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QuickBooks Online Error: Missing GL account for bank account [bank account name]

Error

Missing GL account for bank account [bank account name]

Explanation
This error occurs when a funds transfer in Bill.com is trying to sync to QuickBooks Online(QBO) but the GL account for the bank account is not selected in sync preferences.

Solution

In Bill.com, edit your sync preferences and select the applicable GL account for the bank account indicated in the error message, then save and sync.