Answering in general terms:
First check the motherboard manufacturer's web site to see if there are any updates to the bios. They come out more frequently than you might think. It's important to have the exact model (and sub-type in some cases) when you look for, download and install a bios update. (This is also called "flashing the bios".)
This may solve the whole issue for you without going further. I have a very early motherboard for the Athlon XP. Out of the box, the bios was older than the processor and it could not detect the correct model. It still worked just fine, but at a slower speed, (underclocked). A quick flash took care of the problem. (And I imagine it was only a case of defaulting to the correct clock multiplier for the chip, and clock multipiers can be set manually and frequently are if one is overclocking.)
Regarding the "other configuration options", again I have to guess and can only answer in general terms. I'm guessing you mean memory timings and such. Provided the RAM you install is supported by the motherboard, there won't be any problems at the default settings. Motherboard manufacturers make sure of this to avoid costly tech support issues.
Those settings are often conservative. Many times they can be tweaked for a bit more perfomance. That's a question to ask in a forum specifically for your motherboard model and manufacturer. They're out there for all the major manufacturers.
Hope this helps!