Each product or service you create is linked to an income or expense account, which tracks your sales. Only the products and services linked to an income account can be added to invoices.
To change the income account a product or service is linked to, edit the product or service. This change will only affect new invoices with the product or service.
Wave automatically tracks your income from all sales in your reports the moment the invoice is approved. For cash-basis reporting, the income shows on your reports only after the invoice has been paid. For accrual-based reporting, the income shows right away.
On your Transactions page, the payment transaction is categorized as an invoice payment. This payment transaction represents actual money being received into your bank account, while the breakdown of income is recorded under the assigned income accounts and included in your financial reports.