The Chart of Accounts page is only available on the web version of Wave.
A chart of accounts is a record of your financial accounts. When you categorize a transaction, it’s categorized to an account within the chart of accounts. Wave uses this information to help generate your reports.
To access your chart of accounts, on the left-side menu, click Accounting > Chart of Accounts.
On your chart of accounts page, you can:
1: Add a new account: Your chart of accounts has common accounts related to the business type you selected during setup. To create your own accounts, at the top right corner, click Add a New Account. Then, follow from step three in Add an account to your chart of accounts.
2: Tab overview: Click through the tabs to see your accounts under each account type.
- The Asset tab contains the accounts that record valuables your business owns.
- The Liabilities & Credit Cards tab contains credit cards and accounts where money is owed to a third party.
- The Income tab contains accounts that record revenue generated for your business.
- The Expense tab contains accounts that record expenses for your business.
- The Equity tab contains accounts for owner contributions and drawings, and profits.
3: View accounts: The grey headings represent account types. Within each account type are your added accounts and the accounts created by Wave.
4: Edit accounts: To edit the account type, name, or description, or to archive the account, click the pencil icon to the far right of the account name.
5: Add a new account: To add a new account under a specific account type, under that account type, click Add a new account. Enter any details, then click Save.
It’s not possible to add custom tabs, account types, or subaccounts to your chart of accounts.