Financial Setup
Complete setup before approving invoices, journals, stock documents, or payments.
Setup map
Recommended order
| Step | Setup | Why first |
|---|---|---|
| 1 | Fiscal Year | Defines the dates available for posting and reporting |
| 2 | Chart of Accounts | Provides the accounts used by financial transactions |
| 3 | Accounting Dimensions | Adds Cost Center and Project analysis |
| 4 | Tax and Charges | Supplies reusable tax and charge selections for invoices |
| 5 | Budgets | Requires a Fiscal Year and Project or Cost Center |
Changing account or tax setup after transactions are approved can make old and new documents behave differently. Review existing ledger entries before changing a live accounting master.
Before the first transaction
- Confirm exactly one suitable current Fiscal Year
- Review the generated Chart of Accounts rather than creating duplicate receivable, payable, stock, tax, or retained-earnings accounts
- Confirm Cash and Bank posting accounts in the Chart of Accounts
- Add Cost Centers and Projects before users start posting expenses
- Test one Sales Invoice, Purchase Invoice, and Payment Entry in a controlled environment and reconcile their ledgers