First Phase is typically set to 1 so your first phase on every job will be 001. However, if you wish to amend this for any reason you can do so here (eg you may wish your first phase to be 000).
Phase increments defines the the gaps between phase numbers. Again it is typical for these to go in increments of 1 (eg 001, 002, 003 etc.) but if you wish for something different by default that can be set here (eg you could select 10 and the number would go 010, 020, 030 etc.).
Time limit sets the maximum amount of hours permitted to be submitted each day via timesheet entry.
Hours in day can be amended for individuals, but sets the default for new staff.
Calendar max allows you to block over allocating via the calendar.
Time units is system set to either hours or days (with hours being more typical0.
Estimate days or hours can be set again to either hours or days. If selecting days then some care needs to be taken when deciding on daily rate vs hours in day.
Start of day is set to be pulled through to the calendar.
End of day similarly is set to the standard so visibility in the calendar is more accurate.
Default status can be one of the 5: Quote (defaulting to opportunities); Live (defaulting to open jobs); On hold; Special; In house. A default of quote or live are more standard.
Charging methods has two options, either quote / estimate or time and materials.
Profit display can be set to be either cost or charge.
Payment days default is entered but can be amended on each client record.
Global description is a free text field where you can enter default text to appear in the Description box on every new job created. It also relies on setting in the Switches tab to be ticked on and set to desired results.
Global notes is a free text field where you can enter default text to appear in the Comments box on every new job created. It also relies on setting in the Switches tab to be ticked on and set to desired results.