Currency Conversions for QuickBooks Desktop
Qvinci does offer currency conversions for QuickBooks Desktop syncing locations. Qvinci utilizes XE.com for currency conversions. An average daily conversion rate is applied to each transaction based upon its transaction date in QuickBooks. The user does not have the ability to set a desired conversion rate. This is derived directly from XE.
Conversions take place for P&L and Balance Sheet reports, as well as the Ranking and Ratio reports that are generated from the P&L and Balance Sheet. Note: Currency conversions do not take place for the Statement of CashFlow report. Only QB Desktop files which have the same home currency as the Qvinci set currency will be able to run a CashFlow report.
AR, AP, Sales by Customer and Expense by Vendor reports may all be run on Locations comprising the same home currency. Co-mingling of Locations for these reports is not available since currency conversions do not take place.
What Conversion Rate is Applied to QuickBooks Desktop Files
Qvinci utilizes XE for currency conversions on QuickBooks Desktop files.
Profit & Loss Data: The P&L data undergoes a currency conversion based on the average daily rate from XE. The XE rate for each day is then applied to all transactions in the QuickBooks Desktop file, for that specific day. Each day's transactions may likely have a different conversion rate.
Balance Sheet Data: The Balance Sheet data undergoes conversion using the average daily rate based upon the last day of the reporting period that the report is run for. Therefore, if you run a report on 1/5/2018 for the date range of "Last Calendar Year", the conversion rate used would be the average rate found in XE on 12/31/2017 (the last date in the reporting period).
Currency Conversions for Other Accounting Systems
Qvinci does not offer currency conversions for other accounting systems syncing into the dashboard:
QuickBooks Online: No currency conversion will take place for QB Online locations. It is suggested that all QB Online files be segregated into their own Qvinci Company. Furthermore it is necessary that only files with the same home currency exist within the same Qvinci Company.
Xero: No currency conversion will take place for Xero files. It is suggested that all Xero files be segregated into their own Qvinci Company. Furthermore it is necessary that only files with the same home currency exist within the same Qvinci Company.
AccountRight: No currency conversion will take place for AccountRight/MYOB files. It is suggested that all AccountRight files be segregated into their own Qvinci Company. Furthermore it is suggested that only AccountRight files with the same home currency exist within the same Qvinci Company, however it is not necessary. AccountRight will still sync and report in a consolidated manner with other currency files. However, AccountRight data will undergo no currency conversion when comingling with other currency files in Qvinci.
Excel: No currency conversion will take place for Excel syncing locations. Financial data will be displayed in Qvinci as it comes from the Excel file. Excel locations need not be segregated to their own Qvinci Company so long as the financial data shares the same home currency as the other accounting files that exist in the Qvinci Company.
Currency Settings in Qvinci
Qvinci allows the Qvinci Administrator to select a reporting currency in the dashboard for each Qvinci Company. Therefore, if a QB desktop file is using a different home currency than what the Qvinci Company is enabled for, then that file's data will undergo the currency conversion in the Qvinci dashboard. The currency conversion take place during the sync process. The end result is that all Qvinci Locations are reporting in the same currency in Qvinci. However no changes are made to the QB desktop files themselves.
However, because currency conversions are not enabled for data files other than QuickBooks Desktop, if a Location attempts to sync into a Qvinci Company that is running a different home currency than what the Qvinci Company is enabled for, that data file be blocked from syncing*. This is because the currency in the accounting file does not match the currency setting in Qvinci. It also occurs because currency conversions only take place for QuickBooks desktop files.
* The above statement holds an exception for Excel syncing locations. Excel syncing locations will not be blocked from syncing. While no currency conversions take place for Excel locations, please ensure that the data that appears in the Excel spreadsheet is the same currency as the Qvinci Company setting.