Category: Tutorials

How to Split Your Expenses or Incomes (Android)

Posted on

To track your expenses and incomes more precisely, it is possible to split the total of the bills into smaller parts in the Toshl Finance apps. You can keep an eye on your costs and sort them better by adding different categories to the split parts of the bills. Other than this basic purpose, it can also help you better track your shared purchases, loans, refunds or cashbacks.

Splitting amongst categories and tags

By using the splitting feature, you are able to manage a common receipt issued for different types of expenses with high accuracy. For instance, a grocery shopping expense for 50 € comes in. You want to split it into groceries (30 €), alcohol (5 €) and cosmetics (15 €). By tapping Split on the expense, you can assign new amounts of split entries, use different categories or tags, and your expense tracking will be more precise than it has ever been.

1. Whenever you want to split an expense or income, just tap it to open the entry details.

2. Then tap “Split”.

3. Enter the appropriate amounts, categories, and tags for split entries.

4. Tap the Save (tick) icon and you’re all done.

The split expenses will show up on the list with a special icon and will always be grouped together.

You can also find the other part of the split on the details of a split entry. In other ways, they behave just like any other expense, except that they can’t be split again.

Quick tips

  • The original expense will be split into 2 parts by default, but you can add up to 20 splits by tapping the + icon. New split entries will automatically get the remaining amount which hasn’t been covered by earlier splits yet. You can, of course, change it later to whatever you like.
  • The “remaining from total” amount always shows how much of the total amount of the original entry you still have to distribute among split entries so the amounts will match with your original spending. You can set any amount you want, but Toshl will warn you if you leave some funds undistributed or exceeded the original amount.
  • The location, description, reminders, and photos remain common for all parts of the split of the certain expense or income. You can edit them all at once when splitting. If you want them to differ among split entries, you can still edit them individually later, on the relevant split entry for an expense or income.

When using with connected accounts (Toshl Medici)

If you use Toshl Medici and have set a bank connection, your bank or financial service transactions will be added automatically to your expenses. Some will require to be reviewed, for example, if they need to be confirmed as transfers. You can also split an entry when Reviewing.

For that:

1. Go to the “Bank connections” section in the main menu.

2. Tap “Review entries” below a connection.

3. Tap “Income”/”Expense”.

4. Turn ON the switch “Split into multiple entries”. The usual splitting interface will show up and you can assign different amounts, categories, and tags.

5. Tap the Save (tick) icon.

When using with manual accounts (Toshl Free, Toshl Pro)

To split manually added expenses, open an expense and tap “Split”. Just like with automatically imported entries, feel free to split your expense into smaller multiple entries and add a matching category and tag.

When using manually added expenses, there’s less of a need for splitting. You can just add the expenses in multiple entries, to begin with. It might come useful though, especially when you import entries from a file.

Primarily, the splitting feature enhances your precision in sorting your expenses in different categories and tags. But it can also come handy for managing shared expenses, loans, refunds or similar. We’ll take a look at those cases below.

Splitting and paying back purchases with friends

The splitting feature will make your life easier when you are struggling with tracking shared costs with your relatives, friends or colleagues. As we all know, people tend to forget the things which are not written down. So how to keep tracking your shared expenses? You can do it in a few taps in the Toshl Finance apps.

For instance, you are going for dinner with your friend. When it comes to paying the 100 € bill, you find out that you have no cash. You suggest paying by card for both, and your friend agrees to pay his (or her) part back. How do you note it down in Toshl

When this expense from your credit card comes in, you just need to split it into appropriate entries, both yours and your friend’s sharing, in the way described earlier.

You might add a special category and tag to your friend’s part of the bill (split entry).

After the splitting is done, you will see both split entries in Expenses marked with the split icon.

If your friend pays his (her) part back in cash immediately:

  1. Find the split entry for the lent amount and tap “Delete”.
  2. Enter the amount of the lending part as Income on the relevant account if they paid you back in cash.

Whether your friend prefers to pay his part of the dinner costs later, you may add a reminder to your lending split entry. For that:

  1. Open your lending split entry.
  2. Tap the Edit icon.
  3. Tap Reminder icon and enter the custom date for the reminder (for instance, 1 day before you expect to get lending back at 11:00 AM).

Toshl will remind you about the due date at the time you set. It can’t notify your friend though, so that part is up to you ;)

As soon as you get the funds back:

  1. Open the Toshl Finance app.
  2. Go to Expenses.
  3. Find the split entry for the lent amount and tap “Delete”.
  4. Enter the amount of the lending part as Income on the relevant account if they paid you back in cash.

Note that at this last step you don’t have to do anything if you use Toshl Medici and have connected a bank account that the lending is paid to. Your friend’s transaction will be added to Incomes automatically.

So, it is all covered now. Savor the relief.

You can use this to track any kind of reimbursement in Toshl. For instance, business travel reimbursements could also be noted this way.

Splitting in foreign currencies

Let’s visualize that you are going on a business trip to some foreign country, for instance, Ukraine. You stay for a few nights at the luxury hotel in Kyiv booked by your company in advance. Later, you order a coffee and snacks at the hotel and you get the common receipt (3500 ₴) at the reception desk at the end of your stay.

Your company will reimburse the accommodation costs (3200 ₴), but you need to cover all other expenses (300 ₴) on your own. You can split this receipt into two parts in the Toshl app. You’re also able to track your reimbursement for the accommodation part, as it has been described in the previous case. However the bill is issued by the hotel in foreign currency, and you have no idea how to convert both parts of expense to your main currency (e.g. €). What should you do?

Just relax. It is not a big deal at all. When you split an expense in Toshl app, you may use any currency for each entry.

To do that:

  1. When entering split entries of your expense, just tap the currency icon in the split entry.
  2. Select the preferred currency from the drop-down menu.

The preview in your main currency will be displayed, so you’ll know if you’ve covered the original amount, no matter which currencies you used.

No need to panic when you receive a bill for shared expenses in a currency that you are not quite familiar with. Toshl monsters will help you juggle those multiple currency exchange rate calculations with such ease, it will be as if you can see inside the matrix.

Quick tips

  • Like everything in Toshl, splitting also works with different currencies. You can set individual currencies and amounts for the split entries.
  • Toshl will automatically recalculate the value in the entry in your main currency.
  • If the currency of the entry doesn’t match the account currency or the main currency, a preview of the value in your main or account currency will be shown.

Getting a refund

Let’s suppose that you purchase two items (T-shirt for 15 € and wallet for 25 €) at some online shop. You pay by card and receive the common receipt for 40 € for both items. When you get the parcel, you try the T-shirt at home and it happens to be oversized. You contact the shop, and they answer they could make a refund for a T-shirt to your bank account. Then you run into a dilemma how to track this expense in Toshl app: this common expense has been already noted on your account.

First of all, it might be a good idea to set a reminder for your refund for the date when you expect to get it back from the shop, as it is described in one of the cases above. In this way, you will be updated about the due date by Toshl monsters so you could send a polite email to the shop if no refund arrives.

You’ll get the refund as an income on your account. If you’re ok with this kind of tracking you’re all done, no need to do anything more. However, if you’re bothered by the full original expense still being present, for budgeting or other reasons, you can:

  1. Open Toshl Finance app.
  2. Go to Incomes.
  3. Find a refund income that has just arrived in your account.
  4. Delete the refund income.
  5. Split the original expense amount into two entries: the amount of refund and the amount of the other purchased item.
  6. Delete the refund split entry of the original expense.

This way, you are able to balance your expenses and incomes.

Cashback

In some countries, you may also have the option to withdraw additional cash from your card when paying at a supermarket or other location. You can ask the merchant to add an extra amount to the purchase price and receive the added amount in cash. The common expense will be noted on your bank account. The thing is you will receive cash in hand. How to note this?

Toshl will take care of the correct balance of your accounts. As soon as you get the cash, you can note that a part of this expense is really a transfer between your card and cash accounts. Just like an ATM withdrawal.

When the expense comes in:

  1. Open Toshl Finance app.
  2. Go to Expenses.
  3. Find the expense that has just arrived in your account.
  4. Split it into two parts: the amount of purchase and cashback amount
  5. Find the split entry for the cash amount and tap “Make transfer”.
    Select your cash account and tap “Save”.

Thus, the amount of cashback is noted as transfer to another account, so you have it all under control.

You‘ve got your money in the right place. That’s good news!

Quick tips

Occasionally, if you decide to un-match the transfer of split entry, you can revert the change easily:

  1. Just tap “Un-match transfer”. The pop-up window will be displayed explaining what happens on this action.
  2. Tap “Cancel” if you change your mind, or tap “Un-match transfer” if you want to complete the action.

Unsplitting

If you change your mind, you can unsplit your expense or income whenever you feel like. To do so:

  1. Open any of the split entries of the original expense
  2. Tap “Unsplit”.

The splitting changes will be reverted, and the original expense will appear in the Expenses list.

To sum up, with the splitting feature, you are able to manage your expenses more precisely. Moreover, it allows you to better track your shared purchases, loans, refunds, and cashbacks. It will take care of all the records, no matter which currency they’re in. By splitting, your finances become whole. Toshl, powered by irony.

Posted in Android Tutorials, Tutorials

How to Split Your Expenses or Incomes (Web App)

Posted on

To track your expenses and incomes more precisely, it is possible to split the total of the bills into smaller parts in the Toshl Finance apps. You can keep an eye on your costs and sort them better by adding different categories to the split parts of the bills. Other than this basic purpose, it can also help you better track your shared purchases, loans, refunds or cashbacks.

Splitting amongst categories and tags

By using the splitting feature, you are able to manage a common receipt issued for different types of expenses with high accuracy. For instance, a grocery shopping expense for 50 € comes in. You want to split it into groceries (30 €), alcohol (5 €) and cosmetics (15 €). By clicking Split on the expense, you can assign new amounts of split entries, use different categories or tags, and your expense tracking will be more precise than it has ever been.

1. Whenever you want to split an expense or income, just click on it to open the entry details.

2. Then click “Split”.

3. Enter the appropriate amounts, categories, and tags for split entries.

4. Click “Save” or the tick button and you’re all done.

The split expenses will show up on the list with a special icon and will always be grouped together.

You can also find the other part of the split on the details of a split entry. In other ways, they behave just like any other expense, except that they can’t be split again.

Quick tips

  • The original expense will be split into 2 parts by default, but you can add up to 20 splits by clicking the + button. New split entries will automatically get the remaining amount which hasn’t been covered by earlier splits yet. You can, of course, change it later to whatever you like.
  • The “remaining from total” amount always shows how much of the total amount of the original entry you still have to distribute among split entries so the amounts will match with your original spending. You can set any amount you want, but Toshl will warn you if you leave some funds undistributed or exceeded the original amount.
  • The location, description, reminders, and photos remain common for all parts of the split of the certain expense or income. You can edit them all at once when splitting. If you want them to differ among split entries, you can still edit them individually later, on the relevant split entry for an expense or income.

When using with connected accounts (Toshl Medici)

If you use Toshl Medici and have set a bank connection, your bank or financial service transactions will be added automatically to your expenses. Some will require to be reviewed, for example, if they need to be confirmed as transfers. You can also split an entry when Reviewing.

For that:

1. Go to the “Bank connections” section in the main menu.

2. Click “Review entries” below a connection.

3. Click “Income”/”Expense”.

4. Turn ON the switch “Split into multiple entries”. The usual splitting interface will show up and you can assign different amounts, categories, and tags.

5. Click “Save” or the tick button.

When using with manual accounts (Toshl Free, Toshl Pro)

To split manually added expenses, open an expense and click “Split”. Just like with automatically imported entries, feel free to split your expense into smaller multiple entries and add a matching category and tag.

When using manually added expenses, there’s less of a need for splitting. You can just add the expenses in multiple entries, to begin with. It might come useful though, especially when you import entries from a file.

Primarily, the splitting feature enhances your precision in sorting your expenses in different categories and tags. But it can also come handy for managing shared expenses, loans, refunds or similar. We’ll take a look at those cases below.

Splitting and paying back purchases with friends

The splitting feature will make your life easier when you are struggling with tracking shared costs with your relatives, friends or colleagues. As we all know, people tend to forget the things which are not written down. So how to keep tracking your shared expenses? You can do it in a few clicks in the Toshl Finance apps.

For instance, you are going for dinner with your friend. When it comes to paying the 100 € bill, you find out that you have no cash. You suggest paying by card for both, and your friend agrees to pay his (or her) part back. How do you note it down in Toshl?

When this expense from your credit card comes in, you just need to split it into appropriate entries, both yours and your friend’s sharing, in the way described earlier.

You might add a special tag or category to your friend’s part of the bill (split entry).

After the splitting is done, you will see both split entries in Expenses marked with the split icon.

If your friend pays his (her) part back in cash immediately:

  1. Find the split entry for the lent amount and click “Delete”.
  2. Enter the amount of the lending part as Income on the relevant account if they paid you back in cash.

Whether your friend prefers to pay his part of the dinner costs later, you may add a reminder to your lending split entry. For that:

  1. Open your lending split entry.
  2. Click “Edit”.
  3. Scroll down and click “Show more”.
  4. Click Reminder icon and enter the custom date for the reminder (for instance, 1 day before you expect to get lending back at 11:00 AM).

Toshl will remind you about the due date at the time you set. It can’t notify your friend though, so that part is up to you ;)

As soon as you get the funds back:

  1. Open the Toshl Finance app.
  2. Go to Expenses.
  3. Find the split entry for the lent amount and click “Delete”.
  4. Enter the amount of the lending part as Income on the relevant account if they paid you back in cash.

Note that at this last step you don’t have to do anything if you use Toshl Medici and have connected a bank account that the lending is paid to. Your friend’s transaction will be added to Incomes automatically.

So, it is all covered now. Savor the relief.

You can use this to track any kind of reimbursement in Toshl. For instance, business travel reimbursements could also be noted this way.

Splitting in foreign currencies

Let’s visualize that you are going on a business trip to some foreign country, for instance, Ukraine. You stay for a few nights at the luxury hotel in Kyiv booked by your company in advance. Later, you order a coffee and snacks at the hotel and you get the common receipt (3500 ₴) at the reception desk at the end of your stay.

Your company will reimburse the accommodation costs (3200 ₴), but you need to cover all other expenses (300 ₴) on your own. You can split this receipt into two parts in the Toshl app. You’re also able to track your reimbursement for the accommodation part, as it has been described in the previous case. However the bill is issued by the hotel in foreign currency, and you have no idea how to convert both parts of expense to your main currency (e.g. €). What should you do?

Just relax. It is not a big deal at all. When you split an expense in the Toshl app, you may use any currency for each entry.

To do that:

  1. When entering split entries of your expense, just click the currency icon in the split entry.
  2. Select the preferred currency from the drop-down menu.

The preview in your main currency will be displayed, so you’ll know if you’ve covered the original amount, no matter which currencies you used.

No need to panic when you receive a bill for shared expenses in a currency that you are not quite familiar with. Toshl monsters will help you juggle those multiple currency exchange rate calculations with such ease, it will be as if you can see inside the matrix.

Quick tips

  • Like everything in Toshl, splitting also works with different currencies. You can set individual currencies and amounts for the split entries.
  • Toshl will automatically recalculate the value in the entry in your main currency.
  • If the currency of the entry doesn’t match the account currency or the main currency, a preview of the value in your main or account currency will be shown.

Getting a refund

Let’s suppose that you purchase two items (T-shirt for 15 € and wallet for 25 €) at some online shop. You pay by card and receive the common receipt for 40 € for both items. When you get the parcel, you try the T-shirt at home and it happens to be oversized. You contact the shop, and they answer they could make a refund for a T-shirt to your bank account. Then you run into a dilemma how to track this expense in Toshl app: this common expense has been already noted on your account.

First of all, it might be a good idea to set a reminder for your refund for the date when you expect to get it back from the shop, as it is described in one of the cases above. In this way, you will be updated about the due date by Toshl monsters so you could send a polite email to the shop if no refund arrives.

You’ll get the refund as an income on your account. If you’re ok with this kind of tracking you’re all done, no need to do anything more. However, if you’re bothered by the full original expense still being present, for budgeting or other reasons, you can:

  1. Open Toshl Finance app.
  2. Go to Incomes.
  3. Find a refund income that has just arrived in your account.
  4. Delete the refund income.
  5. Split the original expense amount into two entries: the amount of refund and the amount of the other purchased item.
  6. Delete the refund split entry of the original expense.

This way, you are able to balance your expenses and incomes.

Cashback

In some countries, you may also have the option to withdraw additional cash from your card when paying at a supermarket or other location. You can ask the merchant to add an extra amount to the purchase price and receive the added amount in cash. The common expense will be noted on your bank account. The thing is you will receive cash in hand. How to note this?

Toshl will take care of the correct balance of your accounts. As soon as you get the cash, you can note that a part of this expense is really a transfer between your card and cash accounts. Just like an ATM withdrawal.

When the expense comes in:

  1. Open Toshl Finance app.
  2. Go to Expenses.
  3. Find the expense that has just arrived in your account.
  4. Split it into two parts: the amount of purchase and cashback amount
  5. Find the split entry for the cash amount and click “Make transfer”.
  6. Select your cash account and click “Save”.

Thus, the amount of cashback is noted as transfer to another account, so you have it all under control.

You‘ve got your money in the right place. That’s good news!

Quick tips

Occasionally, if you decide to un-match the transfer of split entry, you can revert the change easily:

  1. Just click “Un-match transfer”. The pop-up window will be displayed explaining what happens on this action.
  2. Click “Cancel” if you change your mind, or click “Un-match transfer” if you want to complete the action.

Unsplitting

If you change your mind, you can unsplit your expense or income whenever you feel like. To do so:

  1. Open any of the split entries of the original expense
  2. Click “Unsplit”.

The splitting changes will be reverted, and the original expense will appear in the Expenses list.

To sum up, with the splitting feature, you are able to manage your expenses more precisely. Moreover, it allows you to better track your shared purchases, loans, refunds, and cashbacks. It will take care of all the records, no matter which currency they’re in. By splitting, your finances become whole. Toshl, powered by irony.

Posted in Tutorials, Web App Tutorials

Matching Transfers Between Financial Accounts

Posted on

It matters to know which entry on your bank account is a regular expense or income and which is a transfer between your financial account. Expenses and incomes will be counted in the sums and budgets, while transfers won’t count in those sums (unless you filter out some accounts).

With transfers among your own accounts, just moving your money from one “bucket” to another, while it remains your money. So it shouldn’t count as an income or expense, it’s your internal financial movement.

A few examples of such transfers:

  • transfers between your own bank accounts
  • ATM withdrawals (transfer between a bank account and cash)
  • payment of your monthly credit card bill (transfer from bank account to credit card account)

Automatic transfer matching

Toshl will try to automatically detect transfers between financial accounts whenever the data about the transfer is available.

Typically, there will be an expense on account A and an income on account B. The expense and income will have the same, or at least similar amounts and dates. Toshl will check if the expense and income combination fit the criteria for a transfer and merge them into a transfer if it fits.

Example of a matched transfer between the Intesa Sanpaolo and N26 bank accounts.

If all the data is already there; expense and income parts, and it fits well enough, the transfer will be matched automatically. You don’t need to do anything.

Reviewing entries to match transfers

However, if the transfer detection system cannot be certain enough, it will send those potential transfers for you to review and confirm they are indeed transfers or not. Go to the Bank connections screen in the main menu and click Review entries.

If you already know which exact entry should be a transfer, you can also do this on the entry itself. Just click on it to open the details, then click “Make transfer“.

There can be several reasons why the entries cannot be detected completely automatically. For example, there can be several possible matches for transfers among your accounts and you’d need to choose which is the correct expense and income pair. It’s also possible that the expense or income part of the transfer on the other account is missing. In those cases, we help you fill in the data and create the other part automatically, so that the transfer can be created.

Transfers between different account types

The transfers can work a bit differently based on how the data is entered.

Transfer between two automatic accounts

Automatic accounts are connected to your bank / credit card / financial service and the data gets imported automatically. Because data is imported automatically, transfer matching should happen automatically as well. If it doesn’t, check Bank connections / Review entires or use the Make transfer option on entry details.

In some rare cases, a part of the transfer might be missing if the bank didn’t report it. E.g. income part of transfer not showing up on your credit card account when you pay for it. In such cases, Review entries will help you create the missing part, so the transfer can be created.

Transfers between an automatic and a manual account

A typical example of this is an ATM withdrawal. The transfer will be composed form an expense on the automatic account and an income on the manual account. The expense part will be imported automatically from your bank account. Toshl automatically detects ATM withdrawals and saves them as transfers to the Cash account.

If this is a different kind of transfer to a manual account, or the ATM withdrawal wasn’t detected, you can adjust it manually.

Find the expense on the bank account from which you made the cash withdrawal and tap on it to open details. Then choose “Make transfer” and match it with your Cash account. Toshl will automatically create the income part on the cash account and match them together into a transfer. Your ATM withdrawal will now be a transfer and will no longer count in the expense sum.

Transfers between two manual accounts

Manual accounts are any accounts where you track the incomes and expenses by entering them through the app. You should add the transfers manually there, no automatic matching can be done.

To add a transfer click “Add transfer” below the list of financial accounts.

There’s also a shortcut to make this quicker:

  • in the mobile app: drag the + button up and to the right until it changes to Add transfer, then release the button
  • in the web app: click the + button on the bottom right, like you would to add an expense. Then click the title on top of the form to change it into a transfer.

More details on how transfer matching works

Obviously, the match between the parts of transfer won’t always be perfect. There can be differences in amounts due to exchange rates and fees, transfers can take several days to get from one bank to another and so forth. Some allowances are thus made, enabling the transfers to be matched despite these differences.

  • Toshl tries to find potential matches for all entries that come from bank connections. The detection of matches happens after each update of the bank connections.
  • dates of the expense and incomes must be within 4 days between each other for automatic detection. When reviewing manually, the range for potential matches is expanded to 10 days.
  • the amount of income and expense must be within 5 % to match. It doesn’t matter if they are in different currencies, Toshl will check their converted values in your main currency to match.
  • if more than one potential match is found in the date range, the potential transfer is sent to Bank connections / Review entries and has to be manually reviewed
  • if a certain entry has not been detected as a transfer, but should have been, just click “Make transfer” on the entry and you can correct it there. Alternatively, you can also change the category to “Transfer” from the list of categories and it will be sent to review after the next update of the bank connections.

After matching all those transfers, Toshl monsters sometimes need to take a step outside.
Posted in Tips & Tricks, Tutorials

Financial Planning (Android)

Posted on

Learn from your past spending and earning patterns and prepare for the future. That’s what the Planning graphs are all about.

Switch between 4 tabs to monitor all main aspects of your personal finance:

  • Balance
  • Expenses
  • Incomes
  • Net Worth

and make use of detailed views, calculated averages and estimates for the future. Filter the display of your financial data by category, tag, account or location, and compare the incomes with expenses and budgets in the River flow graph.

This feature is available with Toshl Pro or Toshl Medici subscriptions.

Balance – monthly balance of incomes and expenses

This balance is shown separately for every month and is calculated as:

monthly incomes – monthly expenses = monthly balance

Staying in the positive, above the central line, is crucial. It might evade you sometime, but aim for it on a yearly average.

Expenses – spending per month

This section shows you the sum of expenses for each month, but can also be filtered to display spending for chosen categories, tags, locations and financial accounts.

Incomes – earnings per month

Display of the total sum of incomes each month can be further adjusted by filtering by categories, tags and financial accounts.

Net worth – total balance of your financial accounts

These funds accumulate if you have regular surpluses on your monthly balances. The amounts reflect the account balances at the end of the month.

Tap & hold for details and a lollipop

To get the exact value for each column, tap and hold somewhere on the graph.

A “lollipop” will pop up, displaying the exact value for that particular month.

Past months will also display averages for the last 12 months, while future months show the estimates for the chosen period.

River flow – see the financial flows each month

You’ll notice that the River flow graph is displayed below the multi-month graph. It shows how your incomes and expenses compare to each other and your budget in an individual month. If you have a monthly budget for all expenses, River flow will include it in the calculation as well. That way you’ll always know how much you can spend while staying within your budget limits.

Travel in time

12 months are shown on the graph – by default 6 past ones, the current month, as well as 5 future months.

You can move through time by using the  < >  arrows under the graph, swipping left or right, or by using the general time span settings from the right sidebar.

If you’re interested in sums for a certain period, you can also select a custom time span. The selected months will be displayed in darker color below the graph and you’ll see sums for the entire period.

Filter by category, tag, account, location

You can zero-in on specific data you’re interested in and want to see over a longer period of time.

Let’s say you want to know how your spending on Food & Drinks varies in time. Tap on the Filter icon in the upper right corner, select “Expense categories” from the menu, then tap “SELECT” and choose “Food & Drinks”. Return to the graph by tapping the “back” arrow in the upper left corner. Your spending data is now filtered to only display the expenses for the Food & Drinks category, so you can see how it varies through the year.

You can narrow it down even further by selecting a tag. Do the same in the “Expense tags” section and you can see how much you spent only on restaurants, alcohol, groceries, or a combination of multiple tags.

You don’t have to pick only one filter. They can be combined. For example, you can set it to only show expenses paid with MasterCard (financial account), for Leisure (category), for books, movies and music (tags), in HMV Manchester Arndale (location).

The filtering is global, so it will work with all the data in your Toshl app. Any filter that’s applied will be displayed above the graph, and the excluded categories, tags, etc., will be written in strikethrough.

Estimates and planned expenses

You’ll notice that the future months on the graph aren’t as colorful. That doesn’t mean that the future isn’t bright, just a bit hazy for now.

The semi-transparent columns in future months can display your planned entries, future estimates or both.

Planned entries

These are the expenses, incomes and transfers you have already entered for the future, or were generated automatically based on the repeating entry settings that you have set for your finances. We advise to add as many of these as you can possibly predict. They will help you plan your future months and help you keep the financial stress down to a minimum.

These planned entries can be set to be displayed in your graph. You can adjust this by tapping the Time span icon in the upper right corner, selecting a month to review, and setting the switch for “Show planned expenses in graphs” to ON or OFF. This will also affect other graphs in Toshl.

Estimates

Estimates project your past trends in earning and spending into the future. This provides you with a rough guide of what to expect from your balances, spending, earnings and net worth in the upcoming months, if the current trends continue as they have so far.

Since the estimates are based on your past data, the more time you’ve been tracking your finances with Toshl, the more precise they can become. We will also continue improving the algorithm for this feature, so it will become better at estimating your spending patterns.

You can switch the “Include future estimates” option ON or OFF in the filtering menu, on the bottom of the page.

Toshl monster plays it smart and plans for the future. Join in!

Posted in Android Tutorials, Tutorials

Financial Planning (iOS)

Posted on

Learn from your past spending and earning patterns and prepare for the future. That’s what the Planning graphs are all about.

Switch between 4 tabs to monitor all main aspects of your personal finance:

  • Balance
  • Expenses
  • Incomes
  • Net Worth

and make use of detailed views, calculated averages and estimates for the future. Filter the display of your financial data by category, tag, account or location, and compare the incomes with expenses and budgets in the River flow graph.

This feature is available with Toshl Pro or Toshl Medici subscriptions.

Balance – monthly balance of incomes and expenses

This balance is shown separately for every month and is calculated as:

monthly incomes – monthly expenses = monthly balance

Staying in the positive, above the central line, is crucial. It might evade you sometime, but aim for it on a yearly average.

Expenses – spending per month

This section shows you the sum of expenses for each month, but can also be filtered to display spending for chosen categories, tags, locations and financial accounts.

Incomes – earnings per month

Display of the total sum of incomes each month can be further adjusted by filtering by categories, tags and financial accounts.

Net worth – total balance of your financial accounts

These funds accumulate if you have regular surpluses on your monthly balances. The amounts reflect the account balances at the end of the month.

Tap & hold for details and a lollipop

To get the exact value for each column, tap and hold somewhere on the graph.

A “lollipop” will pop up, displaying the exact value for that particular month.

Past months will also display averages for the last 12 months, while future months show the estimates for the chosen period.

River flow – see the financial flows each month

You’ll notice that the River flow graph is displayed below the multi-month graph. It shows how your incomes and expenses compare to each other and your budget in an individual month. If you have a monthly budget for all expenses, River flow will include it in the calculation as well. That way you’ll always know how much you can spend while staying within your budget limits.

Travel in time

12 months are shown on the graph – by default 7 past ones, the current month, as well as 4 future months.

You can move through time by using the  < >  arrows under the graph, swipping left or right, or by using the general time span settings from the right sidebar.

If you’re interested in sums for a certain period, you can also select a custom time span. The selected months will be displayed in darker color below the graph and you’ll see sums for the entire period.

Filter by category, tag, account, location

You can zero-in on specific data you’re interested in and want to see over a longer period of time.

Let’s say you want to know how your spending on Food & Drinks varies in time. Tap on the Filter icon in the upper right corner, select “Expense categories” from the menu, then tap “SELECT” and choose “Food & Drinks”. Return to the graph by tapping the “back” arrow in the upper left corner. Your spending data is now filtered to only display the expenses for the Food & Drinks category, so you can see how it varies through the year.

You can narrow it down even further by selecting a tag. Do the same in the “Expense tags” section and you can see how much you spent only on restaurants, alcohol, groceries, or a combination of multiple tags.

You don’t have to pick only one filter. They can be combined. For example, you can set it to only show expenses paid with MasterCard (financial account), for Leisure (category), for books, movies and music (tags), in HMV Manchester Arndale (location).

The filtering is global, so it will work with all the data in your Toshl app. Any filter that’s applied will be displayed above the graph, and the excluded categories, tags, etc., will be written in strikethrough.

Estimates and planned expenses

You’ll notice that the future months on the graph aren’t as colorful. That doesn’t mean that the future isn’t bright, just a bit hazy for now.

The semi-transparent columns in future months can display your planned entries, future estimates or both.

Planned entries

These are the expenses, incomes and transfers you have already entered for the future, or were generated automatically based on the repeating entry settings that you have set for your finances. We advise to add as many of these as you can possibly predict. They will help you plan your future months and help you keep the financial stress down to a minimum.

These planned entries can be set to be displayed in your graph. You can adjust this by tapping the Time span icon in the upper right corner, selecting a month to review, and setting the switch for “Show planned expenses in graphs” to ON or OFF. This will also affect other graphs in Toshl.

Estimates

Estimates project your past trends in earning and spending into the future. This provides you with a rough guide of what to expect from your balances, spending, earnings and net worth in the upcoming months, if the current trends continue as they have so far.

Since the estimates are based on your past data, the more time you’ve been tracking your finances with Toshl, the more precise they can become. We will also continue improving the algorithm for this feature, so it will become better at estimating your spending patterns.

You can switch the “Include future estimates” option ON or OFF in the filtering menu, on the bottom of the page.

Toshl monster plays it smart and plans for the future. Join in!

Posted in iOS Tutorials, Tutorials
Older posts
Newer posts