Financial Foundation Overview

# Step 2: Financial Foundation

With your organization structure in place, set up your financial framework:

1. Chart of Accounts - Define your GL account structure.
2. GL Categories - Group accounts into reporting categories.
3. Fiscal Periods - Set up your financial calendar.
4. Tax Entities - Configure applicable tax rates.
5. Units of Measure - Define units used across resources and tasks.
6. Pricing Types - Set up billing rate types.
7. Procurement Defaults - Configure default purchasing settings.

Chart of Accounts and Fiscal Periods must be set up before creating financial transactions.