When you created your business in Wave, we set up your Chart of Accounts with a list of common accounts (or categories) based on what you told us about your business. You can also add different accounts and categories, like your specific bank accounts, or income and expense categories.
To create new accounts & categories:
- Click Accounting in the menu at the left of your screen and select Chart Of Accounts.
- If you know what account you'd like to add, click on Add an account, or browse through the tabs for the account or category you'd like to add.
- You can also search for a category by name.
- Enter in the Account Name. If you're adding an income or expense category, try entering a name that describes what you buy or sell. If you're adding a bank or credit card account, name the account after what the account is called in real life (for example, Bank of America Business Checking Account) so that it's easy to recognize.
- You may enter in an Account ID or Description.
- Click Save.
If you're not sure where the category you want to add belongs, try browsing through the different account tabs to get an understanding of different account types. Click the question mark next to each account type for more information.