Set up your chart of accounts
You probably have a set of accounts that you want to continue with. In the left-hand navigation menu, select Accounting > Chart of Accounts. You'll see your chart of accounts, a list of assets, liabilities, income, expense and equity accounts.
Based on the business type you select when setting up your account, Wave pre-populates some accounts. If you delete an account you end up needing, you can always add it back. It's not gone forever!Remove any income or expense accounts that you won't use.
Add any other accounts you will need.
You can also rename any accounts, and add them right from the transactions page.
It’s not currently possible to add additional account types or sub-accounts to your Chart of Accounts.
Once you're happy with your chart of accounts, categorizing will be much quicker and easier to do.
Add sales taxes (recoverable and non-recoverable)
Click Settings in the left-hand navigation menu and choose Sales taxes under the Accounting heading.
On this page, set up any sales taxes that you pay or collect. Make sure you indicate if the tax is recoverable. If you don't do this, recoverable taxes from expenses will not show up in the sales tax report.
Customers, vendors, and products
Don't worry about these for now. You can enter that information later on your invoices and bills on an as-needed basis.
The Transactions page overview will tell you everything you need to know about the page where you do most of your accounting.
Creating invoices and marking them as paid affects the transactions page and your reports.