video quality

I have a general question: is the video and audio quality exactly the same if you convert while you play or if you convert first and play later? When you convert previously a file, where is it placed for later playing?
tks

The quality is not the same. Live conversion quality depends on selected bitrate, while offline conversion quality depends on the quality setting in Global Settings. If you convert a file (using offline conversion) it should be placed in same folder as the original file.