The steps below will take you through creating and configuring a new entity.
- Go Company > Setup > Entities > Click Add in the top right corner of the screen.
- Enter the ID (this must a unique value).
- Enter a valid Entity Name and Tax Solution. If you select United Kingdom – VAT, you will need to provide a valid VAT registration number.
- You will also be required to select an entity contact. If you need create one, you can do this by selecting the drop-down arrow and then clicking add in the top left of the selection window.
- You will then need to select the entities base currency, as well as the first fiscal month and first tax month. These settings are not strictly required, however, they enable you to gain further insights into key financial reports.