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Complete Guide to Solve QuickBooks Error OL 205

QuickBooks application allows the users to connect their bank with it so that tasks such as downloading transactions can be carried out using the application itself. This feature has been a savior for businesses, but at times, QuickBooks Error OL 205 linked to bank feeds appears when downloading the transactions using QuickBooks. For those of you who are facing a similar issue, this blog is for you.

Follow the solutions listed in the article, or you can quickly find a way out of QuickBooks Error OL 205 by calling the support team on 1.855.738.2784

Reasons behind Bank Feeds Error OL 205

Several Bank Feeds Errors happen when trying to download transactions, and here are some reasons for their occurrence. The list given is a general one to the Bank Feeds issues in QuickBooks and, therefore, also applies to Error OL 205 in QuickBooks.

  1. An error or discrepancy with your bank that is connected to QuickBooks. Below is a listicle of the same:
    • There are some alerts from your online bank account that you have not yet acknowledged.
    • The service offering of your financial institution has shifted to Web or Direct Connect.
    • The bank account you linked to QuickBooks for online banking is inactive, causing QuickBooks Error OL 205.
    • The information of your bank is not updated in QuickBooks’s Financial Institutions Directory (FiDir).
    • While downloading the transaction, the bank’s server is not responding, resulting in a Bank Feeds error.
  2. Unstable internet connectivity can be another reason for the error.
  3. The file downloaded through online banking is incompatible with the requirements of QuickBooks.
  4. Your web browser/ internet explorer is outdated.
  5. The QuickBooks version you own does not support online banking.

Read Also – QuickBooks Error OL 301 and QuickBooks Error OL 393 Banking Error

Best Solutions to Employ to Fix QuickBooks Error OL 205

Let us now study how you can resolve QuickBooks Error OL 205 manually. There are technicalities involved in the solutions, so we suggest you follow them carefully to avoid any issues with your online banking data.

Solution 1: Review the downloaded file from your bank and ensure it’s compatible with QuickBooks

As a user who works on bank and QuickBooks collaboration, you must know that the downloaded transactions from online banking must be in a .qbo file extension. QuickBooks can open only such a transaction. In case your financial institution uses an extension different from .qbo, QuickBooks can’t launch the file.

The solution to the QuickBooks Error OL 205 is to use your bank’s website to download the transactions. Follow the instructions below to achieve it.

  1. Close the QuickBooks application and use your browser to sign in to your bank’s website.
  2. Look for the download transactions option after signing in and download them in a .qbo version.
  3. At last, you must import these transactions with the .qbo extension to QuickBooks.
  4. After using the correct extension, if QuickBooks Error Code OL 205 appears, you must follow the next solution.

Solution 2: Try refreshing your bank’s connection with QuickBooks

You must ensure that if QuickBooks is linked to inactive bank accounts, turn off online banking on them. After following this, refresh the connection.

As suggested, we will first guide you to look for any inactive accounts.

  1. Navigate to the Company option and choose Chart of Accounts.
  2. Click on the Include Inactive box. A lightning bolt will denote the inactive account.

On seeing the inactive accounts, you must turn off the online banking on them. If there are no inactive accounts, Set up Bank Feeds before downloading your transactions.

  1. On finding the inactive account, right-click on it and choose the Edit Account option.
  2. Navigate to the Bank Feed Settings tab.
  3. Click on Deactivate All Online Services and then press the OK button.
  4. Choose Save & Close.
  5. Next, close and then reopen the company file.
  6. The lightning bolt will be gone if the process is successful.

If you don’t see the error OL-205, QuickBooks can finally download your transactions successfully.

Recommended To Read – QuickBooks Error 185

Solution 3: Review the Internet security conditions

TLS 1.2 security protocol helps keep your banking information secure when connecting your bank with QuickBooks.
With the steps below, you can review the TLS settings in Internet Explorer.

  1. Open Internet Explorer and go to Tools.
  2. Click on Internet options.
  3. Go to the Advanced option and scroll your screen to the Security section.
  4. See that TLS 1.2 option is selected. Else, click on it.
  5. Hit the OK button.
  6. Exit all the running programs on your system.
  7. Restart the PC and try downloading the transactions.

Follow the next step if Bank Feeds Error appears again.

You May Also Like To Read – QuickBooks Error 101

Solution 4: Manually adjust the settings of the firewall

Setting up the firewall manually can be another solution to solve QuickBooks Error OL 205.

Add QuickBooks to the Firewall port exception

Use the steps below to add a firewall port exception for QuickBooks.

If you are a user having more than one version of QuickBooks Desktop, you should perform the steps below for each version.

  1. Go to the Windows Start menu, type Windows Firewall, and hit Enter key.
  2. This will launch the Windows Firewall screen.
  3. Choose Advanced Settings.
  4. Look for Inbound Rules and right-click on it.
  5. Click on New Rule.
  6. Press the Port option and then Next.
  7. See that TCP option is check-marked.
  8. Under the field of Specific local ports, fill the following based on your QuickBooks year version:
    • QuickBooks Desktop 2020 and later: 8019, XXXXX.
    • Desktop 2019: 8019, XXXXX.
    • QuickBooks Desktop 2018: 8019, 56728, 55378-55382.
    • Desktop 2017: 8019, 56727, 55373-55377.
  9. Once you fill in the ports, click on Next.
  10. Choose Allow the Connection before pressing the Next button.
  11. When asked, you must review that all profiles are marked.
  12. Click on Next.
  13. You must create a rule and name it in the syntax “QBPorts(year).”
  14. Hit on Finish.

Use the steps above to create outbound rules.

With this, we end our blog on how to tackle QuickBooks Error OL 205. We believe you will fix the error manually by carefully following the guided steps in the article. Still, if the Bank Feeds Error in QuickBooks roots for some unknown reason, the technical team must be involved. Simply contact the support team on the toll-free number 1.855.738.2784 and get assistance in fixing the QuickBooks Error OL 205 instantly.

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