A payment account is any account that you use to deposit funds or to spend money.
- 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:
- Click Accounting on the left side of your screen and select Chart of Accounts.
- 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.