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How manage shared expenses

Hi all, 

I have a question that might fall in split transactions and other tricks. Currently I'm not using any software. I pay a lot of things related to my flat and for everything need to be shared with my mate I use splitwise website to track them. A concrete case might be groceries.

Today I spend 100USD at the supermarket. On splitwise I set 100USD that is splitted in two. At the end of the month, splitwise provide a list of due expenses to my mate that make a transfer to my account.

From a moneywiz perspective, how can I manage this? It is easy to have a transaction of 100USD out for groceries and an incoming transaction of 500 at the end of the month.

However, to balance everything, I should be able to set that 500 USD incoming are partial reimbourse of different spending categories.

Another idea, which seems to be not feasible, is to have a fake account and set 50 USD positive balance for category groceries. This virtually set that for groceries my expenses is 50 and not 100. At the end of the month, I can record a transfer from the fake account to my real account which reflects money incoming in my bank account. I see that it is not possible to record positive transactions for a spending category.


Is there a way to successfully tackle with this issue?


Best Answer

Hello Stefano,


Reimbursements like that are on our to-do list but they are not available yet. In the meantime, there are two options that I see. Basically you should be using our Refunds feature - the trouble is that you should do this for every transaction separately. The question is then when do you do this:


1. Refund each transaction at the end of the month - as that's when you actually receive the money. The problem here is that when you receive the money you will need to find each transaction before and refund half of it so that your balance agrees.


2. Refund each transaction as you spend the money - is how I would do this. After you enter a transaction that you know will be partially refunded by your flatmate, register a refund as well with a date for the future when you think you'll be refunded. Because the date is in the future, MoneyWiz will automatically make this transaction pending. You can then tap/click on the balance box at the bottom of your Account register to exclude pending transactions from your account balance (if you want).


With both of those solutions, the main problem is that MoneyWiz will display several refund transactions while your bank statement will have just one. Sadly, if you want to use the refunds functionality (so that expense reports paint a true picture) there's sadly no other way at the moment.

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Answer

Hello Stefano,


Reimbursements like that are on our to-do list but they are not available yet. In the meantime, there are two options that I see. Basically you should be using our Refunds feature - the trouble is that you should do this for every transaction separately. The question is then when do you do this:


1. Refund each transaction at the end of the month - as that's when you actually receive the money. The problem here is that when you receive the money you will need to find each transaction before and refund half of it so that your balance agrees.


2. Refund each transaction as you spend the money - is how I would do this. After you enter a transaction that you know will be partially refunded by your flatmate, register a refund as well with a date for the future when you think you'll be refunded. Because the date is in the future, MoneyWiz will automatically make this transaction pending. You can then tap/click on the balance box at the bottom of your Account register to exclude pending transactions from your account balance (if you want).


With both of those solutions, the main problem is that MoneyWiz will display several refund transactions while your bank statement will have just one. Sadly, if you want to use the refunds functionality (so that expense reports paint a true picture) there's sadly no other way at the moment.


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