TD Bank and QuickBooks Online: Navigating the Current Connectivity Crisis

Updated on August 19, 2024 by David Korpel

Share this article!

In the world of small business accounting, few tools are as ubiquitous as QuickBooks Online (QBO). Its ability to seamlessly connect with various financial institutions has long been a cornerstone of its appeal. However, TD Bank users have recently found themselves caught in a frustrating loop of disconnections and reconnections, culminating in a complete shutdown of the service. Let’s dive into what’s happening, why it matters, and what you can do about it.

The Current Situation: A Timeline

1. Early 2023: TD Bank users start experiencing frequent disconnections from QBO. While annoying, these issues could be resolved by manually reconnecting and syncing transactions.
2. Mid-2023: The problem escalates. Users report having to reconnect their TD Bank accounts to QBO almost daily.
3. Approximately Two Weeks Ago: Intuit, QuickBooks’ parent company, takes drastic action. They completely disable the ability to connect or link new TD Bank accounts to QBO.
4. Present Day: We’re now approaching the third week of this shutdown, with no clear end in sight.

Why This Matters

For small business owners and accountants, this isn’t just a minor inconvenience. It’s a significant disruption to daily operations:

• Time Waste: Manually importing transactions is time-consuming and prone to errors.
• Cash Flow Visibility: Without up-to-date banking data, businesses lose real-time insight into their financial status.
• Reconciliation Challenges: End-of-month reconciliations become more complex and time-intensive.
• Reporting Delays: Financial reports may be delayed or inaccurate due to missing transaction data.

Intuit’s Response

Intuit has acknowledged the issue, but their communication has been frustratingly vague. Their current statement reads:

“Intuit is currently experiencing an issue for data connectivity with its partner TD Bank, who is working on a solution and we hope to have connectivity restored as soon as possible.”

This lack of a concrete timeline or detailed explanation has left many users feeling in the dark about the true nature and scope of the problem.

What You Can Do

While we wait for a resolution, here are some steps you can take to mitigate the impact:

1. Manual Imports: Download your TD Bank statements and manually import them into QBO. It’s not ideal, but it keeps your books up-to-date.
2. Explore Alternatives: Consider using third-party tools that can facilitate bank feeds. However, be cautious about sharing your banking credentials with external services.
3. Communicate with Clients: If you’re an accountant or bookkeeper, keep your clients informed about the situation and any potential delays in reporting.
4. Stay Informed: Keep an eye on Intuit’s official channels for updates. The QuickBooks Community forum can also be a valuable source of information from other users.
5. Provide Feedback: Let both TD Bank and Intuit know how this issue is affecting your business. Customer feedback can often drive the prioritization of fixes.

Looking Ahead

While the current situation is undoubtedly frustrating, it’s important to remember that these types of technical issues, while rare, can happen in our increasingly interconnected financial ecosystem. This incident highlights the importance of having backup plans for critical business processes.

As we move forward, we hope that this experience will lead to improved stability and communication from both TD Bank and Intuit. In the meantime, patience and adaptability will be key as we navigate this unexpected challenge.

We’ll continue to monitor the situation and provide updates as they become available. If you have any questions or need assistance with manual transaction imports, don’t hesitate to reach out to our support team.

Remember, we’re all in this together, and with a bit of patience and creativity, we’ll get through this bump in the road.

Stay tuned for updates, and thank you for your continued trust and understanding during this challenging time.

About The Author

David Korpel

After graduating from college, David jumped right into public accounting, where he first met Mike. This experience established a well-rounded technical foundation. He gained a wealth of experience traveling the country performing audits, reviews, compilations, and tax engagements before joining up with Mike again as ENGAGE’s first employee.

As Chief Operating Officer, Dave is in charge of keeping our client relationships as fun, informative, educational, and productive as possible. He aims to be supportive, informative, proactive, and trustworthy. Whether wearing his bookkeeping, tax, forensic accounting, or social media hat, his focus consistently remains on adding value for our clients. He is inspired by the innovation and entrepreneurial spirit of clients. His passion for helping small business owners make sense of their numbers and remove any stress and anxiety related to their financials and taxes is second only to the love for his family.

Dave’s wife, Laura, son Lincoln, and daughter Luna are his motivation every day to grow, learn, and love what he does. They live in Skippack, PA and can often be found hiking on another new trail in the area or walking into town for a bite to eat. And boy, are they a hungry bunch!