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:
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.
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.
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:
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.
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.
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.
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.
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.
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.
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.