What is a payment account?

A payment account is any account that you use to deposit funds or to spend money.

Common examples:

  • A savings account
  • A checking account
  • A credit card
  • A line of credit

When you connect your bank, Wave creates a new payment account for you automatically. You can also add custom accounts by editing your Chart of Accounts.

Your default Chart of Accounts in Wave includes a Cash on Hand account. This is a special account that’s meant to track any physical cash you have on-hand to be deposited. You can read more about using the Cash on Hand account here.

To add a Payment Account: 

  1. Click Accounting on the left side of your screen and select Chart of Accounts.
  2. Select the Assets or Liabilities & Credit Cards tab from the top of the page. Select the sub-category that makes the most sense for the account type, and click Add a new account.