The setting up of financial accounting occurs when SAP Business One is first implemented. During implementation, your partner, tax advisor, and accountant follow GAAP and country/region or state regulations to set up financial accounting.
Once you have determined your financial or posting periods and account segments, if any, you create your chart of accounts. A chart of accounts lists all of a company's general ledger (G/L) accounts and is the basis for its reporting and posting activities.