Qvinci Multi-Currency Conversions

Introduction

In today’s global economy, many organizations operate across multiple currencies, adding complexity to financial reporting and consolidation. Qvinci simplifies this process by providing automatic, real-time currency conversion, powered by Xe.com, ensuring your reports reflect accurate and up-to-date exchange rates without manual intervention.

Overview

Qvinci supports automatic currency conversion for the following accounting systems:

• QuickBooks Desktop

• QuickBooks Online

• Xero

Exchange rates are sourced from Xe.com and applied automatically during the sync process based on the transaction date. Manual rate entry is not supported, ensuring consistency, transparency, and accuracy across all reports.

Important Note
While Qvinci uses Xe.com exchange rates to perform currency conversions, the raw Xe.com data is not displayed within the platform. Rates are applied automatically so your reports always reflect the most accurate conversion without requiring access to the underlying data.

Supported Reports

Currency conversion is applied to the following reports (including By Class variants where applicable):

• General Ledger

• Profit & Loss (P&L)

• Balance Sheet

• Trial Balance

• Cash Flow

• Ranking and Ratio Reports (derived from P&L and Balance Sheet)

• Accounts Receivable (A/R) Aging Summary

• Accounts Payable (A/P) Aging Summary

• Sales by Customer

• Expense by Vendor

Limitation
Qvinci supports currency conversion only when one currency is USD. Direct conversions between two non-USD currencies (for example, EUR to GBP) are not supported.

Currency Conversion Chart

How Currency Conversion Works

Qvinci applies exchange rates differently depending on the report type to ensure accounting accuracy.

1. General Ledger (GL)

QuickBooks Desktop & QuickBooks Online

• Each transaction is converted using the daily average exchange rate for the transaction date.

• This preserves historical accuracy for individual transactions.

2. Profit & Loss (P&L)

QuickBooks Desktop

• Each transaction is converted using the exchange rate on its transaction date, allowing for rate changes within the same reporting period.

QuickBooks Online & Xero

• All transactions within the same month are converted using the average monthly exchange rate, ensuring consistent month-over-month comparisons.

3. Balance Sheet

QuickBooks Desktop, QuickBooks Online & Xero

• Converted using a point-in-time exchange rate from the last day of the reporting period, consistent with Balance Sheet reporting standards.

4. Trial Balance

QuickBooks Desktop & QuickBooks Online

• Uses a point-in-time exchange rate based on the end of the reporting period, aligning with Balance Sheet logic.

• Trial Balance by Class is not supported.

5. Cash Flow

All Systems

• Combines data from:

  • P&L (Net Income)

  • Balance Sheet (cash-related accounts)

Single-period reports

• Use the daily exchange rate.

Multi-period reports

• Each period is converted using its own exchange rate.

• As a result, Ending Cash for one period may not match Beginning Cash for the next due to exchange rate fluctuations.

6. A/R and A/P Aging Reports

All Systems

• Transactions are converted using the daily average exchange rate applicable to each transaction date.

7. Sales by Customer & Expense by Vendor

QuickBooks Desktop & QuickBooks Online (including By Class)

• Transactions are converted using the average monthly exchange rate, ensuring consistent reporting for all transactions within the same month.

Handling Non-USD Currencies

Qvinci requires that one currency be USD to perform a conversion. Direct non-USD to non-USD conversions are not supported. To enable currency conversion, ensure the reporting currency or the source file currency is set to USD.

Currency Conversion for Other Accounting Systems

Currency conversion is not supported for the following systems:

• Excel

  • Data is displayed exactly as entered.

  • Consolidation is supported only when all files share the same home currency.

• Manual Entry

  • Data is displayed exactly as entered with no conversion applied.

For consistency, these systems should be consolidated only with entities using the same home currency.

Currency Settings in Qvinci

Administrators can assign a reporting currency for each company or client. When the reporting currency differs from the file’s home currency, Qvinci automatically converts the data during the sync process—without modifying the original accounting file.

Conversion Rate Summary by Report Type