When configuring currencies and fiscal years, what must be established first?

Establishing currencies first is crucial when configuring currencies and fiscal years within Dynamics 365 Sales because currencies serve as the foundational monetary units for any financial data and transactions within the system. Currencies must be defined to ensure that all monetary values are accurately represented and that the system can handle multi-currency transactions appropriately.

Once the currencies are established, you can then proceed to set up other configurations, such as fiscal years, which rely on the currency definitions to determine how financial reporting occurs over a specified timeframe. Without a clear definition of the currencies being used, any subsequent configurations, including sales territories, security roles, and views, may not effectively operate or reflect accurate financial data.

Determining sales territories, assigning security roles, and designing views all require contextual data from currencies to ensure that they are relevant within the financial scope of the organization. Thus, defining the currencies forms the backbone of financial configuration in Dynamics 365, making it the necessary first step.