Tracking debts with MoneyCoach is easy and can be achieved in a number of ways. You can go with the Category - Subcategory combo or with the use of Payee.
Here's step-by-step guide on how to do it
- When you lend someone money, tap the floating "+" button to add a new expense
- Enter the amount and select the "Debt" category. If you haven't that category, you can easily create it
- Tap the "Transaction Details" button
- Here you can write a description and also attach tags or a payee
- Tap on "Add payee" and select a payee from the list. If you don't have it, create a new payee by tapping the "+" button in the lower left side then select it. For this example, we use the John payee
- Tap the "Done" button in the top right corner
- Tap the "Save" button to save the transaction
- That's it!
When someone pays you back
- Tap the floating "+" button and switch to Income via the segmented control at the top
- Enter the amount and select the "Debt Repayment" category. If you haven't that category well, create it
- Tap the "Transaction Details" button
- Tap on "Add payee" and select John from the list
- Tap the "Done" button in the top right corner
- Tap the "Save" button to save the transaction
- That's it!
The fun part
Now if you go to the Reports tab and open the Payee report, you will see a new entry of John along with the total amount, which in this case is the debt.
If it's red well, that payee still owes you that amount of money. If you tap on the payee, you will see all your transaction history with that payee, which will make things even easier to track.
Using the same method, you can also track your own debts towards other people this way. Just keep in mind that for this case, the total will be green, and although it might look weird at first, that's how finances work. You borrow money from a friend, you add it as an income, but in reality since you'd have to pay them back, it's actually an expense for you... I said weird, didn't I?
Did you know that you can also use MoneyCoach to track your debts and loans.
