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February 23, 2021
Question

Error code: OLSU-1011

  • February 23, 2021
  • 1 reply
  • 0 views

Trying to set up bank feed and keep getting error OLSU-1011. Any suggestions?

 

1 reply

February 23, 2021

I'll share some information on how to fix this error in your bank feeds, @rjl33.

 

The default accounts for your personal and company preferences may haven't been specified. This could be the main reason you get this hurdle.

 

Here's how to designate it:

  1. Log in to the company file as Admin and switch to single-user mode.
  2. From the Edit menu, go to Preferences and select Checking.
  3. Click the My Preferences tab and select default accounts for all four options.
  4. Click the Company Preferences tab and select default accounts for the two options: Create Paychecks and Pay Payroll Liabilities
  5. Click OK.
  6. Try to set up the account again for online banking.

 

If the issue persists, you can check if the Update the Financial Institutions Directory in QuickBooks Desktop. You can set this either automatically or manually to ensure that you have the latest information from your financial institution.

 

For the detailed resolution for this error, you can reference this article: Fix OL and OLSU Bank Feeds errors in QuickBooks Desktop. From there, you can also follow Solution 3: Switch to Express mode if the first and second solution won't work.

 

Please tell me how it goes after following the suggested steps in resolving bank feed error. Anytime I can help. Stay safe!

February 24, 2021

I am getting this same error on a company that already uses Bank Feeds.  I tried all your suggestions and am still getting an error that there is an issue with the Financial Institution.  This was working fine a couple of weeks ago.

rjl33Author
February 24, 2021

Same here. The bank is telling me it is a QuickBooks issue and QuickBooks is telling me it is a bank issue. I am not smart enough to figure it out I just want the QuickBooks program to talk to the bank like it use too. I have been using QuickBooks and downloading transactions from my bank for 10+ years with no problems. Now it is not working