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. ClickAccounting on the left side of your screen and select Chart of Accounts.
  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).

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.
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