Abstract: A multi-book accounting system capable of immediately updating all secondary books regardless of underlying currency when transactions are entered in the primary book with respect to consolidation and elimination aspects. This may be accomplished by using a consolidated exchange rate database that can serve as a basis for currency exchange rates for any book in a multi-book setting. Thus, users will be able to run consolidated reports via a multi-tenant online accounting service. Consolidated impact of any transaction will be calculated automatically when any consolidated report in any secondary book is invoked similar to the process with respect to any primary book. A separate set of consolidated exchange rates may be applied in the various secondary accounting books. Furthermore, users will be able to run automatic intercompany elimination via a multi-tenant online accounting service for secondary books in the same way as it is possible for primary accounting book.