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Before entering any transaction, you need to specify for each entity the exchange rates for the currencies the entity will use. For this, you need to define the reference currency with respect to which the exchange rates are recorded. Generally, the national currency is used as the reference currency. You can  manually add the current and historic exchange rates with respect to the reference currency manually or import them via an Excel spreadsheet. You can open the currency master record by clicking the button to the right in the Currency field, or open the Money > Master Data > Currencies form and click the Currency rates link on the top of the form.

Let us consider an example of a company comprising two entities:

Entity1 pays VAT taxes in UAE. All sales and purchasing transactions in foreign currencies are converted to AED. Exchange rates are imported from the UAE Central Bank. Financial reports are generated in AED.

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Some reports can be generated only on per entity basis, ; for instance, the following reports:

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