Select the chart of accounts that is the valid legal form for your company, or define your own by selecting User Defined. Alternatively, import the chart of accounts data from your legacy system.

We recommend using one of the existing standard charts of accounts and adapting it to the company’s needs as required. Defining the entire chart of accounts is a long, complex procedure.

Select the local currency. The currencies defined in SAP Business One are available in the list. To define a new currency, select Define New.

SAP Business One can manage all transactions in a system currency parallel to the local currency. Select the required system currency from the list. To define a new currency, select Define New.

If defining a system currency that is not identical to the local (national) currency, the system currency can be used as the reporting currency. For example, the corporate group requires a different reporting currency from the national currency. Also define a daily exchange rate for the system currency. Every document, and all reports and balance sheets are posted in the database in both currencies.

If you do not have a reporting requirement in another currency, set the system currency to your local currency.

Determines the default account currency for new accounts:

Select to display credit balances with a negative sign. According to the default settings, debit balances are displayed with a negative sign. This option cannot be changed after postings have been created in SAP Business One.

This setting influences the entry of beginning balances for the G/L accounts and business partners. Depending on this setting, the opening balances must be entered as positive or negative numbers. We recommend accepting the default setting, as this reflects the local requirements.

Select to specify if segments of information should be added to the standard account codes, such as division, region, cost center, and so on, for detailed transaction tracking and reporting.

Certain country regulations permit document numbering series that contain more than one document type. All of these documents are part of the same numbering series. Select this option if these regulations are relevant for the company. This setting determines the settings that are displayed in certain Document Numbering windows, and cannot be changed after it has been selected.

Enables the Multi-Language Support function in the company.

Use this function to translate field names in SAP Business One to foreign languages and print them in documents you send to foreign business partners.

Select this option to indicate management of perpetual inventory accounting system. If selected, each transaction of inventory items is reflected also in the inventory related G/L accounts.

Specify the default valuation method for newly added item groups. This field is active only if the Use Perpetual Inventory option is selected.

The available valuation methods are:

This field appears only if you have selected the Use Perpetual Inventory option.

Select this option for calculating inventory pricing for each individual warehouse.

Deselect this option for calculating inventory pricing for all the warehouses combined.

Select this option to activate purchase accounting. Once journal entries have been made, this setting cannot be modified.

Permits items to be included in documents such as deliveries or A/R invoices, even when the item cost has not been determined.

Select when the inventory valuation is performed according to moving average or FIFO. If you selected Standard Price, a cost has already been defined.

This field is required for the interface with the Payment Engine add-on.

Enter the company's default bank account and branch information.

Select this option at any time to work with the bank statement processing functionality.

Select the checkbox to enable the fixed assets function.

Select the checkbox to enable the multi-branch function. For more information, see Working with Multiple Branches.

Specify whether you want the system to calculate the depreciation of fixed assets by month or day.

Select this checkbox to mask credit card numbers as ************#### that is, only the last four digits of the credit card number are displayed, and when specifying a new credit card number, you can only enter its last four digits.

You cannot deselect this option.

In new companies this option is selected by default.

Authorization is required for masking credit card numbers.

Select this checkbox to manage the inventory G/L account determination according to a flexible and centralized method. By setting a hierarchy of rules you can assign inventory G/L accounts by:

For additional information see the How To Setup and Work with Advanced G/L Account Determinationguide in the documentation resource center.