Toshl Finance Blog

Ready. Set a Start Date for Bank Account Connections. Go!

With Toshl Medici, you can connect your bank account to Toshl and make it easier to track your finances and budget. Sometimes though, it’s useful to limit the span of the transactions that are imported. Perhaps you’ve decided to wipe the slate clean with a New Year’s resolution and only track your finances properly from the January 1st onward. Or perhaps you tracked that financial account manually earlier and want to avoid the duplication of data.

In any case, you can now precisely set how much data to import when connecting a bank or other financial account.

While the images presented here are from the Toshl Finance web app, this works the same way in the Android and iOS apps.

After you have connected your account, you’ll be presented with these options.Bank import time span options

By default, Toshl will import all available past data. From how far back the data can be imported will differ from bank to bank. With most bank connections up to 18 months of data is available, while some are limited to a few weeks.

You can also import from today on, or from a specific date of your choosing. Pick the date on the calendar, click Finish and you’re all done.

import date pickerYour fresh financial year can now begin in earnest…

monster treadmill…and the Toshl monsters will be here to remind you of your other New Year’s resolutions once in a while as well. ?

Posted in Announcements, Tips & Tricks, Tutorials

Track Your Cryptocurrency Assets on Bitstamp, Bitfinex and Coinbase with Toshl

Tracking all your Bitcoin, Ethereum, Litecoin and other assets on cryptocurrency exchanges just got a whole lot easier. Toshl can now automatically connect to Bitstamp, Bitfinex and Coinbase exchanges. With these integrations, your crypto accounts can be automatically uploaded with latest balances, as well as individual transactions.

 

You’ll always see the crypto value side-by-side with the current value in your main currency, which is likely the one you’re most used to thinking in.

This applies both to the account balances as well as the prices of individual transactions. So there’s no need to search for “BTC to USD” conversions and manual calculations. You’ll see the exact price for all your assets right next to your account.

 

How to connect to the cryptocurrency exchange?

Setting up the connection to a cryptocurrency exchange is very similar to any other bank connection in Toshl. Go to the Bank connections section and click “New bank connection“.

You can then search for an individual exchange or click the country dropdown on the top right and select “Multiple countries”. All the crypto exchanges will be listed there.

Choosing crypto exchanges to connect to

 

Once you select the exchange you wish to connect, you’ll need to enter your credentials. With Coinbase, you’ll be redirected to their website where you can log in and confirm the connection.

With Bitstamp and Bitfinex, you will first need to create an API key on their respective websites. More detailed instructions on how to create the API key are available on the Toshl connection page. It’s a few extra clicks, but quite easy to do. The API key is there to enable the automatic connection without Toshl ever having to know your account password, which adds an extra layer of security.

Bitfinex log in

Once you’ve entered the required info, you can select how much data you want to import from the cryptocurrency exchange. You can get all the past data, data from a specific date onward or from now on. With Coinbase, you can select this after the credentials are verified.

Then just click Connect.

All done! Toshl will now download the data and show it in Toshl. Don’t forget you can set a filter to only see data from particular financial accounts or categories.

 

Tracking assets in crypto wallets

While tracking the assets in your crypto wallets is not available yet, you can also track them manually using a normal financial account in Toshl. Make a new manual financial account in Toshl, choose the currency the account will be denominated in and the current balance. You can then add transfers or incomes and expenses to that account.

If you often transfer money from your exchange accounts to your crypto wallet, Toshl can half-automate this for you. The transfer will likely be automatically detected on your exchange account and will just be missing info about the part of the transfer in your wallet. Go to Bank connnections, click on “Review entries” on your crypto exchange connection. There, you can confirm which incomes and expenses are really transfers and Toshl will offer to automatically fill in the manual portion of the transfer on your wallet account, so you can sort it all out in 2 clicks.

 

Currencies and exchange rates

The exchange rates for entries and balances on the connected accounts are fetched from the particular cryptocurrency exchange you’re using.

If you’re adding a cryptocurrency entry to a manual account that isn’t connected to an exchange, Toshl will suggest a middle rate for the currency. You can also enter a completely custom exchange rate, if you so prefer.

We’ve also added support and fresh exchange rates for 35 new crypto currencies. Together with the previous additions of currencies in February and July 2017 this brings the total count to 55.

 

Latest cryptocurrency additions

Rates for these are provided by Bitfinex.

 

Ethereum Classic (ETC)

Recovery Right Tokens (RRT)

Zcash (ZEC)

CST Core (BCC)

CST Unlimited (BCU)

Iota (IOTA)

EOS

Santiment (SAN)

OmiseGO (OMG)

Bitcoin cash (BCH)

NEO

ETP

Qtum (QTUM)

BG1 (BT1)

BG2 (BT2)

Aventus (AVT)

Eidoo (EDO)

BTG

Streamr (DATA)

QASH

AidCoin (AID)

Basic Attention Token (BAT)

aelf (ELF)

FunFair (FUN)

Decentraland (MNA)

Ethfinex Nectar Token (NEC)

RCN

Augur (REP)

iExec (RLC)

SingularDTV (SNG)

SpankChain (SPK)

Time New Bank (TNB)

TRON (TRX)

YOYOW (YYW)

0x (ZRX)

 

 

List of cryptocurrencies available in Toshl

February 2018, alphabetical, all currencies are updated with latest exchange rates

 

0x (ZRX)
aelf (ELF)
AidCoin (AID)
Augur (REP)
Aventus (AVT)
Basic Attention Token (BAT)
BG1 (BT1)
BG2 (BT2)
Bitcoin (BTC)
Bitcoin cash (BCH)
BitShares (BTS)
BTG
CST Core (BCC)
CST Unlimited (BCU)
Dash (DASH)
Decentraland (MNA)
DogeCoin (DOGE)
EarthCoin (EAC)
Eidoo (EDO)
Emercoin (EMC)
EOS
Ethereum (ETH)
Ethereum Classic (ETC)
Ethfinex Nectar Token (NEC)
ETP
Factom (FCT)
Feathercoin (FTC)
FunFair (FUN)
iExec (RLC)
Iota (IOTA)
LindenDollar
LiteCoin (LTC)
Monero (XMR)
Namecoin (NMC)
NEO
NovaCoin (NVC)
Nxt (NXT)
OmiseGO (OMG)
Peercoin (PPC)
Primecoin (XPM)
QASH
Qtum (QTUM)
RCN
Recovery Right Tokens (RRT)
Ripple (XRP)
Santiment (SAN)
SingularDTV (SNG)
SpankChain (SPK)
Stellar (STR)
Streamr (DATA)
Time New Bank (TNB)
TRON (TRX)
VertCoin (VTC)
YOYOW (YYW)
Zcash (ZEC)

 

Toshl Medici

The Toshl Medici subscription plan is required to automatically connect Toshl to financial institutions. Medici also enables automatic connections to banks in the Unites States, with more than 9000 connections available. We’re working on adding more bank and financial service connections worldwide.

Medici badge

 

Update 26. 2. 2018: Updated the post with 15 more currencies that were subsequently added.

Posted in Announcements, Personal finance, Tips & Tricks, Tutorials

Track Credit Cards on Toshl

Credit card spending can quickly get out of hand, so it’s good to keep track of how much you spend and when that credit card bill is due.
If your credit card or bank account is one of those supported for syncing in Toshl Medici (log in required), this can be done automatically and the expenses and balances will just fly in.
If you track you finances by adding your expenses to Toshl yourself, here’s how to best track your credit cards:

1. Add all your credit cards as separate financial accounts

More info on how to add accounts is available here.

2. Add your credit card spending during the month

Add expenses made with your credit cards on the day you pay for them. Just make sure that the credit card account is selected correctly.

3. As you spend, the credit card account balances will become negative

That’s how you’ll know how much the credit card bill will cost you when it comes. You can see these balances in the account list on the right.
In the mobile apps, swipe from the right to open the account list.
On the web app, click the accounts/filtering button on the top right of the screen.

4. When the credit card bill comes, make a transfer from your bank account

The transfer should be from the bank account from which you pay your credit card bill. The transfer destination account is the account of the credit card you’re paying off.
This transfer will cover the negative balance of the credit card account, so you can start the new month fresh.
If you don’t have any outstanding credit card debt and haven’t made purchases since the credit card billing period concluded, the account balance should be 0.

 

5. Set the transfer from your bank to your credit card to repeat automatically

Usually the transfer will repeat each month, on the day that you get the credit card bill.
For the transfer amount, you can set an approximate amount you expect for the credit card bill and then edit it to a more exact one when the bill comes.
Reminders will also be set by default when you make the transfer repeat automatically. One a day before the bill is due and one on the day. You can customize the reminder timing.
That way, you’ll be notified before and on the day when your credit card bill is due.
Once you have this set up, you can simply enter the exact amount on the transfer each month and the credit card balance will provide some much needed clarity.
To get warned about your spending tempo beforehand, consider setting up a budget. You can also set it to track just selected accounts, like your credit card.
Adding more than 2 financial accounts and automatically repeating entries require Toshl Pro. Automatic syncing with banks and credit cards is available with Toshl Medici.
Toshl monsters can be a bit old school. They still prefer cash briefcases to credit cards.
Posted in Android Tutorials, iOS Tutorials, Tutorials, Web App Tutorials

Finish Financial 2017 with Flying Colors and Jump Wholeheartedly into 2018

May your 2018 be a good one! Full of joy, financial success and free from needless worry.

 

We’ve prepared some tips to help make these wishes a reality.

 

Check how you did in 2017

It’s easy to do. Just tap the month, click on “Custom time span” and then tap “2017”. The graphs and lists in Toshl will now show you the information for the entire year.

1. Follow the River flow to see how your incomes and expenses fared together.

2. Expense graphs might come useful too. Tap a category on the pie chart or a tag bubble to see more info for each.

3. Don’t forget to check the budgets. Budget history is especially important. Based on it, you can adjust your budget amounts for 2018. Hopefully it will free up some money for saving or spending.

 

Plan ahead for 2018

I know it seems far right now, but this is a good time to start planning your vacations and other major expenses in 2018.

4. Perhaps make savings account and set up automatic monthly transfers to it. That way you’ll be ready when the spending time comes.

5. Enter any future expenses you already know of to Toshl. At least a rough estimate. They’ll show up nicely on the Planning graphs so you can balance out each month in advance.

 

Connect your bank or credit card

Toshl can now automatically connect to banks and credit cards in the United States. This means your spending and income data flies in automatically without the need for manual entries.

We’ll be expanding the offer to more countries and financial institutions in 2018.

 

Toshl monsters really got into the holiday spirit. They’re like ninjas of joy. You never know where the festivities will strike next!

Embrace your inner Toshl monster.

Toodaloo!

Posted in Personal finance, Tips & Tricks

The Missing Pieces in Apple’s In-App Payments System

The in-app purchases on iOS have evolved greatly, if not rapidly, over the years since Apple has introduced the option to pay from within iOS apps using their payment system. They’re available everywhere where the App Store is, subscriptions are now available for most apps, webhooks were added, reporting is better and the Apple fee now drops to 15 % after a customer is subscribed for 1 year. All good improvements, but a giant and glaring omission remains, making the user experience worse for customers and lives more difficult for developers. Further still, Apple doesn’t show any inclination to fix the situation and fill in the feature void:

It’s impossible for app developers to search, cancel or refund iOS in-app payments.

 

Why is this important? 

To provide a better service and user experience for our customers.

Refunds. Sometimes a customer just upgraded short while ago, but accidentally made a double purchase or had different expectations of the functionality. In such cases a customer would contact our support and request a refund. When this happens best we can do is to tell them to contact the App Store support, as we can’t authorise the refund ourselves. This can be a bit difficult to understand for some, as we’re the ones operating Toshl otherwise.

Cancellations API. Our apps are available on multiple platforms. Let’s say a customer previously used the Android app and subscribed through Google Play or used the web app and upgraded via PayPal. Then, the customer buys an iPhone and extends the Toshl Pro subscription using in-app purchase. In this case, we’d automatically cancel the previous subscription on Google Play or PayPal, so only the most recent subscription on iOS would remain going forward.

This isn’t possible in the other direction. If a customer first subscribes using an iOS in-app subscription, then upgrades via PayPal, we’re not able to cancel the existing subscription on iOS. Best we can do is to tell the person to follow these rather convoluted instructions to cancel the previous subscription on iOS.

Unfortunately, this can quickly lead to accidental double payments as the customer forgets to cancel the previous subscription manually. Logically, they’ll contact to our support, requesting a refund where we can again tell them only to request it from Apple’s App Store support, thus creating more ire and a user experience quickly approaching Kafkaesque territory.

Search. Sometimes, we need to look up a specific payment. Either we’re not sure if it was completed successfully, we’re investigating a potential double payment or testing something. There are many reasons why this would be useful and of course goes hand in hand with the ability to refund or cancel subscriptions as mentioned above. This isn’t possible with iOS payments. While some of the data could be checked via APIs, most can’t, there’s no graphic interface to check.

The lack of these crucial components is even more evident when comparing to the other payment methods that we use. All of the functions mentioned above are easily available on Google Play, PayPal and Adyen (our credit card processor).

 

Why isn’t Apple fixing this?

I can’t be sure, but other than the lack of time and focus on other areas, a few possible reasons come to mind. It could be that Apple is afraid of a loss of control here. But their refund policies with their own support are quite liberal as it is. Potential abuse of the refunds could quickly be algorithmically detected. Other payment providers can seem to make it work well.

Privacy could be a potential concern, but it need not be. We’re not asking for any card details of the customer, addresses and names can be hidden, as Google Play already does. What we need most is the unique ID of the transaction and the ability to search by it and email.

It is possible that the refund ratio of all purchases would go up slightly, but it’s doubtful it would do so significantly. In any case, it’s a better long term business practice to let your customer choose your product because they want it not because the cancellation process is so damn convoluted.

 

We’ve contacted Apple’s support regarding this, but all we got is a standard non-response:

“I do not have any information on whether this change is in the works. I can advise you that Apple does take your feedback very seriously. Many changes to our program have been implemented by feedback from our developers.”

I’m sure we’re not the only app developers, who face these problems and would greatly appreciate to see these issue sorted. If you agree, please share this article so we can get some improvements to happen.

 

We love Apple’s products and for the most part they make our lives easier, both on the user as well as the development part. This is why this feels so much more as a black spot on an otherwise great user experience record.

 

Apple we beseech thee, please help us make user experiences better for both your and our customers.

 

Posted in Development, Opinions