*The feature is NOT available on iOS and Web app yet.
The "Debts" feature is intended to record simple personal loans. It cannot be used for managing bank loans, credit cards, overdraft accounts, etc.
1. Go to the Main Menu > Debts. A new Debt is added by tapping on the (+) button.
2. Select a proper type (I Lent / I Borrowed). If you have borrowed money you would need to also choose the matching debt type (I borrowed from someone / Loans from banks, Credit card).
Note: For more complex debts with regular payments we recommend to create an account (Credit Card/Account with overdraft/Loan etc.) in the Accounts tab.
When adding debt to Wallet you can choose from existing records you already have in the app ('YES, SELECT RECORD' button) and you will get redirected to the 'Records' list, or you can create a record from scratch ('NO, SKIP' button).
Note: You will not be able to create a manual record under the bank-connected account. You would need to change the account type to Cash or any other general account you have created with Wallet.
3. Fill in all necessary information. Don't forget to select the expected due date too, as the application will monitor this time and remind you when your debt is due.
By creating the new Debt, a Record is generated in the Overview and is shown by tapping on the debt banner.
4. If the Debt was partly or fully paid back, click on the 'Add Record' to add this payment. You can choose either from the existing records ('Select Record') or create a new record manually ('Create new Record'). The screen with record details will appear.
5. When you have all details filled in, click on the 'confirm icon' in the right upper corner. Your debt will show in the 'Active' section if it hasn't been repaid yet You can close the debt anytime if you decide to, just click on the 'three dots' icon in the right upper corner and select 'Close'.
If your debt has been paid back, you'll be notified that your debt was repaid and the remaining amount will be on 0. The debt will get moved to the 'Closed' section.
Edit, Forgive or Delete the debt
Has your friend invited you over coffee instead of paying you back in money? No problem! Now, you can Forgive the debt and your balance won't get affected. Afterwards, your debt will get moved to the Closed section.
The option to Forgive/Edit or Delete debt will appear when you click on the three dots in the right upper corner.
Please note, a Debt Record will only appear in your Records overview in non-bank-connected accounts. If you create a Debt from a bank-connected account, Wallet will NOT generate a Record in this account, as bank-connected accounts are read-only. You can manually manage these Debts when they are reconciled.