What is a payment account?

A payment account is any account into which you deposit income, or out of which you pay bills. 

Common payment accounts include:

  • Savings accounts
  • Checking accounts
  • Lines of credit
  • Cash on Hand
  • Credit cards

Your default setup for Wave includes some basic accounts. You can create more as needed.

To add a Payment Account: 

  1. Click Accounting on the left side of your screen and select Chart of Accounts. Then click Add an account on the right.
  2. Most (but not all) payment accounts can be found in one of two places.
    1. Under Asset > Bank > Bank & Cash (that's where you'll find Savings and Checking accounts).
    2. Under Liability/Credit Card > Current Liability > Current Bank Debt (that's where you'll find Credit Cards and Lines of Credit).

Oops! Looks like this content is meant for a different version of our accounting application. Head back to the Help Centre home page to search for another topic or check out the related articles below.