This is very capability is way under utilized. (or understood)
I would suggest and multicurrency company should set this up.
I had just wrote a complex query to get the USD value from a company that their based currency in CAD. Using this capability it appears to be seamless in setting this up.
NOTE: Do this in your Pilot/Test environment first
The process is very straight forward select the currency you want to be reported in slot one and run the add reporting currency (1)
Running the process you are prompted to not have anyone in the company that you are updating.
Then the process will run an update a bunch of tables.
There will be a log file that you can see where it errored out
Shipment Head with no detail records were an error for example.
after the process is completed the values have been updated in the various tables.
BTW -
I also tested the Delete reporting currency too.
It appears to have worked.
Note: Check this older posting that has some good details too.
Credit goes to @Chris_Conn
https://www.epiusers.help/t/reporting-currency-how-does-system-know-which-rpt-fields-to-use-for-a-currency/58380/2?u=larsonsolutions