Set up accounts and accounting information for your tax transactions. You must set up and maintain accounting information before you can set up tax accounts for the applicable operating units. You set up tax accounts by operating unit for taxes, tax rates, tax jurisdictions, tax recovery rates, and tax registrations of first party legal establishments. See: Setting Up Tax Accounts for more information.
Review and complete these accounting setup tasks according to your requirements:
Ledgers - Set up the chart of accounts, accounting calendar and currency for the primary ledger of your legal entities and, if applicable, any secondary ledgers.
Legal entity balancing segments - Define balancing segment values for the legal entities involved in tax transactions.
Accounting setup - Create an accounting setup for each legal entity with the ledger or ledgers that you created, and assign the applicable operating units to the primary ledger.
Complete the accounting setup - Complete the details of the accounting setups.