A company is a part of the organization that has its own set of accounting books. If your organization has only one set of books, then you do can skip this section. The Edit Company screen is shown below:
Create a company for each set of books. Your account will start with a single company which is named "Main Company". Change that to the name of one of your companies. For each company set the currency of that company's books. If you collect taxes for this company then you can select up to three tax types that apply to invoices created by this company.
Check "Allow VAT entry on expense reports" if this company's employees must report VAT.
The G/L Accounts tabs are used only for accounting system integration.
Each cost center belongs to exactly one company. Once you create a cost center, you cannot change the company. Make sure that you specify the correct company for each cost center.