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How to fix QuickBooks Error OL 301?

May 05, 2023
QuickBooks Error code OL 301

QuickBooks Error OL-301 appears in your QuickBooks when you try to download the transactions. It usually took place due to bank server outrage. Apart from that, there are multiple other reasons as well that can provoke Error OL-301 in your System, which we have discussed in this blog. So to learn more about the causes and troubleshooting, keep reading this article.

Facing trouble while resolving QuickBooks Error OL-301? Ring on @+1-844-508-2335 and consult QuickBooks experts to grab an instant solution. 

What are the Flaws that Evoke QuickBooks Error OL-301?

Let’s move forward and learn the reasons that promote QuickBooks Error Code OL-301. This will help you in choosing a way to troubleshoot according to the issue.

Note: The error happens when QuickBooks tries to connect with your Bank.

  • The entered Bank information regarding QuickBooks is incorrect.
  •  It can also happen if your Bank account is blocked or inactive for a long time.
  • You might have entered incorrect login credentials.
  • The Bank’sBank’s server is under maintenance, which leads to a server down issue.
  • In case you are using a service that is not activated, like the Online Bill Payment Service.
  • A damaged QuickBooks Company file can also create major problems for the QuickBooks user.
  • Your identity is not confirmed from the QuickBooks end.

How to recognize QuickBooks Error OL-301?

The Error OL-301 in QuickBooks can be recognized easily using these signs or symptoms:

  • An error message stating, “QuickBooks and the bank cannot connect because they have different account information,” appears on your screen.
  • You can’t connect your Bank account with QuickBooks.
  • The Bank can’t send any new news regarding latest Update.
  • Your System might lag, freeze, or respond slowly to your command.
  • The QuickBooks software freezes frequently.

What are the things you must do before troubleshooting QuickBooks Error OL-301?

In this section of the blog we have mentioned all the important points that you have to take care while rectifying the error.

  1.  Get in touch with your Bank

The first thing we can recommend you is to get in touch with your Financial institute before running toward the troubleshooting steps. There could be changes that the Bank is making some modification onto their server or website, which ends you up with QuickBooks Error Code OL-301.

If the error is due to a bank issue, it will be rectified within the next 24-28 hours.

2. Create a Backup of your Company File

Create an automatic or local backup of your Company Files so that you will not lose any data while troubleshooting the issue.

  • Launch QuickBooks Desktop, and head to the File option.
  • Click on BackUp Company, followed by Creating Local Backup.
  • Now simply follow the on-screen instructions to complete the process of backup creation.

3. Update QuickBooks Desktop

There are major chances that you are encountering such an error due to using an outdated QuickBooks desktop.

  • Launch QuickBooks Desktop and navigate to the Help option.
  • Thereafter click on the Update QuickBooks Desktop and choose Update Now bottom.
  • Hit on Get Updates, and after that, close the restart of QuickBooks.

Read also-Resolve QuickBooks error 12002?

What are the steps to Resolve QuickBooks Error OL-201?

Below we have mentioned all the steps that can help you in rectifying the OL-301 error in QuickBooks.

1st Method: Save a New Company Test File

To verify if the OL-301 error in QuickBooks occurred due to a Company File issue, simply create a new Test Company File.

  1.  In the beginning, hit on the File option, and select New Company.
  2.  After that, select the Express Start or Start Setup button.
  3. On the next page, enter all the required data to set up your Company.
  4. Lastly, hit on the Create Company section.

If you don’t receive any error after following the given steps, then your Bank is working properly, and you have to move to the next method. However, after doing this, you are still receiving the error due to Bank’s issue.

2nd Method: Reset the Connection of your Bank Account

In case a Bank has made some changes to your Online Banking services, you have to refresh your Bank Connection to resolve problems generated by this.

Disable all the Bank Feeds

  1. Initially, tap on the chart of Accounts button, and look for Account.
  2.  Once you find it right, click on it, and hit on the Edit Account option.
  3. In the Bank Feed Settings, select the Deactivate All Online Services section, and choose ok.
  4.  Lastly, hit the Save and Close button, and you are done.

Once you deactivate the online bank feed of the Account, you have to reactivate it again.

Enable the Bank Fees for Direct Connect

  1. Select the Bank Feeds button in the Banking tab.
  2. Thereafter, click on the Set up Bank Feed for an Account.
  3. Next, choose your Bank, and enter the required details.
  4. Moving ahead, follow the on-screen prompts to complete the procedure.

Enable Bank Feeds for Web Connect

  1.  At first, Sign in to your Online Banking Account.
  2. Thereon, Download all the banking transactions data files available in the .qbo format and save them on the Desktop.
  3.  Now, check the file tab, and click on the Utility button.
  4. Select Import and then Web Connect Files.
  5. Moving ahead, tap on the .qbo file and open it.
  6. Next, choose the Use an Existing QuickBooks Account in the Bank button.
  7. Once your Web Connect data is in QuickBooks properly, hit the Next button.

3rd Method: Reconfigure the Banking Connections

At times, resetting the Bank Connection for a specific account will not fix the OL-301 Error. Thus in such a situation, you have to reset all your Bank Connections print in QuickBooks, no matter if they are active or inactive.

  1. Start the Process by clicking on the Chart of Accounts.
  2. Next, from the Accounts, you have to select the Show Inactive Account tab.
  3. Moving ahead by right-clicking any inactive account and choosing the Edit Account button.
  4. Now, go to the Bank Feed Settings, and check the Deactivate all the Online Service section.
  5. In the Confirmation screen, hit on Ok, and reboot QuickBooks.
  6. Review if the OL Error Notification still appears on your screen.

If yes, then do the same process with another inactive account.

4th Method: Turn on the TLS 1.2 Security Protocol

Alternatively, to get rid of the error, you can also enable the TLS 1.2 Security Protocol:

  1. In the beginning, press the Windows+R keys and enter  INETCPL.CPL to launch the Internet Properties.
  2. Thereafter, hit on the Advanced tab, and go down to the Security section.
  3. In the security box, unmark the Use TLS 1.0 option and check the Use TLS 1.2.
  4. Hit on Apply button, and select Ok,
  5. Finally, restart your System.

5th Solution: Identity Confirmation Request from the Bank to Use Online Service

It might be possible that your Bank will ask you for identity Confirmation so that you can use the online services in QBDT. However, this usually happens after updating the QuickBooks Software.

6th Method: Verify your Company File Data

If, even after following the above process, you still can’t rectify QuickBooks Error OL-301, then you have to review your company file and find any potential issues that are causing the error. To get rid of any issue due to the company file, Run the QuickBooks Rebuild Tool two times.

Wrapping Things up!

At the end of this blog, we assure you that the above-mentioned solutions can help you in fixing QuickBooks Error OL-301. In case you get stuck in the process of resolving the error, feel free to get help from our QuickBooks Customer Support Team. These experts are highly skilled with years of experience. They are available around the clock to help you out with the Queries.

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Daksh Chamoli

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