All About Reimbursements
Have you ever bought something for family, friends, or work, expecting reimbursement later? Perhaps you paid up front for a shared meal or a group gift, with others agreeing to repay their share later.
This guide will demonstrate how Ploutos Budget can help you track reimbursements and identify who still owes you, all within your budget.
In This Article
🌎 Web Application
Reimbursement Category
- Create a "Reimbursement" collection.
- Create a "Reimbursement" category inside of that collection.
If you frequently handle reimbursements for both work and personal expenses, you might want to create two separate categories within this collection. One category could be for work reimbursements and the other for personal reimbursements. However, for this tutorial, we will create only one category in our collection.
Adding A Transaction
Now that you've set up your collection and category, all you need to do is assign the appropriate category when entering transactions.
In the example above, we shared a pizza with a friend. To categorize this expense, we will split it across multiple categories by selecting "Split" from the category list. Upon selecting "Split," two new sections appear to divide the payment. If more than two sections are needed, click the plus icon below the split section.
We will allocate our portion of the bill as we would with any other expense by choosing the appropriate category. For our friend's portion of the bill, we will select the reimbursement category.
Tracking Money Owed
We can now easily monitor outstanding debts by checking the reimbursements category from our budget screen. If the balance is negative, it indicates that someone has not yet repaid us.
This method is applicable regardless of whether the bill was split with one or multiple people. Similarly, if you made a purchase for work intending to be reimbursed for the full cost, you would record the entire amount as a reimbursement instead of splitting the transaction.
📱 Mobile Application
Reimbursement Category
- Create a "Reimbursement" collection.
- Create a "Reimbursement" category inside of that collection.
If you frequently handle reimbursements for both work and personal expenses, you might want to create two separate categories within this collection. One category could be for work reimbursements and the other for personal reimbursements. However, for this tutorial, we will create only one category in our collection.
Adding A Transaction
Now that you've set up your collection and category, all you need to do is assign the appropriate category when entering transactions.
In the example above, we shared a pizza with a friend. To categorize this expense, we will split it across multiple categories by selecting "Split" from the category list. Upon selecting "Split," two new sections appear to divide the payment. If more than two sections are needed, click the plus icon below the split section.
We will allocate our portion of the bill as we would with any other expense by choosing the appropriate category. For our friend's portion of the bill, we will select the reimbursement category.
Tracking Money Owed
We can now easily monitor outstanding debts by checking the reimbursements category from our budget screen. If the balance is negative, it indicates that someone has not yet repaid us.
This method is applicable regardless of whether the bill was split with one or multiple people. Similarly, if you made a purchase for work intending to be reimbursed for the full cost, you would record the entire amount as a reimbursement instead of splitting the transaction.