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 hashtags. Yes, you can use hashtags to easily track who owes you money. Here's how you do that:
- If you lend someone money, open the new expense modal as usual
- Enter the amount and select the "Debt" category. If you haven't that category well, create it
- Tap the # button you see to open the Description box
- Write any details and add a # with the name of the person you lend the money eg. Lunch #John
- Save the transaction
- That's it!
When someone pays you back:
- Open the income modal
- Enter the amount and select the "Debt Repayment" category. If you haven't that category well, create it
- Tap the # button you see to open the Description box
- Write any details and tap on the # with the name of the person
- Save the transaction
- That's it!
Now if you go to the Reports tab and open the Tags report, you will see a new entry of #John along with the total amount of the transactions, which in this case is the debt. If it's red well, that person owes you that amount of money. If you tap on a person, you will see all your transaction history with that person, which will make things even easier to track.
I guess you can also track your own debts to other people this way, but in that instance, the total will be green and although it might look strange at first, that's how finances work.
For a more proper way to track your debts or loans, check here.
