diff --git a/src/app/Console/Commands/WalletTransactions.php b/src/app/Console/Commands/WalletTransactions.php
--- a/src/app/Console/Commands/WalletTransactions.php
+++ b/src/app/Console/Commands/WalletTransactions.php
@@ -60,9 +60,8 @@
                 foreach ($elements as $element) {
                     $this->info(
                         sprintf(
-                            "  + %s: %s %s",
+                            "  + %s: %s",
                             $element->id,
-                            $element->created_at,
                             $element->toString()
                         )
                     );
diff --git a/src/app/Entitlement.php b/src/app/Entitlement.php
--- a/src/app/Entitlement.php
+++ b/src/app/Entitlement.php
@@ -85,7 +85,6 @@
     {
         $transaction = \App\Transaction::create(
             [
-                'user_email' => \App\Utils::userEmailOrNull(),
                 'object_id' => $this->id,
                 'object_type' => \App\Entitlement::class,
                 'type' => $type,
@@ -107,6 +106,22 @@
     }
 
     /**
+     * Returns entitleable object title (e.g. email or domain name).
+     *
+     * @return string|null An object title/name
+     */
+    public function entitleableTitle(): ?string
+    {
+        if ($this->entitleable instanceof \App\User) {
+            return $this->entitleable->email;
+        }
+
+        if ($this->entitleable instanceof \App\Domain) {
+            return $this->entitleable->namespace;
+        }
+    }
+
+    /**
      * The SKU concerned.
      *
      * @return \Illuminate\Database\Eloquent\Relations\BelongsTo
diff --git a/src/app/Observers/TransactionObserver.php b/src/app/Observers/TransactionObserver.php
--- a/src/app/Observers/TransactionObserver.php
+++ b/src/app/Observers/TransactionObserver.php
@@ -22,5 +22,9 @@
                 break;
             }
         }
+
+        if (!isset($transaction->user_email)) {
+            $transaction->user_email = \App\Utils::userEmailOrNull();
+        }
     }
 }
diff --git a/src/app/Transaction.php b/src/app/Transaction.php
--- a/src/app/Transaction.php
+++ b/src/app/Transaction.php
@@ -2,6 +2,8 @@
 
 namespace App;
 
+use App\Entitlement;
+use App\Wallet;
 use Illuminate\Database\Eloquent\Model;
 
 /**
@@ -18,6 +20,15 @@
  */
 class Transaction extends Model
 {
+    public const ENTITLEMENT_BILLED = 'billed';
+    public const ENTITLEMENT_CREATED = 'created';
+    public const ENTITLEMENT_DELETED = 'deleted';
+
+    public const WALLET_AWARD = 'award';
+    public const WALLET_CREDIT = 'credit';
+    public const WALLET_DEBIT = 'debit';
+    public const WALLET_PENALTY = 'penalty';
+
     protected $fillable = [
         // actor, if any
         'user_email',
@@ -49,25 +60,27 @@
     /** @var string The type of the primary key */
     protected $keyType = 'string';
 
-    public const ENTITLEMENT_BILLED = 'billed';
-    public const ENTITLEMENT_CREATED = 'created';
-    public const ENTITLEMENT_DELETED = 'deleted';
 
-    public const WALLET_AWARD = 'award';
-    public const WALLET_CREDIT = 'credit';
-    public const WALLET_DEBIT = 'debit';
-    public const WALLET_PENALTY = 'penalty';
-
-    public function entitlement()
+    /**
+     * Returns the entitlement to which the transaction is assigned (if any)
+     *
+     * @return \App\Entitlement|null The entitlement
+     */
+    public function entitlement(): ?Entitlement
     {
-        if ($this->object_type !== \App\Entitlement::class) {
+        if ($this->object_type !== Entitlement::class) {
             return null;
         }
 
-        return \App\Entitlement::withTrashed()->where('id', $this->object_id)->first();
+        return Entitlement::withTrashed()->find($this->object_id);
     }
 
-    public function setTypeAttribute($value)
+    /**
+     * Transaction type mutator
+     *
+     * @throws \Exception
+     */
+    public function setTypeAttribute($value): void
     {
         switch ($value) {
             case self::ENTITLEMENT_BILLED:
@@ -90,120 +103,72 @@
         }
     }
 
-    public function toArray()
-    {
-        $result = [
-            'user_email' => $this->user_email,
-            'entitlement_cost' => $this->getEntitlementCost(),
-            'object_email' => $this->getEntitlementObjectEmail(),
-            'sku_title' => $this->getEntitlementSkuTitle(),
-            'wallet_description' => $this->getWalletDescription(),
-            'description' => $this->{'description'},
-            'amount' => $this->amount
-        ];
-
-        return $result;
-    }
-
-    public function toString()
-    {
-        $label = $this->objectTypeToLabelString() . '-' . $this->{'type'};
-
-        return \trans("transactions.{$label}", $this->toArray());
-    }
-
-    public function shortDescription()
-    {
-        $label = $this->objectTypeToLabelString() . '-' . $this->{'type'} . '-short';
-
-        return \trans("transactions.{$label}", $this->toArray());
-    }
-
-    public function wallet()
-    {
-        if ($this->object_type !== \App\Wallet::class) {
-            return null;
-        }
-
-        return \App\Wallet::where('id', $this->object_id)->first();
-    }
-
     /**
-     * Return the costs for this entitlement.
+     * Returns a short text describing the transaction.
      *
-     * @return int|null
+     * @return string The description
      */
-    private function getEntitlementCost(): ?int
+    public function shortDescription(): string
     {
-        if (!$this->entitlement()) {
-            return null;
-        }
-
-        // FIXME: without wallet discount
-        // FIXME: in cents
-        // FIXME: without wallet currency
-        $cost = $this->entitlement()->cost;
-
-        $discount = $this->entitlement()->wallet->getDiscountRate();
+        $label = $this->objectTypeToLabelString() . '-' . $this->{'type'} . '-short';
 
-        return $cost * $discount;
+        return \trans("transactions.{$label}", $this->descriptionParams());
     }
 
     /**
-     * Return the object email if any. This is the email for the target user entitlement.
+     * Returns a text describing the transaction.
      *
-     * @return string|null
+     * @return string The description
      */
-    private function getEntitlementObjectEmail(): ?string
+    public function toString(): string
     {
-        $entitlement = $this->entitlement();
-
-        if (!$entitlement) {
-            return null;
-        }
-
-        $user = \App\User::withTrashed()->where('id', $entitlement->object_id)->first();
-
-        if (!$user) {
-            \Log::debug("No entitleable for {$entitlement->id} ?");
-            return null;
-        }
+        $label = $this->objectTypeToLabelString() . '-' . $this->{'type'};
 
-        return $user->email;
+        return \trans("transactions.{$label}", $this->descriptionParams());
     }
 
     /**
-     * Return the title for the SKU this entitlement is for.
+     * Returns a wallet to which the transaction is assigned (if any)
      *
-     * @return string|null
+     * @return \App\Wallet|null The wallet
      */
-    private function getEntitlementSkuTitle(): ?string
+    public function wallet(): ?Wallet
     {
-        if (!$this->entitlement()) {
+        if ($this->object_type !== Wallet::class) {
             return null;
         }
 
-        return $this->entitlement()->sku->{'title'};
+        return Wallet::find($this->object_id);
     }
 
     /**
-     * Return the description for the wallet, if any, or 'default wallet'.
+     * Collect transaction parameters used in (localized) descriptions
      *
-     * @return string
+     * @return array Parameters
      */
-    public function getWalletDescription()
+    private function descriptionParams(): array
     {
-        $description = null;
+        $result = [
+            'user_email' => $this->user_email,
+            'description' => $this->{'description'},
+        ];
 
         if ($entitlement = $this->entitlement()) {
-            $description = $entitlement->wallet->{'description'};
+            $wallet = $entitlement->wallet;
+            $cost = $entitlement->cost;
+            $discount = $entitlement->wallet->getDiscountRate();
+
+            $result['entitlement_cost'] = $cost * $discount;
+            $result['object'] = $entitlement->entitleableTitle();
+            $result['sku_title'] = $entitlement->sku->{'title'};
+        } else {
+            $wallet = $this->wallet();
         }
 
-        if ($wallet = $this->wallet()) {
-            $description = $wallet->{'description'};
-        }
+        $result['wallet'] = $wallet->{'description'} ?: 'Default wallet';
+        $result['amount'] = $wallet->money($this->amount);
 
-        return $description ?: 'Default wallet';
+        return $result;
     }
 
     /**
@@ -213,11 +178,11 @@
      */
     private function objectTypeToLabelString(): ?string
     {
-        if ($this->object_type == \App\Entitlement::class) {
+        if ($this->object_type == Entitlement::class) {
             return 'entitlement';
         }
 
-        if ($this->object_type == \App\Wallet::class) {
+        if ($this->object_type == Wallet::class) {
             return 'wallet';
         }
 
diff --git a/src/app/Wallet.php b/src/app/Wallet.php
--- a/src/app/Wallet.php
+++ b/src/app/Wallet.php
@@ -211,7 +211,6 @@
 
         \App\Transaction::create(
             [
-                'user_email' => \App\Utils::userEmailOrNull(),
                 'object_id' => $this->id,
                 'object_type' => \App\Wallet::class,
                 'type' => \App\Transaction::WALLET_CREDIT,
@@ -243,7 +242,6 @@
 
         $transaction = \App\Transaction::create(
             [
-                'user_email' => \App\Utils::userEmailOrNull(),
                 'object_id' => $this->id,
                 'object_type' => \App\Wallet::class,
                 'type' => \App\Transaction::WALLET_DEBIT,
diff --git a/src/resources/lang/en/transactions.php b/src/resources/lang/en/transactions.php
--- a/src/resources/lang/en/transactions.php
+++ b/src/resources/lang/en/transactions.php
@@ -1,18 +1,18 @@
 <?php
 
 return [
-    'entitlement-created' => ':user_email created :sku_title for :object_email',
-    'entitlement-billed' => ':sku_title for :object_email is billed at :amount',
-    'entitlement-deleted' => ':user_email deleted :sku_title for :object_email',
+    'entitlement-created' => ':user_email created :sku_title for :object',
+    'entitlement-billed' => ':sku_title for :object is billed at :amount',
+    'entitlement-deleted' => ':user_email deleted :sku_title for :object',
 
-    'wallet-award' => 'Bonus of :amount awarded to :wallet_description; :description',
-    'wallet-credit' => ':amount was added to the balance of :wallet_description',
-    'wallet-debit' => ':amount was deducted from the balance of :wallet_description',
-    'wallet-penalty' => 'The balance of wallet :wallet_description was reduced by :amount; :description',
+    'wallet-award' => 'Bonus of :amount awarded to :wallet; :description',
+    'wallet-credit' => ':amount was added to the balance of :wallet',
+    'wallet-debit' => ':amount was deducted from the balance of :wallet',
+    'wallet-penalty' => 'The balance of :wallet was reduced by :amount; :description',
 
-    'entitlement-created-short' => 'Added :sku_title for :object_email',
-    'entitlement-billed-short' => 'Billed :sku_title for :object_email',
-    'entitlement-deleted-short' => 'Deleted :sku_title for :object_email',
+    'entitlement-created-short' => 'Added :sku_title for :object',
+    'entitlement-billed-short' => 'Billed :sku_title for :object',
+    'entitlement-deleted-short' => 'Deleted :sku_title for :object',
 
     'wallet-award-short' => 'Bonus: :description',
     'wallet-credit-short' => 'Payment',
diff --git a/src/tests/Unit/TransactionTest.php b/src/tests/Unit/TransactionTest.php
--- a/src/tests/Unit/TransactionTest.php
+++ b/src/tests/Unit/TransactionTest.php
@@ -2,58 +2,180 @@
 
 namespace Tests\Unit;
 
+use App\Entitlement;
+use App\Sku;
 use App\Transaction;
+use App\Wallet;
 use Tests\TestCase;
 
 class TransactionTest extends TestCase
 {
-    public function setUp(): void
+    /**
+     * Test transaction short and long labels
+     */
+    public function testLabels(): void
     {
-        parent::setUp();
-    }
+        // Prepare test environment
+        Transaction::where('amount', '<', 20)->delete();
+        $user = $this->getTestUser('jane@kolabnow.com');
+        $wallet = $user->wallets()->first();
 
-    public function tearDown(): void
-    {
-        parent::tearDown();
-    }
+        // Create transactions
 
-    public function testLabel()
-    {
-        $transactions = Transaction::limit(20)->get();
+        $transaction = Transaction::create([
+                'object_id' => $wallet->id,
+                'object_type' => Wallet::class,
+                'type' => Transaction::WALLET_PENALTY,
+                'amount' => 9,
+                'description' => "A test penalty"
+        ]);
 
-        foreach ($transactions as $transaction) {
-            $this->assertNotNull($transaction->toString());
-        }
-    }
+        $transaction = Transaction::create([
+                'object_id' => $wallet->id,
+                'object_type' => Wallet::class,
+                'type' => Transaction::WALLET_DEBIT,
+                'amount' => 10
+        ]);
 
-    public function testWalletPenalty()
-    {
-        $user = $this->getTestUser('jane@kolabnow.com');
-        $wallet = $user->wallets()->first();
+        $transaction = Transaction::create([
+                'object_id' => $wallet->id,
+                'object_type' => Wallet::class,
+                'type' => Transaction::WALLET_CREDIT,
+                'amount' => 11
+        ]);
 
-        $transaction = Transaction::create(
-            [
+        $transaction = Transaction::create([
                 'object_id' => $wallet->id,
-                'object_type' => \App\Wallet::class,
-                'type' => Transaction::WALLET_PENALTY,
-                'amount' => 9
-            ]
+                'object_type' => Wallet::class,
+                'type' => Transaction::WALLET_AWARD,
+                'amount' => 12,
+                'description' => "A test award"
+        ]);
+
+        $sku = Sku::where('title', 'mailbox')->first();
+        $entitlement = Entitlement::where('sku_id', $sku->id)->first();
+        $transaction = Transaction::create([
+                'user_email' => 'test@test.com',
+                'object_id' => $entitlement->id,
+                'object_type' => Entitlement::class,
+                'type' => Transaction::ENTITLEMENT_CREATED,
+                'amount' => 13
+        ]);
+
+        $sku = Sku::where('title', 'domain-hosting')->first();
+        $entitlement = Entitlement::where('sku_id', $sku->id)->first();
+        $transaction = Transaction::create([
+                'user_email' => 'test@test.com',
+                'object_id' => $entitlement->id,
+                'object_type' => Entitlement::class,
+                'type' => Transaction::ENTITLEMENT_BILLED,
+                'amount' => 14
+        ]);
+
+        $sku = Sku::where('title', 'storage')->first();
+        $entitlement = Entitlement::where('sku_id', $sku->id)->first();
+        $transaction = Transaction::create([
+                'user_email' => 'test@test.com',
+                'object_id' => $entitlement->id,
+                'object_type' => Entitlement::class,
+                'type' => Transaction::ENTITLEMENT_DELETED,
+                'amount' => 15
+        ]);
+
+        $transactions = Transaction::where('amount', '<', 20)->orderBy('amount')->get();
+
+        $this->assertSame(9, $transactions[0]->amount);
+        $this->assertSame(Transaction::WALLET_PENALTY, $transactions[0]->type);
+        $this->assertSame(
+            "The balance of Default wallet was reduced by 0,09 CHF; A test penalty",
+            $transactions[0]->toString()
+        );
+        $this->assertSame(
+            "Charge: A test penalty",
+            $transactions[0]->shortDescription()
         );
 
-        $this->assertEquals($transaction->{'type'}, Transaction::WALLET_PENALTY);
+        $this->assertSame(10, $transactions[1]->amount);
+        $this->assertSame(Transaction::WALLET_DEBIT, $transactions[1]->type);
+        $this->assertSame(
+            "0,10 CHF was deducted from the balance of Default wallet",
+            $transactions[1]->toString()
+        );
+        $this->assertSame(
+            "Deduction",
+            $transactions[1]->shortDescription()
+        );
+
+        $this->assertSame(11, $transactions[2]->amount);
+        $this->assertSame(Transaction::WALLET_CREDIT, $transactions[2]->type);
+        $this->assertSame(
+            "0,11 CHF was added to the balance of Default wallet",
+            $transactions[2]->toString()
+        );
+        $this->assertSame(
+            "Payment",
+            $transactions[2]->shortDescription()
+        );
+
+        $this->assertSame(12, $transactions[3]->amount);
+        $this->assertSame(Transaction::WALLET_AWARD, $transactions[3]->type);
+        $this->assertSame(
+            "Bonus of 0,12 CHF awarded to Default wallet; A test award",
+            $transactions[3]->toString()
+        );
+        $this->assertSame(
+            "Bonus: A test award",
+            $transactions[3]->shortDescription()
+        );
+
+        $ent = $transactions[4]->entitlement();
+        $this->assertSame(13, $transactions[4]->amount);
+        $this->assertSame(Transaction::ENTITLEMENT_CREATED, $transactions[4]->type);
+        $this->assertSame(
+            "test@test.com created mailbox for " . $ent->entitleableTitle(),
+            $transactions[4]->toString()
+        );
+        $this->assertSame(
+            "Added mailbox for " . $ent->entitleableTitle(),
+            $transactions[4]->shortDescription()
+        );
+
+        $ent = $transactions[5]->entitlement();
+        $this->assertSame(14, $transactions[5]->amount);
+        $this->assertSame(Transaction::ENTITLEMENT_BILLED, $transactions[5]->type);
+        $this->assertSame(
+            sprintf("%s for %s is billed at 0,14 CHF", $ent->sku->title, $ent->entitleableTitle()),
+            $transactions[5]->toString()
+        );
+        $this->assertSame(
+            sprintf("Billed %s for %s", $ent->sku->title, $ent->entitleableTitle()),
+            $transactions[5]->shortDescription()
+        );
+
+        $ent = $transactions[6]->entitlement();
+        $this->assertSame(15, $transactions[6]->amount);
+        $this->assertSame(Transaction::ENTITLEMENT_DELETED, $transactions[6]->type);
+        $this->assertSame(
+            sprintf("test@test.com deleted %s for %s", $ent->sku->title, $ent->entitleableTitle()),
+            $transactions[6]->toString()
+        );
+        $this->assertSame(
+            sprintf("Deleted %s for %s", $ent->sku->title, $ent->entitleableTitle()),
+            $transactions[6]->shortDescription()
+        );
     }
 
-    public function testInvalidType()
+    /**
+     * Test that an exception is being thrown on invalid type
+     */
+    public function testInvalidType(): void
     {
-        $user = $this->getTestUser('jane@kolabnow.com');
-        $wallet = $user->wallets()->first();
-
         $this->expectException(\Exception::class);
 
         $transaction = Transaction::create(
             [
-                'object_id' => $wallet->id,
-                'object_type' => \App\Wallet::class,
+                'object_id' => 'fake-id',
+                'object_type' => Wallet::class,
                 'type' => 'invalid',
                 'amount' => 9
             ]