Currency Conversions for QuickBooks (Now for Desktop and Online!)
Qvinci does offer currency conversions for QuickBooks Desktop and Online Entities. Qvinci utilizes XE.com for currency conversions. Conversion rates are 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 Cash Flow reports. Only QuickBooks Desktop files which have the same home currency as the Qvinci set currency will be able to run a Cash Flow report.
A/R Aging Summary, A/P Aging Summary, Sales by Customer and Expense by Vendor reports may all be run on Entities with the same home currency. Co-mingling of Entities for these reports is not available since currency conversions do not take place.
|Report Type||Will My QuickBooks File with Another Home Currency be Converted?|
|By Class Reports||QuickBooks Desktop only|
|Profit & Loss||Yes|
|Profit & Loss Weekly||Yes|
|Cash Flow||No - Cash Flows can only be run on files that match Qvinci's home currency|
|A/R Aging Summary||No - only available for one currency at a time|
|A/P Aging Summary||No - only available for one currency at a time|
|Sales by Customer||No - only available for one currency at a time|
|Expense by Vendor||No - only available for one currency at a time|
Conversion Rates Used
Qvinci utilizes XE for currency conversions on QuickBooks files. Because Profit & Loss reports are activity-based and Balance Sheet reports are run as of a point in time, different conversion methods are used. Also, the conversion methods for Profit & Loss data vary slightly between the QuickBooks desktop and Online versions.
Profit & Loss - QuickBooks Desktop Only: 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.
Profit & Loss - QuickBooks Online Only: Instead of looking at the rate for just the day of an individual transaction, QuickBooks Online uses the average rate for the month in which the transaction occurred. Each transaction will utilize the same rate as other transactions that occurred within the same month.
Balance Sheet Data - same for QuickBooks Online and desktop: 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 1/5/2019 for the date range of "Last Calendar Year", the conversion rate used would be the average rate found in XE on 12/31/2018 (the last date in the reporting period).
Currency Conversions for Other Accounting Systems
Qvinci does not offer currency conversions for other accounting systems.
Xero: No currency conversion will take place for Xero files. It is suggested that Xero files only sync to a Qvinci Client/Company with the same home currency.
AccountRight: No currency conversion will take place for AccountRight/MYOB files. It is suggested that all AccountRight files sync to a Qvinci Client/Company with the same home currency. 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 Client/Company. Therefore, if a QuickBooks 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 QuickBooks files themselves.