Toshl Finance Blog

How to Split Your Expenses or Incomes (iOS)

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 “Edit”.
  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

You might 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 iOS Tutorials, 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

How to Manage Money when Travelling?

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Imagine that your exciting journey is over and you are already in your home slippers drinking coffee from a Spanish local market. Visiting another country was a truly enriching experience. You got to know the locals and their incredibly friendly approach to foreigners, learnt new funny words in their language, tried traditional food and drinks (oh, those locals know how to enjoy their life!), made all the typical tourist photos and visited most of the must-see points. Wandering around various places, you lost a few kilos, though your wallet got thinner, too. Now it is time to take a breath and reflect on the financial side of your adventure. What could you do to track your expenses while travelling?

As experienced travelers, we’d love to share some simple hints with you. This piece of advice can make your journey easier and less stressful, and you can keep your travel expenses under control.


Create a budget for your trip

First of all, define your budget before you go on the trip. For instance, you plan to visit Valencia (Spain) for one week. It could be very useful to calculate an approximate budget amount in advance and set it in Toshl app as a one-time budget. To do so:

  1. Open the Toshl app, go to the Budgets section in the main menu.
  2. Add a new one by tapping the “+” button.
  3. Name your budget (e.g. My Awesome Travel Plan).
  4. Select the time period: one-time budget, and enter the dates of your trip.
  5. Set an amount that you are going to spend.

When the budget is set, you can check the daily amount you are able to spend within your budget limit. For that, just go back to Budgets and check your one-time budget graph.

Keep a track of your expenses

When everything is ready for the trip, and the departure day arrives, make sure that you take your smartphone, tablet or laptop. Please be kind to Toshl monsters, and they will assist you on your way. To do so, just keep in mind to add your expenses to Toshl app whenever you make a purchase or pay for a service.

If you use Toshl Medici and have set a bank connection, your bank / financial service transactions will be added automatically to your expenses. In this case, don’t forget to enter your cash expenses though.

ATM withdrawals

In case you withdraw some amount from an ATM, it could be set as a transfer in Toshl app. The transfer will be composed of an expense on the bank account and an income on the cash account. For Toshl Medici subscribers that have set a bank connection, the expense part will be imported automatically from the bank account. The income part on cash account will need to be added manually.

Attach receipt photos

If you are Toshl Pro or Toshl Medici user, don’t forget that you can take a photo of the receipt and attach it to your expense. It is very convenient if you go on a business trip and need to save some receipts for reporting. It could be also useful when you want to save a bill to split an expense for lunch or dinner with your friends. Or perhaps, you’d like to take a photo of the souvenir (or the receipt for it) that you have just bought at the city museum… Using the handy photo feature, you don’t need to carry a bunch of paper bills in your backpack anymore! Yay!

Currency calculator

The currency converter feature can be really useful if you travel to a country with a different currency. In Toshl Finance you can use practically any currency you want. We support 200 different currencies from around the world with hourly updated exchange rates. This means that you can travel or move anywhere and enter local expenses in any currency. There is no need to use a calculator: just add an expense in destination country’s currency in Toshl app. The preview in your main currency will be shown on every expense entry. Besides, you might create a budget or an account in foreign currency, customize the currency exchange rates (if using a particular rate at exchange office), or even change the main currency in which you use the app. Toshl monsters will take care of all the calculations.

Spending control

To control your spending flow every day, just check your travel budget. The graph will show the current status and how much is left to spend. No worries, hard-working Toshl monsters will notify you on overspending, so you can take care of your finances on time.

Keep an eye on your accounts

When you are not really sure whether to pay in cash or by card, you might want to check the amounts on your accounts (cash and bank) in Toshl app. For instance, this could be very handy when you need to make quick decisions and you don’t really remember how much money is left in your wallet or bank account. Toshl monsters will provide this information for you. In order to get it, just tap the Accounts button on the top right of the screen, or swipe anywhere from the right side of the screen.

Prepaid and temporary credit cards

In case you want to feel secure using bank cards on your trip, you might create an additional prepaid card at any bank before you go abroad. You may use a prepaid card when you withdraw some amount from an ATM or go shopping. For that, you have to calculate and put a relevant amount on this card before you go travelling. Just make sure you add the prepaid card to Toshl app and keep an eye on your spending. If the new card is with a bank you had already connected earlier, it will be added automatically.


All is well that ends well

It is possible to make your travel stress-free if you keep an eye on your finances at least a little bit. Toshl will try to make it as easy as possible. The reward will come in the end when you get the message from Toshl monsters that you have saved some money on this trip. Great job! Now you may finally enjoy a coffee from the Valencian market and draw some pictures of orange trees seen at the city gardens. It was a memorable, inspiring trip and you managed it well.


The Toshl monsters won’t let you go bankrupt on your trip. As for morally bankrupt, that one’s up to you. ;)
Posted in Tips & Tricks, Travel

Spending Categories That Learn from You

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When an expense or income flies in from a connected bank account, it’s in a raw form. We first need to get to know it better and make it easier to understand at first glance. In most cases, the data that’s available from the bank is the amount, date, financial account and a description of the transaction. This description can be verbose and include info about a specific location, details of the vendor. More often than not, it can also contain just a few cryptic numbers or text that say very little to the untrained eye.

To make this information more useful for analysing your finances, the expenses and incomes need to be analysed and the true meaning of it determined. This means automatically attaching a category and tags, often based on a pretty flimsy description. This process can then tell that a scant point-of-sale description like “LIDL-SI 227” really means category: “Food & Drinks“, tag: “groceries“.

Initial categorisation

The first step in this categorisation is usually done by our bank connection partners like Salt Edge and Plaid, which use anonymous aggregate analysis of millions of transactions to better determine the likely meaning and purpose of this purchase or income.

This however applies general rules that are valid for most people. If we take the example from above, most people will go to Lidl to buy groceries. However, your case may be different. What if you categorise your expenses with custom categories and tags, or visit that shop for a different purpose than most? What if you only visit Lidl to buy cleaning supplies for your racoon farm pet project? You’d edit the expense to re-categorise it as e.g. category; Projects, tags; racoons, cleaning supplies. Doing this editing every time you shop there would be quite a nuisance. This is where Toshl’s personalised categorisation comes in.

Personalised categorisation

In addition to the initial categorisation, Toshl will track your corrections of the categories and tags and match those changes to particular elements of the description. In other words, Toshl will learn from your past choices and apply it to new expenses as they get categorised. Future expenses with similar descriptions will get the categories and tags you chose for other expenses that had those kind of descriptions.

Your racoons will get the recognition they deserve. Finally.


Constantly improving

No automatic categorisation system with such a variety of data and choices can be perfect. Sometimes the available raw data just doesn’t suffice to make an accurate determination, sometimes the use case is just so specific it would be impossible to guess. We’re however doing our utmost to improve and bring you the correct categorisation in the vast majority of cases.

The more you use Toshl and adjust your categories, the more precise it will become. This adjustment feedback can be incorporated both in the initial categorisation as well as the personalised one. With initial categorisation particular venues can get their default categories adjusted, as lots of people anonymously correct the category for a single venue. Your category vote here however is weighed against all others.

With personalised categorisation, the learning will be done specifically for your user account and only your data, so the changes in automatic categorisation and tagging will happen much quicker.

Connect your bank or credit card with Toshl

The automatic categorisation is available with the automatic bank connections in the Toshl Finance apps. Toshl Finance can connect to more than 13 000 types of financial accounts all around the world. Try out the free 30-day trial of Toshl Medici.

Toshl monsters are already learning all possible categories by heart. Just don’t break their hearts by whaling.
Posted in Uncategorized
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