QuickBooks Error 106 – How To Resolve It?

QuickBooks Error 106  is a banking error that a user’s Financial Institution account can’t be traced to QuickBooks. This QuickBooks error usually occurs if the account has been Damaged. When Error 106 appears, users are unable to trace their account during QuickBooks Online login. In this blog, we have tried to explain the causes and emphasized on the various solutions that bring about ruling out of “Error 106”

Causes for Banking Error 106 in QuickBooks

  • Due to the existence of an older version with regards to setup and software.
  • Corruption of account or files.
  • If imported files along with transaction get deleted.
  • Some change happens in any of the Financial Institution information.
  • Failure occurs at the bank’s server with the issue.

Disconnecting an Account

  • Users must first choose Banking -> Banking from the navigation bar. Then, they must choose the account to be changed and then choose the Edit icon and then Edit Account Info.
  • Then in the Account window, users must choose the Disconnect This Account On Save box. Next, they must select Save And Close.
  • The disconnected account will remain in QuickBooks Error 106. But transactions won’t download from the Financial Institution to QuickBooks Online.

Deleting an account

  • Users must be fully aware of the consequences of deleting an account.
  • First, users must select the gear icon and then Chart Of Accounts. Now, they must find the account that has to be deleted from the list. Then, in the Action column, users must select the down arrow and then select Delete.
  • Next, it must be confirmed that the account has to be deleted.
  • The account will become inactive in QuickBooks Online and won’t be visible in the Chart of Accounts.

Step to Resolve QuickBooks Online Banking Errors

Step 1: Running manual update on the user’s Financial Institution account

  • From the left menu Banking must be chosen. If only some accounts need to be updated, the unwanted accounts must be deselected. Blue represents the selected bank; grey indicates that it’s not selected.
  • Next, the Update button must be clicked. If there’s a prompt, the Multi-Factor Authentication (MFA) credentials must be entered and then Continue Update must be selected. Users must do this within 2 minutes of the appearance of the box.
  • Once the update is complete, users will get a notification. If successful, the date of the last update and total transactions will have changed.

Step 2: Verifying that user can log in to Financial Institution website with the URL provided by the Financial Institution for online banking

  • First, Banking must be chosen in the left navigation menu. Then, Add Account must be chosen from the top right of the Banking screen.
  • Now, the user’s financial institution must be located and then in results, the Financial Institution must be selected.
  • Next, the link to the Financial Institution website must be chosen from the top of the window.
  • A window will appear for the bank’s website. Users must ensure that the accounts can be accessed from this site by verifying that the account summary, account history, and account details can be seen without errors.

Step 3: Verifying that the Financial Institution doesn’t require any changes

  • If users can access their accounts by completing Step 2, they must look for a message/notification/alert from the bank, which indicates that there’s some problem.
  • The message might be about the need to update the user’s password or some security features introduced by the Financial Institution that requires the user to take some action before proceeding.

Step 4: Waiting for a when before retrying

  • If all the above steps haven’t worked, then users must wait a when and try again. This provides time to the Financial Institution to fix QuickBooks Error 106 issues related to the server.

Step 5: If all the above steps fail

  • If the error persists, users must look for that particular error on the QuickBooks ProAdvisor.
  • If the Report Issue option is available, users must select it to notify QuickBooks about the error. Sometimes, errors resolve on their own and so, users should wait for some time before retrying.

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