The Business Type you chose when you created your Wave account was used for initial setup, but otherwise has no effect on any part of Wave. There's no need (and no way) to change it.
Choosing a Business Type is a one-time decision that you make when you create your Wave account (and for additional business you add). Wave uses this information during the setup process only to determine which income and expense accounts (your “Chart of Accounts”) to pre-create for your business.
If the reason you wanted to change your Business Type was to update your list of available income and expense accounts, however, don't worry! You can certainly add or delete income or expense accounts at any time.
To create new accounts & categories
- Click Accounting in the menu at the left of your screen and select Chart of Accounts.
- Click on Add an account.
- Browse through the tabs for the account or category you need.
- You can also search by name. When you find what you need, click the name.
If you're searching for an Expense category, you must first click the Expense tab, and then do the search. Similarly, if you're looking for an Asset, you must click the Asset tab before searching, and so on.
- Edit the account name.
- Wave may ask you if this is a Payment Account. A Payment Account is an account that you use to withdraw money, make deposits, or make withdrawals/purchases. This is could be like your bank account.
You can also select the currency of your bank account. Here is more info: What is a payment account?
- Click Save.