New chart of accounts & how to manage categories for your invoice products

You’ll find that there have been a few changes to your Chart of Accounts page. As before, found under the Accounting tab in the left navigation menu.

The updates to your Chart of Accounts include:

  • The addition of new account types
  • A simplified account creation process
  • More clarity around the information required
  • The ability to add account numbers or identifiers to accounts you create
  • New tabbed browsing, so you can move around more easily

Adding Income Accounts

If Wave is primarily an invoicing tool for you, then most of your time on the Chart of Accounts page will be spent in the Income tab. From here, you’ll be able to add new accounts to be associated with the products and services you include on your invoices.

To add a new income account:

  1. Click on Add a New Account at the top of the page
  2. Select Income from the Account Type menu
  3. Name the account
  4. Add an Account ID and Description if needed
  5. Click Save.

The new account will now appear in the Income tab of your Chart of Accounts

Once you’ve added an income account, you can now link it to products and services in two ways: invoice creation, or product & services creation. Keep reading for details.

To create a new product that is linked to this income account, head over to the Sales tab, and select Products & Services. Complete the following:

  1. Click on Add a Product or Service (or click the grey pencil icon if the product or service already exists)
  2. Fill out all necessary fields, and select Sell This
  3. Select your newly-created income account from the drop-down menu that appears
  4. Click Save

You can also add an account to any products and services that don’t already have one associated with them directly from the invoices that you create. Just add the item to your invoice and select Edit Income Account under the item name.

Adding Discounts

We’ve added a new account type: Discounts. Any time you introduce a new discount or promotion, you’ll want to add a new discount account so that you are able to track the total amount that has been withheld from your invoice sales.

To add a new discount account:

  1. Click on Add a New Account at the top of the page
  2. Select Discount from the Account Type menu
  3. Name the account
  4. Add an Account ID and Description as needed
  5. Click Save

That’s it! Now that you’ve mastered adding new income accounts and associating them with the products and services that you sell, you can track your sales with as much specificity as you please!

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