Start a new topic

Borrow money


It would be great if you implement the ability to " borrow money " . For example, I gave someone money in debt or money I took a loan from a particular person , and I want to see my debtors or those who gave me money. To do for this new account is not very convenient , considering that after the return of the money will have to delete the account and adjust the transfer operation. Thank U!

5 people like this idea

I these cases they manage with a special account


Hi Anton,

I am thinking that perhaps tags + refunds functionality would be able to solve this... please tell me if the following sounds like a solution (after we release the Tags functionality):

1. You give someone money (expense) and tag is as "borrow" for example. (Although borrow is when you get money, but for the sake of the example let's say it's a "borrow" tag)

2. You set the person you are giving money to, as the Payee

3. When this person returns the money (partially or in full) you create a refund transaction for this expense. If it's only a partial return, you can just create multiple refunds until the whole amount is returned.

4. You will be able to run report by this tag, to see who owes you money

Does that sound like a solution?

Hi Iliya!

I am not Anton but I do not think that what you suggested is a good solution. The reason is that giving money to somebody is not an expense, in fact it is just a transfer to some virtual "debts" account. The main bad consequence of your proposal is that the total wealth will be changed after borrowing, while "in reality" it does not.

I am now using specially created debts and creditors accounts and transferring money to/from them. However I lack the following functionality: find out, how much money I owe to particular persons? It is not convenient to create a separate account for every creditors/borrower (too many of them), so this is not an option.

I suggest creating one special type of account (borrowing/lending) where:

1. Counterpart field would be necessary (that is who we are lending/giving money) for any transaction (expense, transfer, income) involving this account.

2. It would be possible at any moment to see how much money every counterpart owns you (this persons's "virtual account" state).

I am sure this would be really useful for many people.

4 people like this

Hi Timur,

That sounds like a good proposal. I've logged it to the dev team but for MW 3 because our MW 2 schedule is full.

1 person likes this

Thanks a lot! Looking forward to get a new version!

 The new version of the time? 

 Looking forward, Looking forward..

Hello there,

As Iliya noted, this feature will be most likely coming in MoneyWiz 3:

disappointment , Too long time .

Au contraire, I am glad that the developers put this feature into a solid plan forMoneyWiz 3. Thanks a lot for quick reaction! tdyname, you probably just don't have much experience with feature requests of other products. Believe me, this response is great :)

hi. timur

borrow money , I need it very much ! 2017. Time is too long.

He has a borrow money function

Very good..

however, he can only export three months of data

It makes me sick.

@tdyname - one feature we'll be doing in our summer update (2.5) is the ability to offset categories by entering an expense or income with minus sign. If that will help you with the borrow money case, then this is coming rather soon :)
Hi Iliya. If U mentioned about summer release, I'd like to ask one question about it. On the website says that version 2.5 will be in June 2016. Today is July. I understand that development of new functions requires a lot of time but time runs too long for me and I really waiting for these new functions :) So can I ask you when your team planning to show new release?
Hi Bob, Apologies for the outdated date on the site... we're in the process of releasing a new website design and once it's ready we'll update that too (perhaps next week). As for when 2.5 will be released - I am not sure. Everyone on the team is working on it, but it's taking its time. Receipts sync is done, Tags are almost done (i.e. tags are done, but their connection to budgets and all the new reports related to them are still in progress) and investment accounts are not started yet. We'll start those when Tags are 100% done. But all that is on iOS and Mac. Android has to catch up on tags and then investment accounts, Windows is yet to catch up on receipts sync and then tags and investment accounts + a few more features that it's missing compared to MoneyWiz for Mac. As you can see all of this is a lot of work and we're a small team, so promising when it will be ready will be unrealistic. If it was just iOS and Mac, it should be ready by the end of the month, but we also have to catch up on Android and Windows which makes things a whole lot more difficult to plan.
Thanks for the frank answer. Will wait for a new release.

1 person likes this
Login or Signup to post a comment