The Advanced Company Settings is where you or your accountant initially set up your company file.
Select the Gear icon on the Toolbar, then Account and Settings (or Company Settings).
Choose preferences accordingly:
Company Type: Select the type of tax form your company uses.
Chart of Accounts: Enable or disable use of account numbers
Categories: Add "class" and "location" fields on your forms.
Projects: Select if you want to use the Projects feature to see all sales, expenses and timesheets by project
Time tracking: Specify defaults for timesheets, such as adding fields and first day of work week to display
Currency (Essentials and Plus Only): Select if you accept transactions in foreign currencies.
You now know how to set up your Advanced company settings.