If you have a recurring expense, like a subscription that you pay for every month, you can keep track of it in Wave. If you import transactions into Wave for bookkeeping through a bank connection, or statement upload, all you need to do is categorize the expense transaction to an appropriate expense account.
You can create custom expense accounts in Wave to keep track of multiple subscription expenses separately.
To create a custom expense account:
- Click Accounting on the left navigation menu, then select Chart of Accounts.
- Click Add a New Account at the top right corner of the page.
- Click the Account Type dropdown and select the account Operating Expense under Expenses.
- Click on the Account Name field and type in a name for the account.
- Enter an Account ID and Description (this is optional).
- Click Save.
Wave does not currently have a feature that can automate recurring expenses. However, you can keep track of these expenses by categorizing the transactions to an existing expense account, or a custom expense account.
To categorize the transaction:
- Click Accounting on the left navigation menu, then select Transactions.
- Locate the expense transaction, or click Add expense at the top right to create a new expense transaction.
- Click on the Category dropdown, and select the appropriate expense account.
- Click Save.
If you have questions about the specific account to select when categorizing your transactions, we recommend reaching out to an accountant or bookkeeper.