Vacuolar-type adenosine triphosphatases (V-ATPases) are rotary proton pumps that acidify specific intracellular compartments in almost all eukaryotic cells. These multi-subunit enzymes consist of a soluble catalytic V
1
region and a membrane-embedded proton-translocating V
O
region. V
O
is assembled in the endoplasmic reticulum (ER) membrane, and V
1
is assembled in the cytosol. However, V
1
binds V
O
only after V
O
is transported to the Golgi membrane, thereby preventing acidification of the ER. We isolated V
O
complexes and subcomplexes from
Saccharomyces cerevisiae
bound to V-ATPase assembly factors Vma12p, Vma21p, and Vma22p. Electron cryomicroscopy shows how the Vma12-22p complex recruits subunits a, e, and f to the rotor ring of V
O
while blocking premature binding of V
1
. Vma21p, which contains an ER-retrieval motif, binds the V
O
:Vma12-22p complex, “mature” V
O
, and a complex that appears to contain a ring of loosely packed rotor subunits and the proteins YAR027W and YAR028W. The structures suggest that Vma21p binds assembly intermediates that contain a rotor ring and that activation of proton pumping following assembly of V
1
with V
O
removes Vma21p, allowing V-ATPase to remain in the Golgi. Together, these structures show how Vma12-22p and Vma21p function in V-ATPase assembly and quality control, ensuring the enzyme acidifies only its intended cellular targets.