The goal of ITFin is to simplify financial and accounting management for our clients. Therefore, some transactions are automatically generated based on documents or events created in the system. The categories for which transactions are automatically generated are listed in the P&L Policy and Document Types > Transactions sections. In these sections, you can also configure which debit and credit accounts will be affected by the transaction.

By default, the system is configured with the following settings:

Event/Transaction Name
Details Regarding Automatic Transaction Creation
Prepayment invoice lines
This transaction is created when a prepayment invoice is sent and reflects accrued income from the client as a deposit, since the work is not yet completed and the client may request a refund in the future.
Account Receivables (AR) recognition
The transaction records the occurrence of accounts receivable on the issue date of a regular invoice.
Invoice lines
The transaction records the formation of income on the Income Date when a regular invoice is issued. Info! On the invoice payment date, a transaction is created, with a debit based on the income category selected during transaction reconciliation and a credit based on the source account where the funds were received
Invoice discounts
A transaction is created at the moment the invoice is issued if it includes a discount.
Bad debt
This transaction will be created after the invoice is recognized as bad debt.
VAT
A transaction is created at the moment the invoice is issued if it includes VAT
Payroll (from Work to Tools)
Transactions are created at the moment the payroll statement is published
Forex
A transaction is created when foreign exchange gains or losses are recognized due to currency rate fluctuations
Amortization 
A transaction is created at the moment amortization is recorded.
Purchase
A transaction is created at the moment purchase invoices are published

A transaction is created when foreign exchange gains or losses are recognized due to currency rate fluctuations.

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Income/expense categories
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