How to Fix QuickBooks Error OL 301 Bank Of America?

How to Fix QuickBooks Error OL 301 Bank Of America

QuickBooks error OL 301 is basically a banking error, which generally occurs while downloading the bank transaction to QuickBooks Desktop. Temporary bank server breakdown can also cause the error code OL 301 in QuickBooks.

Before it attacks your QuickBooks company file data, you should take a few precautions to keep this error at bay. Here, in this guide, we will discuss the main reasons behind error code OL 301 in QuickBooks along with repairing methods.

Key Reasons Behind Error Code OL 301 in QuickBooks

  • The bank website is under maintenance.
  • QuickBooks Desktop is not updated to the latest version.
  • QuickBooks company files are having integrity issues.
  • Changes have been made to bank information.
  • Improper installation of software.
  • The presence of malware or virus attacks may lead to unwanted errors in QuickBooks.
  • QuickBooks files are removed in the wrong way.

Fixes for QuickBooks Error OL 301

If your bank is responsible for the error then you should connect with your bank to verify the problem. However, the issue can be the fault of your software also. In this case, the following methods will help: 

Fix 1: Reactive the Bank Feeds

In this method, you are required to edit your bank account settings to deactivate all the online services. Later, you can reactivate your bank feeds. Follow these steps to understand the procedure:

Deactivate All Online Services

  • Click on the “List” option.
  • Go to the “Chart of Accounts” option.
Chart of Accounts- ol 301 quickbooks
  • Now, click right on the account that is causing the error.
  • Then, select the “Edit Account” option.
  • Go to the “Bank Settings” option.
  • Click the “Deactivate All Online Services” option.
  • Hit the “OK” button.
  • Click the “Save and Close” button.

Set Up Bank Feed

  • Navigate through the “List” option.
  • Select the “Chart of Accounts” option.
  • Now, click right on the account that is causing the error.
  • Then, select the “Edit Account” option.
  • Choose the “Set Up Bank Feeds” option.
  • Hit the ”Yes” button to close the opened windows of QuickBooks.
  • Enter the name of your bank and click the “Continue” button.
  • In the next window prompt, enter the “Username” and “Password”.
  • Click the “Next” button.

While performing these steps, the user may have to confirm the identity with the bank. For that, you can go to your bank’s website and check if you receive any notifications. If so then allow it to access the online services with your QuickBooks software.

Method 2: Verify and Rebuild Data

Another method to fix error code OL 301 in QuickBooks is to run verify utilities and rebuild them. This can be done right within QuickBooks Desktop Utilities. Here is how to do that:

Run Verify Utilities

  • Launch “QuickBooks Desktop”.
  • Click on the “File”.
  • Go to “Utilities”.
  • Select the “Verify Data” option.
Verify Data - quickbooks error ol 301
  • Hit the “OK” button.
  • If QuickBooks Desktop does not detect the issue with the data then click the “OK” button.
  • But, if QuickBooks shows any problem with the data then click the “Rebuild” option.

Run Rebuild Utilities

  • Click on “File”.
  • Go to “Utilities”.
  • Select the “Rebuild Data” option.
Rebuild Data - quickbooks error ol 301
  • Hit the “OK” button.
  • Click the “Save” button to generate a backup.
  • Once the process is complete, click on the “View Results” button.

This way you can verify and run a rebuild to detect the error. In case you detect any problem with the data then ask for assistance from some experts. But, if you find no issues with the data yet facing QuickBooks error OL 301 then you should try the following methods.

Method 3: Create a Test File

By creating a test company file, you can find out if the issue is with your company file or bank. To create a company file, you can do the following:

  • Click on the “File” menu.
  • Go to the “New Company” option.
  • Select the “Start Setup”.
  • Click the “Skip” button.
  • Add the required information.
  • Click the “Create Company” button.
  • The process may take time. Once the new company file is created, you can click on the “Start Working” button.
  • Thereafter, you can add the bank account to your test file.

After you are ready with your test file, if you can easily download the bank transactions, it indicates your main company file has some issues. To resolve that, you can repair your company file or contact professionals.

In case you fail to download the bank transaction, it means your bank wants to verify your identity. This happens when your bank updates the current version or there are applying some changes to the server. In such a scenario, you can log in to your bank website, check for notifications, and confirm your identity with your bank.

Method 4: Configure Internet Options

If you are continuously facing error code OL 301 in QuickBooks, you can enable TLS 1.2 security protocol in the Internet Properties. To do so, follow these steps:

  • Use “Windows + R” keys on your keyboard.
  • Once the “Run” dialog box appears, type “INETCPL.CPL”. This will open “Internet Properties”.
  • Switch to the “Advanced” tab.
  • Now, scroll down to reach the “Security” section.
  • Here, remove the check for “Use TLS 1.0” and mark a check for “Use TLS 1.2.
  • Click the “Apply” and “OK” respectively.

Once you are done following these steps, restart your device. Thereafter, you can try accessing your online services using QuickBooks Desktop.

Method 5: Refresh Account Information

Another fixation method to fix banking errors is to visit your account and refresh the account information. Here are the steps for that:

  • Click on your account.
  • When the account register opens, go to the “Gear” icon located on the top right.
  • Hit the “Update Now” button.
  • Enter the bank password if prompted.
  • Click the “Update Now” button.

This way you can refresh your online account information. This will fix the error and then you will get rid of error code OL 301 in QuickBooks.

Method 6: Check If Your Account is Hidden

A hidden account with the same bank often creates conflicts because a hidden account can be available with an online download that is no longer supported by the bank. Hence, you should check the list of hidden accounts by following these steps:

  • Go to “Tools”.
  • Check the account list.
  • Now, click on “Show hidden accounts”.
  • Hit the “Edit” button.

Thereafter, you can click on the online services to make sure that there is no hidden account with the online service.

Method 7: Reactivate the Account

In this method, you are required to reactivate the account that is deactivated. This can be done by adding the bank information. Here are the steps for that:

  • Go to “Tool”.
  • Click on the “Add Account” tab.
  • Choose “Account Type” such as saving and checking.
  • Switch to “Advanced setup”.
  • Select the name of your bank.
  • Hit the “Next” button.
  • Enter your username and password.
  • Click the “Connect” button.
  • Search for your account at the bank.
  • Then, make sure you reactivate your account from the list of accounts.
  • Now, link your account with the existing account.
  • Hit the “Next” button.
  • Click the “Finish” button.

Once you link your new account with the existing one, you can easily reactivate your bank account. Thereafter, you can check if the error persists.

Method 8: Check If the Updates Are Failed

There can be instances when you update the account but it stops in between. And, due to the pending or failed update, you might face problems accessing the online services. Here, you can follow these steps to check the update summary.

  • Go to “Tool”.
  • Click on “Update Summary”.

If you find your account with a red question mark, it indicates that the updates are failed. Thereafter, you can complete the account update and restart your computer.

In a Nutshell

Banking errors are temporary if they are caused by server issues. However, you should never ignore them at any cost. Sometimes, all you need to do is just verify your identity with the bank to resolve these errors.

We hope you find this guide helpful. Want to know how to void a check in QuickBooks Online? Click here:

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