Qvinci Multi-Currency Conversions

Introduction

In today’s global economy, businesses often manage transactions in multiple currencies, complicating financial reporting. Qvinci streamlines this with automatic, real-time currency conversions powered by Xe.com. This ensures reports reflect accurate, up-to-date exchange rates.

Overview

Qvinci supports automatic currency conversion for:

• QuickBooks Desktop

• QuickBooks Online

• Xero

Exchange rates are sourced from Xe.com and applied based on the transaction date in QuickBooks. Manual rate entry is not supported, ensuring consistency and transparency.

Note:

Qvinci utilizes exchange rate data from Xe.com to perform currency conversions. However, we do not display or share the raw Xe.com data within the platform. The conversion rates are applied automatically during the sync process, ensuring that your reports reflect the most accurate rates without needing to access the underlying Xe.com data.

Supported Reports

Qvinci currency conversion is applied to the following reports (for QuickBooks Desktop/Online, By Class variants, and Xero):

• General Ledger
• Profit & Loss (P&L)
• Balance Sheet
• Ranking and Ratio Reports (derived from P&L and Balance Sheet)
• Trial Balance
• Cash Flow
• Accounts Receivable (A/R) Aging Summary
• Accounts Payable (A/P) Aging Summary
• Sales By Customer
• Expense By Vendor

Note: Qvinci does not support non-USD to non-USD conversions are not supported. One currency must be USD.

Note: Reports must be run on entities using the same home currency. Consolidating entities with different home currencies is not supported.

Currency Conversion Chart

Conversion Rates and Methods

Here’s how Qvinci applies conversion rates across different report types:

1. General Ledger (GL) Reports

• QuickBooks Desktop & QuickBooks Online:
  Transactions are converted using the daily average exchange rate corresponding to each transaction date. This approach ensures precise tracking of historical transaction values.

2. Profit & Loss Reports

• QuickBooks Desktop:
  Each transaction is converted using the XE.com exchange rate applicable on the specific transaction date. This method accommodates varying exchange rates within the same reporting period.

• QuickBooks Online & Xero:
  Transactions occurring within the same month are converted using the average monthly exchange rate, promoting consistency across all transactions within that period.

3. Balance Sheet Reports

• QuickBooks Desktop, QuickBooks Online & Xero:
  The point-in-time exchange rate from XE.com is applied, utilizing the rate on the last day of the reporting period

4. Trial Balance Reports

• QuickBooks Desktop & QuickBooks Online:
  Currency conversion for Trial Balance reports is supported. A point-in-time exchange rate, based on the rate at the end of the reporting period, is applied, aligning with Balance Sheet conversions. Note: Trial Balance By Class is not supported.

5. Cash Flow Reports

• All Systems:
  The Cash Flow report integrates data from both Profit & Loss and Balance Sheet reports. Net Income is derived from the P&L Monthly, while other cash-related data is sourced from the Balance Sheet.

  • Single Period Reports:
    Utilize the daily exchange rate for the reporting period.

  • Multiple Period Reports:
    Each period is converted using its respective exchange rate. Consequently, the "Cash at the End" of each period and the "Cash at the Beginning" of the next period may not align due to rate variations between periods.

6. Accounts Receivable (A/R) and Accounts Payable (A/P) Aging Reports

• All Systems:
  Conversions are based on the daily average exchange rate from XE.com, with each transaction converted according to the rate on the specific day it occurred.

7. Sales By Customer and Expense By Vendor Reports

• QuickBooks Desktop & QuickBooks Online (including By Class variants):
  Currency conversions are based on the average monthly exchange rate, ensuring consistent conversion of all transactions within the same month for easier comparison of results.

Handling Non-USD Currency

Qvinci supports currency conversions only when one side of the transaction involves the U.S. Dollar (USD). Direct conversions between two non-USD currencies (e.g., EUR to GBP) are not supported. To enable conversions, ensure that at least one currency in the transaction is USD.

Currency Conversion for Other Accounting Systems

Qvinci does not support currency conversions for accounting systems such as AccountRight/MYOB, Excel, and Manual Entry. Below are the details:

• AccountRight/MYOB: Currency conversion is not applied. Files sync without conversion. It's recommended to sync these files with Qvinci companies using the same home currency.

• Excel: No currency conversion takes place. Data is displayed as it appears in Excel and can be consolidated with other files only if they share the same home currency.

• Manual Entry: No currency conversion will take place. Financial data will be displayed in Qvinci as it is input by the user.

To ensure consistency and accuracy in financial reporting, it is advisable to sync files from these accounting systems with Qvinci companies that use the same home currency.

Currency Settings in Qvinci

In Qvinci, administrators can select a reporting currency for each client or company. If the home currency of a QuickBooks file differs from the company’s reporting currency, the data will be automatically converted during the sync process. This ensures uniformity in reports, without altering the original QuickBooks data.

Conversion Rate Overview for Reports