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      Setting Up Finance

      Before you can begin to run your business, you must specify rules and defaults for how you want to manage finance processes for that company. You start by setting up the core of the company's accounting records - the chart of accounts. Then you set up posting groups, which makes the process of assigning default general ledger posting accounts to customers, vendors, and items more efficient.

      Some finance setup can be done automatically with assisted setup guides, and some must be done manually. For more information, see Getting Ready for Doing Business.

      You can use dimensions to add different types of information to every transaction. You can set up your company's basic dimensions, such as Projects and Departments. Later, you can add more dimensions when you need them, and you can set up temporary dimensions for use during a limited time period, for example, in connection with a sales campaign. For more information, see Working with Dimensions.

      Many of the setup tasks must be completed before you can begin recording financial transactions, but most settings can be changed at a later date. Some of the set up tasks are optional, for example, you only set up Intercompany Postings and Consolidations if you are working with multiple companies. Some setup tasks, such as specifying the period during which posting is allowed, may have to be repeated periodically.

      The following table describes a sequence of tasks, with links to the topics that describe them.

      To See
      Choose how you pay your vendors. Defining Payment Methods
      Specify the posting groups that map entities like customers, vendors, items, resources, and sales and purchase documents to general ledger accounts. Setting Up Posting Groups
      Create account schedules and define account categories to define the contents of financial charts and reports, such as the Balance Sheet and Income Statement reports. Prepare Financial Reporting with Account Schedules and Account Categories
      Set up a tolerance by which the system closes an invoice even though the payment, including any discount, does not fully cover the amount on the invoice. Work with Payment Tolerances and Payment Discount Tolerances
      Set up fiscal periods. Work with Accounting Periods and Fiscal Years
      Define how you report value-added tax amounts that you have collected for sales to the tax authorities. Set Up Value-Added Tax (VAT)
      Prepare to handle unrealized VAT in connection with cash-based accounting methods. Set Up Unrealized VAT for Cash-Based Accounting
      Set your Sales and Purchases features up to handle payments in foreign currencies. Enable Application of Ledger Entries in Different Currencies
      Define one or more additional currencies so that amounts are automatically reported in both LCY and an additional reporting currency on each G/L entry and on other entries. Set Up an Additional Reporting Currency
      Periodically adjust additional currency equivalents to make up for fluctuating exchange rates. Update Currency Exchange Rates
      Define multiple interest rates to be used for different periods for delayed payments in trade transactions. Set Up Multiple Interest Rates
      Prepare to round invoice amounts automatically when you create invoices. Set Up Invoice Rounding
      Add new accounts to the existing chart of accounts. Setting Up the Chart of Accounts
      Set up business intelligence (BI) charts to analyze cash flow. Setting Up Cash Flow Analysis
      Enable invoicing of a customer who is not set up in the system. Set Up Cash Customers
      Set up Intrastat reporting, and submit the report to an authority Set Up and Report Intrastat
      Make sure an entry in a general journal is allocated to several different accounts when you post the journal, either quantity, percentage, or amount. Use Allocation Keys in General Journals
      Set up source codes and reason codes that you can use to track audit trails Setting Up Source Codes and Reason Codes for Audit Trails

      See Related Training at Microsoft Learn

      See Also

      Finance
      Reconciling Bank Accounts
      Working with Dimensions
      Importing Business Data from Other Finance Systems
      Analyzing Cash Flow in Your Company
      Working with Business Central

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