It depends on how you set up the QEI module.
It can either wrap around to zero when it sees the index pulse OR when it hits an arbitrary count.
If you set it up to wrap around at 7999 then it will do so no matter how many cycles per rev the encoder actually has.
If you set it up to wrap around on index then it will do so no matter how many cycles per rev the encoder has.
It can also be set to either 2x or 4x decoding so if your encoder has 2000 lines or cycles per rev the module will count either 4000 or 8000 counts per rev.