Sure, though you may need to wait until offseason or preseason. Also, you might have to also hit some buttons in League Setup, Functions:
- Assign Fictional Financials to Teams
- Make Fictional Player Contracts
- Make Fictional Personnel Contracts
Turn on financials in League Setup, tweak settings, and run a day or two (it's off/pre-season, so it should not matter). If nothing happens financially, then experiment with those buttons above.