Set up basic details

We now need to go through a number of things that you need to verify and set up before you import your master data.

You have been given access to a company in Business Central with our general ledger setup template, so most things are already set up for you. Before you start importing or creating master data, though, you need to verify a number of basic details, and key in specific information.

We go through these here:

Company information

First, you should go into the ‘Company Information’ setup. Here, you can input details of your company to be used in things like documents printed out for your customers and vendors. Read more »

Video How to setup the Company Information »
You must go through all the company information fields and ensure they are filled in correctly and in full.
BASIC DETAILS
Have you input all the company details?

General ledger setup

In the general ledger setup, you define from when, and until when, posting is to be allowed. The standard setup gives you a suggestion, but you must see what you think of it. Read more »

Video How to setup the basic fields in the General Ledger Setup »
Now, you must review the general ledger setup in your own Business Central solution.
BASIC DETAILS
Have you defined the date interval and accounting currency, and have you checked all fields in the general ledger setup?

The chart of accounts

The standard setup gives you a template for the chart of accounts. It is not crucially important that you edit this at the start. You can do that along the way, by all means. But it is worth starting to look at it now and assessing whether there is anything in the chart of accounts that you want to change.

You can see more about how the chart of accounts works in Business Central in this video:

Video The Chart of Accounts »

However, it is important that you can see yourself in the chart of accounts, and that you check that it can meet your needs, even if you perhaps expect to need to add accounts to it.

Look at the chart of accounts and relate it to your company. You can see the chart of accounts within your Business Central solution, but you can also download it here as a PDF file.

The great majority of companies can fit their business into the standard chart of accounts. It is also possible to add new accounts once you have started using the solution.

BASIC DETAILS
Can you see yourself in the chart of accounts, and can you approve it?

Accounting periods

You need to set up accounting periods for the first year. The setup template we have supplied has accounting periods set up for the whole of the year in which the company is created. Read more »

Video Accounting periods »
Now you must set up accounting periods so that they are appropriate to your company.
BASIC DETAILS
Have you created, deleted and adjusted accounting periods to your needs?

Customize fields in the Country/Region table

The Country/Region table contains an overview of country codes. Here, you must ensure that your own country does not appear in the Intrastat Declaration (EU only) or in the List Declaration when you generate them.

Find the country code for the country your company is domiciled in. On that line, remove the country code in the ‘EU Country/Region Code’ and ’Intrastat Code’ columns.

Delete the accounting currency in the Currency table

Your accounting currency must not be found in the exchange rate table as it may create issues in the solution. And you should also not have currency codes on the customers and vendors who have the same currency as the accounting currency.

Open the Currencies table and delete the exchange rate for your accounting currency.
BASIC DETAILS
Have you removed your country code from the Country/Region table?
Have you deleted the accounting currency in the Currencies table?

General review of setup

The setup template you have received from us contains setup in a great many tables. For example, there are VAT declaration settings, a deferrals template and much more.

There is normally no need to change the setup, so in fact you can just carry on. If you want to be a bit more thorough about it, though, read more »

BASIC DETAILS
Have you checked the setup, and can you approve it?

Basic reporting setup

With Business Central’s dimension management, you can carry out data collection for reporting.

If you want to work with dimensions in Business Central, it is a good idea to get them correctly set up from the outset. Watch more »

If relevant, you must now set up dimensions, including dimension values, global dimensions and mandatory dimensions, in your Business Central.
REPORTING
Have you set up dimensions, dimension values, global dimensions and mandatory dimensions?
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