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QuickBooks Error 88888 – An Issue with Bank Account

QuickBooks error 88888 is something that you can face when trying to download transactions through bank feeds. 

For example, you might try just to download transactions and get an error message like this: 

Thus, we can see that such errors can arise in various conditions such as when downloading the transactions or when setting up a new account. Let us see how to troubleshoot QuickBooks error 88888 in easy steps.

Let us take a look at some reasons why you find Fix QuickBooks error 88888 on your screen.

  • QuickBooks Desktop is outdated.
  • The QuickBooks company file might be corrupt
  • QuickBooks installation might be incomplete or damaged
  • There is an incompatibility issue between QuickBooks and Windows OS.
  • The network connection is unstable or slow.

Now that you know the major causes of the error, we will jump right to troubleshooting it.

Explore these five solutions to resolve the error 88888 in QuickBooks Desktop. Follow the instructions given below in the order they are written and do not hesitate to reach out to us if you have a query.

1. Update QB Desktop to the Latest Release

Let us update your QuickBooks Desktop to the most recent release. This will install the latest component and resolve minor issues.

update quickbooks desktop to the latest release

2. Verify and Rebuild Company Data

To resolve data issues in the company file, run verify and rebuild data utility on the same.

rebuild company data
  • Here is how to verify the company file:
    • Open the Window menu and click on Close All.
    • Now, select File followed by Utilities.
    • Choose Verify data.

Now what does QuickBooks say? If QuickBooks finds no problem with your data, you don’t need to rebuild. However, if QuickBooks finds an issue with the company data, you will need to go on and rebuild it.

  • Here is how to rebuild the company data.
    • Open the File menu, choose Utilities, followed by Rebuild Data.
    • You will need to create a backup before rebuilding the company data. When prompted for the same, choose OK
    • Choose where you wish to save the backup and then select OK.

Important: Make sure not to replace an existing company backup. If a file of the same name exists in the folder where you are saving the backup, either change the location or give the file a different name.

  • Once done, you will get a message telling you the rebuild has been completed. Choose OK.

Now, let us verify the data again to check for damages. 

  • Now, select File followed by Utilities.
  • Choose Verify data.

If you get the message stating QuickBooks found no issue with the company file, there is nothing else you need to do. However, if QB shows an error message, search the Internet for instructions on how to fix it.

Now, check if the QuickBooks error code 88888 you faced earlier has been resolved.

3. Set Up a New Bank Account 

First, deactivate the account for bank feeds by following the steps below.

how to set up a new bank account

I. Deactivate the Bank Feeds Account

  • Open the Lists menu and click on Chart of Accounts.
  • Right-click the account you wish to turn off, then click Edit Account.
  • Tap on Bank Settings.
  • Choose Deactivate all online services, followed by OK.
  • Now, click on Save & Close.

II. Create a New Bank Account

  • Now, create a new bank account.
    • Open the Lists menu and click on Chart of Accounts.
    • Right-click anywhere in the Chart of Accounts window and select New.
    • For the Account Type, choose Bank.
    • Type in the bank name in the Account Name field.
    • At the end, click Save & Close.

III. Merge the Two Bank Accounts

Lastly, we will merge the two accounts by renaming the old account and giving it the name of the new account.

  1. Right-click the old account and choose Edit.
  2. Type the exact name of the new account in the Account Name field.
  3.  When you see the merge warning dialog box, choose Yes.

Once you are done, set up the merged account for bank feeds and check if you face QuickBooks error 88888.

Learn more:- QuickBooks Error Code 12, 0

4. Deactivate an Old Account Manually

If the last solution didn’t work, let us show you how to manually deactivate an old account. For this, we will need to export the chart of accounts to Excel, edit the file there, and import it back.

However, if you are using QuickBooks in multi-user mode, make sure to switch to single-user mode. 

1. Export chart of accounts

  • Here is how you can export the chart of accounts to an IIF File.
    • Sign in to the QB company as administrator.
    • Open the File menu and choose Utilities.
    • Tap on Export and then click on Lists to IIF Files.
    • Choose the Chart of Accounts followed by OK.
    • Browse and choose where you wish to save the IIF file.
    • Type in the filename. Now, select Save.

2. Edit the IIF file in Excel

  • Now, let us proceed and edit the IIF file in Microsoft Excel.
    • Launch MS Excel and open the File menu.
    • Choose Open and then browse to the location where you saved the IIF file.
  • Tip: If you can’t locate the IIF file, go to the File type dropdown and choose All Files.
  • Now, click on the IIF file followed by Open.
  • When the Text Import Wizard opens, choose Next and Finish as required.
  • Scroll down to where QB ONLINE is.
  • For all the banking columns, change Y to N:
    • OLBANKING
    • OLBILLPAY
    • OLENABLED
    • OLTAB
  • Open the File menu and choose Save. Click Yes, which will allow you to keep using the current format.
  • Finally, close Microsoft Excel.

3. Import the IIF file to QuickBooks

  • Lastly, you will need to import the IIF file to QuickBooks Desktop.
    • Launch QuickBooks Desktop.
    • Open the File menu and choose Import.
    • Now, select the option to export From IIF Files.
    • Navigate to the folder where you saved the IIF file.
    • Choose the suitable IIF file and then select Open.
    • Finally, tap on OK when you get a confirmation saying the import is successful.

To ensure that the bank account has been deactivated, make sure the blue circle or lightning bolt is gone. Open Lists, followed by Chart of Accounts.

Now, after successfully deactivating the old account for bank feeds, go back to solution 3 and follow steps II and III to create a new bank account and merge it with the old account. Finally, set up the merged account for bank feeds. 

5. Repair QuickBooks Installation

As we mentioned, QuickBooks error 88888 can be a result of damaged or incomplete installation. Therefore, we recommend you run the QuickBooks Install Diagnostic Tool.

But first, you will need to download and install QuickBooks Tool Hub on your system. Once done, follow the steps below.

fix installation issues through qb tool hub
  • Open QuickBooks Tool Hub.
  • Navigate to the Installation Issues tab.
  • Choose Run QuickBooks Diagnostic Tool Hub.
  • Give the tool a while to finish repairing. 
  • Once it is done, restart your computer.

Now resume your operations and verify if the error code 88888 you faced earlier is resolved.

Bottom Line

This was all on how to resolve QuickBooks error 88888 in the desktop version. However, if the error continues to interrupt your workflow, reach out to an expert. They are passionate about helping accountants and business professionals carry out QuickBooks accounting without a problem. Connect to our A2AutoCare’s experts now!

How do I fix a bank feed in QuickBooks Desktop?

To fix issues in the bank feed, you can reset your account. 
a. Begin by deactivating bank feeds for an account.
b. Next, create a new bank account.
c. Then, go ahead and merge the two accounts by renaming the older account to the same
d. name as the new account. 
e. Now, go ahead and set up the merged account for bank feeds.

How do I fix a bank error in QuickBooks?

To fix the bank error in QuickBooks Desktop, follow the steps below:
a. Open the Bookkeeping menu and go to Transactions.
b. Choose Bank transactions followed by Update.
c. If you find an error, locate a banner on the banking page.
d. Tap on Check Connections and then follow the instructions on the screen to fix the issue.

Why is my direct deposit not working in QuickBooks?

There could be various reasons why you find that QuickBooks direct deposit is not working, such as:
a. The bank information you provided might be incomplete or incorrect
b. The routing number entered for the employee is not correct
c. The direct deposit is not set up correctly.

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