Bank and Cash Accounts

In the section Settings > Bank and cash accounts, you must add the company’s accounts in banks and payment systems and set the starting balance on the selected date from which you will begin accounting in ITFin.

If at least one transaction is made on the account, it can no longer be deleted.

Field

Description

Name*

The name of the account

Business unit

The business unit to which the account belongs

Currency*

The currency of the account

Exchange rate source for UAH ↔ USD*

The source from which the system retrieves the exchange rate

Provider*

Integration service (name of the bank or payment system)

Initial Balance Date*

The date of account creation when a certain starting balance is present

Initial Balance*

The initial balance of the account

Finance Account*

The financial account

Responsible Employees

Employees who have access to this account

Notes

A field for notes

The starting balance date is the key date from which all financial operations in the system are accounted for. It affects several important aspects: invoices, liabilities, payroll, cash flow, and the company's overall cash balance. All these elements must start from the same date because discrepancies in the initial data can lead to imbalances in the accounting records. If different financial indicators are not synchronized in time, it can create confusion in calculations and impact the accuracy of the company’s financial picture.

Account access can also be granted through the system's role settings. For example, you can configure an accountant's access to all accounts.

Currently, we have automatic integration with Ukrainian banks PrivatBank and Monobank (JSC “UNIVERSAL BANK”), financial services Wise and Qonto, as well as with the freelance platform Upwork.

You do not need to upload the statement itself. When you generate the API key and enter your token in the corresponding field while creating the account, you should click the button and specify the period from which to fetch transactions, and they will appear in the system.

With other banks/systems, the integration is semi-automatic; you need to upload the statement, and the system will allocate it to transactions. You can upload statements for accounts from the Bank and Cash Accounts section or go to Company > Accounts Dashboard and select the relevant account.

The system allows for the creation of manual entry accounts, where transaction information must be entered manually. To create a manual entry account, select Cash in the Provider field. When adding a transaction manually, you can indicate that it is covered by a client. At the invoice creation stage, there will be a note in the system about the debt and an option to account for it in the invoice.

You can also grant access to certain users so they can upload receipts via a Telegram bot, and the transactions will be sent to the system for approval.

If you upload the same statement multiple times, the system will not duplicate transactions; it will only create unique ones.

Each transaction should be manually reconciled (assigned to a specific category of expenses or income), so we recommend not selecting overly large prior periods, as it will require a significant amount of time and resources to process the previous transactions.

Last modified