Understanding Balances and Transactions
Last updated September 17, 2024
Introduction:
Splitwise is a convenient way to manage shared expenses and track balances with friends, family, or roommates. Whether you're splitting bills, sharing rent, or planning a group trip, Splitwise simplifies the process, ensuring everyone knows who owes what. This guide will help you get started with understanding how balances and transactions work in Splitwise.
Steps to Understanding Balances and Transactions:
- Create an Account:
- Download the Splitwise app or visit splitwise.com .
- Sign up using your email address or social media accounts.
- Add a Group or Friend:
- Navigate to the "Groups" or "Friends" section.
- Select "Add" to create a new group or add a friend with whom you want to split expenses.
- Add an Expense:
- Click the "+" icon to add a new expense.
- Enter the expense details such as amount, date, and description.
- Choose how you want to split the expense (equally or unequally).
- Select the group or friend to whom this expense applies.
- View Balances:
- Go to the "Balances" section to see who owes whom.
- Splitwise automatically calculates each person's share and shows the balance for each group or friend.
- Positive balances mean others owe you, while negative balances indicate what you owe.
- Settle Up:
- When you're ready to settle an outstanding balance, click on "Settle up."
- Choose a payment method, such as cash, bank transfer, or other payment platforms.
- Record the payment in Splitwise to update the balance.
- Track Transactions:
- Go to the "Activity" tab to view a history of all transactions.
- Check each entry to see the details of every expense and payment recorded in the app.
- Adjust Balances (if needed):
- If you need to edit an expense or add a payment manually, simply navigate to the specific transaction.
- Make necessary adjustments to keep your balances accurate.
By following these steps, you'll be able to manage shared expenses and track balances effortlessly with Splitwise.
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