Should I set up a ledger before I create a contract?

If you're creating a contract without project information, you can select a business unit that has no assigned ledger or legal entity. To apply autonumbering for such a contract, enable the contract type for different global numbering levels and business unit.

In this case, the numbering levels of the ledger and the legal entity don't apply. Also, create document sequences for the document categories of the global and business unit.

Note: The currency on such a contract is the currency of the business unit of the contract.