A payment account is any account into which you deposit income, or out of which you pay bills.
Common payment accounts include:
- Savings accounts
- Checking accounts
- Lines of credit
- Cash on Hand
- Credit cards
Your default setup for Wave includes some basic accounts. You can create more as needed.
To add a Payment Account:
- Click Accounting on the left side of your screen and select Chart of Accounts. Then click Add an account on the right.
- Most (but not all) payment accounts can be found in one of two places.
- Under Asset > Bank > Bank & Cash (that's where you'll find Savings and Checking accounts).
- Under Liability/Credit Card > Current Liability > Current Bank Debt (that's where you'll find Credit Cards and Lines of Credit).