Set up company accounting

Open Accounting from the company app launcher. Accounting setup applies to the company; project Financials tools are configured within a project and use separate project permissions.

1. Open Chart of accounts and apply the construction template or create your accounts. Review control-account mappings in Settings.
2. Under Settings > Accounting entities, create the legal entity that owns the transactions. The first entity becomes the default; review that default and base currency before posting. If the entity files 1099s, add its EIN, address and phone on the entity; the EIN is stored encrypted and shown only by its last four digits.
3. Open Periods and generate the current fiscal year. Transactions require an appropriate open posting period.
4. Under Access, grant the people who need company accounting access their role, flags and entity scope. Project permission templates do not replace accounting grants. Keep preparer and approver duties separate.
5. If migrating opening balances, use the reviewed CSV workflow under Imports. It supports an opening trial balance for an empty entity ledger, not open AP/AR conversion. Reconcile source totals before applying.

The Accounting overview shows the next setup prerequisite when an account, active accessible entity or current period is missing. Ask an owner or controller when you do not have the required setup permission.

See Accounting overview, Accounting imports and Security and controls. Feature profiles and a setup wizard are not prerequisites for the current workflow.