V4 splits settings between two Control Centers, based on what they affect. When the two windows are open side by side, the Workspace Control Center appears with the same dark gray background, and the Project Control Center shows your Project's colors, so you can always tell which one you are changing.
The Project Control Center shows you the Project-level settings, which will be consistent across all Project Workspaces. This window will only appear when the Workspace is switched to V4. Open it from the arrow next to the Workspace title, or press F1 (or fn + F1) on your keyboard.
Review this article to see how to use the Workspace Control Center: Workspace Control Center

Labels
The Labels section allows you to add to or modify the existing list of Labels and Categories. You can reorganize the both levels of organization using the up or down arrows for each Category or Label.
Review this article to see how to do this: Add Categories & Labels
Teams
The Teams section allows you to add to or modify the existing list of Teams.
Review this article to see how to do this: Add Teams
Team Membership

The Team Membership section allows you to assign users or groups of users to Teams so they can edit only the elements assigned to them.
Review this article to see how to do this: Team Membership
Variance Reason

The Variance Reason section shows you the default list of Variance Reasons that appear when a user marks as a Task as Incomplete.
Click on the Add Variance Reason button to add a new option, click on the pencil icon on the right to edit an existing reason, or click on the checkbox on the left for the Remove button to appear on the bottom. The eye icon on the top right corner will show you deleted or archived Variance Reasons in case you wish to restore them.
Calendars

The Calendars section allows you to add or modify the available Calendars for Teams to use as their default or or to associate to any Tasks.
Review this article to see how to do this: Add Calendars
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