Before you can sync currency conversion transactions from Venn to QuickBooks or Xero, a few prerequisites must be met:
Multi-currency must be enabled in QuickBooks or Xero (this is a paid feature)
The secondary currency account (the converted currency, not your base currency) must be linked to your Venn account
If multi-currency is not enabled, QuickBooks or Xero can only record one side of the conversion. The other side cannot be recognized because there is no corresponding currency account.
Once these prerequisites are met, go to Venn "Accounting". You’ll see transactions labeled “Exchanged for currency” that are ready to be synced. During the sync, the Vault Clearing Account is automatically selected as the category to properly record the currency conversion.
After a successful sync, you can check QuickBooks or Xero where:
The original currency account will show a deduction, and
The target currency account will show an increase
This ensures the currency conversion is accurately reflected in your accounting system.