When you connect Venn to QuickBooks or Xero, we automatically create a special “Vault clearing” account based on your home currency (either Vault clearing from USD or Vault clearing from CAD). This account is used to properly track all future currency conversions so your books stay accurate and easy to reconcile.
You may record currency conversions completed on Venn in a few ways depending on the needs of your bookkeeping.
With multi-currency feature enabled on QuickBooks / Xero:
Step 1: Go to Venn "Accounting"
Step 2: Select "Sync" as the category on QuickBooks / Xero will automatically be selected to the clearing account
With multi-currency feature not enabled on QuickBooks / Xero:
Multi-currency is a paid feature in QuickBooks and Xero. To record currency conversions through Venn’s accounting feature, you’ll need to have multi-currency enabled on your QuickBooks or Xero account. Please contact QuickBooks or Xero directly to activate this feature. If multi-currency is not enabled, rest assured, you could still manually record any currency conversions in QuickBooks or Xero.