Category: Android Tutorials

How to Track Loans, Repay Debts and Deal with Your Friendly Neighbourhood Loanshark (Android)

Toshl_2.0_monster_0057_58We have almost certainly all been there at some point – borrowing money, launder loaning money, forgetting about loans, etc. Be it a small amount for drinks, because you forgot your wallet, or a bigger sum because you chose to buy something expensive that you obviously really, really, really needed.

So, how to go about tracking and dealing with the dynamics of loaning and borrowing money? Fear not, for Toshl is here for you again, not in the money loaning business though, but in the business of helping to track loans and debts – or simply Hilfespurverleihenborgengeschäft, as the Germans would put it.

 

Track major debt repayments

Let’s say I want to buy a new Ferarri for $3200, but I am just $3100 short for it. What do I do? I go to a guy* I heard you can get a loan from, that hangs out behind the parking garage in the shady part of town every other night (because he has kids). I ask him for a donation towards my cause and after a few laughs, I promise I would pay him back in ten months with $1900 interest. I get the money, and now I have to settle the $5000 debt in ten months, which makes for $500 per month. Because I use Toshl, the best loan app around, I know this will be a piece of cake and I will not get my legs broken in the process.

 

1. Add income marking the received loan

I put the $3100 in Toshl as an income, category ‘Loans’, account ‘Cash’, plus I put ‘Drago’ in the description – which is supposedly the guy’s name and also means ‘expensive’ in some languages. Just so I can be precise when I tell my grandchildren about my first Ferrari.

Ok, we got the money, we got the income from the loan marked, now to go about tracking the debt.

 

2. Add a new account to track the repayment of debt

I make a new account for the debt, called ‘Drago’ and set up the initial balance as ‘-$5000’ which is the total amount of the debt, including the interest.

 

3. Add transactions to note the debt repayments

To note the repayments as I return the money to Drago in monthly instalments, I make a transaction of $500 from account ‘Cash’ to account ‘Drago’, date it on the day of the first payment, set it up to repeat every month for ten months and set up reminders for it. Now I will be reminded to take the $500 to him every month, and the ‘Drago’ account will get out of red numbers over the ten months.

That’s it!

 

 

Track smaller loans to friends

Let’s take a look at another, simpler case. Let’s say I lend $4.99 to a fellow car enthusiast for a little 1:100 plastic Ferrari model.

 

1. Note the loan as an expense

I give him the money, put it in Toshl as expense, category ‘Loans’, account ‘Cash’.

If this is a one-off loan, I can put the guy’s name in description. If I lend to this guy often, I could also put his name in a new tag on the expense. That way I can easily sum up everything he owes me.

 

2. Note the loan repayment as an income

When he pays me back after seven and a half months, I just enter it as an income with appropriate tags, etc. This way I can always track borrowing and loaning entries.

Alternatively, I could just erase the loan expense, but that wouldn’t give me any insight on the loan later on.

Bob’s your uncle! Use whichever method works best for you or be creative and invent your own system. That’s it for now from our secret volcano base, ta ta!

*Toshl does not recommend taking loans from random guys behind the parking garage, nor can we provide phone numbers of any specific guys providing such loans. A bank would probably still be a better bet, although their moral compasses might not be in much better shape, compared to the guy behind the parking garage.
Posted in Android Tutorials, Debt, Personal finance, Tips & Tricks, Tutorials

Unlock Toshl with Your Fingerprint

Keeping your financial data safe and private is important. It’s also important to make the security precautions comfortable and easy to use. If they’re too much of a hassle, people tend to turn them off and any potential security enhancement vanishes like a tub of ice cream on a depressing day.

 

That’s why unlocking the Toshl app is also possible with a fingerprint. With the latest update (2.0.8), we’re also bringing this option to the Android app.

 

Just open the app settings and set the passcode lock to ON. You’ll first be asked to enter the numerical passcode. This is just in case you’re experiencing some issues with the fingerprint scanning, but also useful on phones which do not offer the fingerprint option.

 

passcode lock

 

The next time you open the app, Toshl will ask you to unlock it using your fingerprint which is already saved in the Android OS, if you’ve been using this feature on your phone before. Otherwise you can adjust the fingerprints saved in the Android system settings.

 

unlock finance app by fingerprint

Unlocking by fingerprint is available both in the Android and iOS apps with Toshl Pro.

 

Posted in Android Tutorials, Announcements, Tips & Tricks, Tutorials

Filtering Your Financial Data and Making Needles Easier to Find Than Haystacks (Android)

We have a bunch of filtering options available in Toshl. Let’s take a look at filtering by account in Toshl Android app.

Accounts and time span can be accessed by swiping from the right edge of the screen or tapping the time span in the upper right hand corner of the screen. Like so:256

 

Filtering by account

You can enable or disable displaying specific accounts and the entries tied to them. By default ‘All accounts’ are displayed, meaning the app is showing expenses, incomes, budgets, etc. from all accounts.

The active setting is shown under the action bar, so you can quickly asses which accounts are enabled just by glancing.

 

If all are disabled , it will be noted as ‘No accounts’. If only one is enabled, it will display the name of that account e.g. ‘Cash’.

 

This setting is global and will effect every graph and list in the app – except the budget section. So if you think you are missing some data, check the accounts to make sure.

Quick tip:

  • You can also quickly switch accounts or time spans by swiping the account or month left or right. Open the right sidebar, then grab the red button where it says “All accounts” and flick it left or right. That way you can quickly cycle between accounts without setting ON/OFF switches each time.

Filtering by category, tag and location

Filtering by these other criteria is not (yet) available in the mobile apps, but will likely be in the future. Until then, you can use the web app on toshl.com to filter by category, tag or locations.

Check out the tutorial for filtering in the web app.

extag

There are also detailed filtering options present on the export & reports screen. These are separate just for data exporting and reports, and are basically all other filtering options merged in one screen.

That’s it! Check out the filtering, play around with it and always remember to keep an extra bussiness card in your wallet! Just in case you’d need another kind of “filter” altogether. ;)

It’s a good idea to have some extra business cards in any case.

Posted in Android Tutorials, Tips & Tricks, Tutorials

Expense and Income Graphs (Android)

A sense of proportion is a terrible thing to lack. Some call it the 7th sense. Somewhat ironically, these people who call it the 7th sense are precisely the ones who don’t have it. Toshl’s duty is to bring some sense of proportion to our finances, for our memories are feeble and don’t do numbers justice.

 

Category donut

Expense and income graphs are here to help your memory. The upper part, that’s shaped like a Tokamak reactor from above (or a donut), represents the categories. Each part of the circle is a category and its size represents its portion of all the expenses. Just like any pie chart. The number in the middle of the circle is the sum of all the expenses.

Expense graphs pie chart

 

You can tap the categories to select them. More than one category can be selected at once. As you select them, the details below the chart change to reflect the full name of the categories and their details. You can see the total amount of a category, its percentage of the total amount and how many expenses contributed to that sum. Select multiple categories and it will add them all up.

Hint: if you tap the centre of the circle, all of the categories will be selected. If you tap again, none will be selected.
Expense graphs - pie chart open

Tag bubbles

A bit lower is the tags graph, where the size of the bubble gives a sense of proportion. This graph responds to the categories graph above. If all the categories are selected, all the tags will be displayed. Tags will then display the sums for the entire tag, no matter which category they were used with.

If you select one of the categories, only the tags used on expenses together with that category will be displayed. The sum of the tag will also be filtered and display only the sum of the tag when used together with that category.

Tag bubbles

 

Another important thing to remember is that you can use more than one tag on an expense. That means that the same expense could be counted in more than one tag bubble if you used more than one tag on an expense.

Just like with categories, tags can be selected and summed up. There is also a per day average and you can click & drag them around to relieve the stress of financial issues.
Tag bubbles - all categories

Posted in Android Tutorials, Tips & Tricks, Tutorials

Hint: Swiping From The Edge Is Better Than Living on It (Android)

Our phones’ screens grow larger, yet our thumbs stay the same. How do we then reach the main menu button or the time span and accounts button on the top of the screen?

Worry not. You can easily swipe from anywhere along the left edge of the screen toward right. This will open the main navigation menu.

The same works on the right edge of the screen. Swipe with your finger from anywhere on the rightmost edge of the screen toward left and the accounts and time span sidebar will open. When done, you can simply swipe them back in the opposite direction.

This can make your use of Toshl a lot quicker and more comfortable for your thumbs.

Posted in Android Tutorials, Uncategorized