A good expense tracking application is a fine balance between functionality and being well informed about your expenses. We released a new powerful feature called ‘Events‘ as part of Track Every Coin’s feature list and we believe that this feature can help our customers solve a variety of problems under different situations.
As a Consultant
A constant recurring problem for a consultant which invariably involves a lot of travel is the need for travel expense reimbursement from the employer.
Here are the steps I would follow
- Create a new Event for the client travel either in a different currency if the travel is to a different country or in the same currency as in the Track Every Coin account in case of domestic travels.
- Keep marking expenses that the employer will payback as reimbursable. This will help you keep a tab on the expenses you need to get reimbursed from your employer.
- Enter the perdiem you are paid on the travel as an Income (maybe as a new category if you wish) under the Income tab.
- Once the travel is completed, enter the conversion rate of the expenses that your employer provides so as to get the correct amount that you earned on the trip versus the amount that you spent.
- Upon Event completion, the consolidated trip expenses (except reimbursements) get added to your regular expense tab giving you an idea of the total trip personal expense incurred.
As a person who wants to set a budget and track the “extra” expenses such as a function at home or a child’s birthday party, you can do so by creating an Event, setting a budget for this event and entering all the expenses under that event. Once you finish the event, you will get a picture of the total cost incurred and the categories spent on.
As a Traveler
As a traveler the biggest question I have is, how can I handle and track multiple currencies. Creating an Event for a travel allows you to use a currency different from that of the base currency. An Event also gives you a fair idea of how much budget to set for the travel, and create categories specific to the travel such as Accommodation, Travel, Food, Entertainment etc.
As a Room-mate
If there is a need to manage expenses, the need gets amplified in a room-mate situation where most of the expenses, including everyday grocery, expenses on a trek, a party at home etc are normally shared among friends. In such cases you can use the Event feature to create an Event (Ex: party at home) and add all the expenses pertaining to the party under this Event. On clicking on Finish Event, you can add the names of all the friends among whom the expenses need to be shared and split the final amount.
As an Investor
An Event can also be used as a sub-set of your everyday expenses to keep track of lets say – A Housing Loan, Mutual fund, Stocks etc. For example, I can have an event called “Apartment Investment” and keep adding all the expenses incurred while purchasing an apartment, for instance – bank fees, monthly EMIs, initial down payment etc in the event. All the income gained from the apartment such as monthly rent if rented out can be subsequently added in the Income tab directly. Now, on selling the Apartment you will get a fair idea of what was your gross profit on the apartment along with the timeline.
As a Parent/ For a Student
Expense tracking is an acquired behavioral change that most of us follow after learning the hard way. As a parent if you want to engrave your children to become responsible and smart in they way they manage their pocket-money, this is a good place to start. The child can sign up on Track Every Coin and use Events to track expenses incurred on a school/college trip, annual day function, birthday parties etc.
So how have you been using the Events feature? We would love to hear to your stories!