bank Feed Transactions

Another fixation method for OL 332 in QuickBooks Desktop is to generate a test company file so that you can verify if the transaction is being downloaded. To do so, pursue these instructions:

  • Launch the “QuickBooks” program.
  • Click on the “File” menu.
  • Then, click on the “New Company” option.
New Company - ol 332 quickbooks
  • Choose the “Start Setup” or “Express Start”.
  • Set up the “Bank Feeds” for your account.
    • Click on the “Bank Feeds” from the “Banking” option.
    • Choose the “Set up Bank Feeds for an account” option.
    • Now, select your bank.

Note: If you are setting up for the first time then visit the Enrollment site link and request the sign-in credential. But, if you are enrolled already then enter your banking ID and Password to connect your bank server with the QuickBooks account.

When you are done with the procedure, you can download the transactions. If the error still displays, contact your bank immediately. Before that, you can try on other methods we are discussing below.

Method 3: Check the Compatibility of Bank File with QuickBooks

When you download the bank transactions, they can be viewed only with the supported file format such as the .qbo file format. If you are another file extension, you will end up seeing QuickBooks can’t open the file.

If that is the case then it is suggested to verify the bank file extension and change the file format if required. To check this, we will try downloading the bank transactions. Here is how:

  • Log in to your bank website.
  • Locate the bank transaction to download in the .qbo file.
  • Now, import the bank transaction to the QuickBooks program. 

If you can easily open the file in QuickBooks, it indicates that the problem is with your bank website, not the file type. This will also ensure that your bank file is compatible with QuickBooks.

Method 4: Refresh Your Bank Connection

In this method, you are required to disable online banking for inactive bank accounts. Then, you can refresh the bank connection to resolve the error. Pursue the following steps:

Verify If the Bank Account is Inactive
  • Click on the “Company”.
  • Go to the “Chart of Accounts” option.
Chart of Accounts - ol 332 in quickbooks desktop
  • Choose the “Include Inactive” box.
  • Check for the inactive bank account in the list. If you find any turn them off.
Deactivate the Online Service
  • Click right on the inactive account.
  • Then, select the “Edit Account”.
  • Click on the “Bank Feed Settings” option.
  • Now, choose the “Deactivate All Online Services” option.
  • Hit the “Ok” button.
  • Select the “Save & Close” button.

Once done, you can close and reopen the file. Also, make sure that there is no lightning bolt. This will ensure the error is resolved.

Important Note: While performing the procedure, make sure you hold down the Ctrl key every time you choose a button not while entering information. This will refresh your bank information.

In case you don’t find any error then it is an issue with your bank connection. But, if you encounter the same error, you can move to the next method.

Method 5: Merge Accounts

To resolve the OL 332 in QuickBooks Desktop, you can make a copy of your account and then merge it with your old account. To do so, follow these steps stated below:

Create an Account
  • Click on the “Chart of Accounts” menu.
  • Select the affected account and click right on it.
  • Then, choose the “Edit Account” button.
  • Now, click and copy the account name.
  • Add the asterisk (*) at the end of the name of your account.
  • Click on the “Bank Feeds Settings” option.
  • Choose the “Deactivate All Online Services” option.
  • Hit the “OK” button.
  • Click the “Save & Close” button.
  • Now, in the “Chart of Accounts”, make a new account. Here, you can paste the account name you copied earlier while settings up your account name.
  • Close the file and reopen it.
Merge Your Account with the Old One
  • Click on the “Chart of Accounts” menu.
  • Then, click right on the account that has an asterisk.
  • Choose the “Edit Account” name.
  • Now, delete the asterisk.
  • Select the “Save & Close” button.
  • Click the “Yes” button to merge the accounts.

This way you can create and merge the bank accounts. Now, you can set up bank feeds and check if you can easily download the transactions.

In case you are unable to edit the account or merge the account, it indicates the company file is damaged.

Method 6: Disable Other Banking Accounts

If you have set up multiple accounts for online banking then the problem must be indicating one of these accounts. Because one of the accounts is having issues connecting with the bank, it may affect other accounts.

Here, you can try disabling the account and verify what account is affected:

  • Click on the “Chart of Accounts” option.
  • Choose the “Include Inactive” checkbox.
  • Turn off the account:

Windows

  • Click on the “Lists” menu.
  • Go to the “Chart of Accounts” option.
  • Click right on the account that you prefer to deactivate.
  • Then, hit the “Edit” button
  • Click on the “Bank Settings” option.
  • Choose the “Deactivate All Online Services” option.
  • Hit the “OK” button.
  • Click the “Save & Close” button.

Mac

  • Click on the “Lists” menu.
  • Go to the “Chart of Accounts” option.
  • Highlight the account that you want to deactivate.
  • Then, click the “Pencil” icon to open the “Edit” option.
  • Click on the “Download Transactions” option.
  • Choose the “Not enabled” option.
  • Hit the “OK” button.

Once you are done disabling your bank feeds, you can set the online banking for each account. This way you can fix QuickBooks error code OL 332.

In brief

QuickBooks error OL 332 is a common error to encounter while using online banking. This can be the case of your bank website, internet connection, or company files. Hence, in order to resolve this error, we have provided a number of solutions you can try on.

Hopefully, you find this guide easy to follow!

To learn more about QuickBooks and its errors, you can check out the following links:

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