How to mark arbitrary expenses in the application that pay off the debt?

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DebraCoffey
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How to mark arbitrary expenses in the application that pay off the debt?

Post by DebraCoffey »

My situation: as a result of a series of events, I was forced to first borrow from my parents, and then completely move in with them. Now my work has improved a bit. I live paying part of our monthly expenses for utilities and food, and gradually repay the debt with interest (I calculate them myself, given the ~20 percent inflation in our country). Thus, it turns out that my total debt at each point in time is formed from:
  • the remaining unpaid amount with interest at the end of the previous month;
  • the amount for the current month (each time slightly different from the amount for the previous month) minus half of the amount of my expenses for the current month, which I consider to be spent on us together.
What is the best way for me to enter my expenses in the application so that I can simultaneously see monthly expenses for food, rent, communications, travel, etc. in the reports, and at the same time keep track of the amount of my debt?

Upd. Perhaps my question has something to do with the topic "Tips for Managing your Money" / "Creditors and Debtors". I just don't understand exactly how.
whall3y
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Re: How to mark arbitrary expenses in the application that pay off the debt?

Post by whall3y »

Why not....

1. Create a normal account for your salary, expenses, etc. and manage the Withdrawals and Deposits as appropriate with suitable categories for each.
2. Create a Loan account in MMEX and set the current balance to what your current 'Unpaid amount is' (make this a negative number)
2. Create a transaction report with the categories you want to include in your 50:50 split and have it set to report for previous month
3. At the start of each month:
3.1 Calculate interest manually as you do now and post as a 'Withdrawal' to the loan account with a category like 'Interest'
3.2 Run the report (as created in 2) for last month and divide by 2 and post as a 'Deposit' to the loan account with a category like '50/50 Expenses'

Once setup, apart from recording you expenses, you just need to do two things at the start of the month. You could even set these as recurring transactions so that system prompts you to enter them.
    Think I've understood your request, apologies if not.
    DebraCoffey
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    Re: How to mark arbitrary expenses in the application that pay off the debt?

    Post by DebraCoffey »

    Thank you for the detailed answer and I apologize for my incompetence.
    whall3y wrote: Mon Aug 01, 2022 7:12 pm2. Create a transaction report (...) 3.2 Run the report (as created in 2)
    i. e.
    3. Create a transaction report (...) 3.2 Run the report (as created in 3)
    whall3y wrote: Mon Aug 01, 2022 7:12 pmCreate a transaction report with the categories
    Which report type should I use in this case?
    _
    2022-08-02_09-55-34.png
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    whall3y wrote: Mon Aug 01, 2022 7:12 pmthe categories you want to include in your 50:50 split
    Thus, if some category in some cases refers to expenses only for me personally, and in some cases - to "general" expenses, will these categories need to be duplicated?
    whall3y wrote: Mon Aug 01, 2022 7:12 pmCreate a Loan account in MMEX
    For a long time I could not understand what account you are writing on. There were even suspicions that changing the application language changes the menu. I do not know the terminology of accounting (even in my native Russian language), and it was news for me to learn about the ambiguity of the word "account" =)

    Probably you have this item:
    _
    2022-08-02_09-04-25.png
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    whall3y wrote: Mon Aug 01, 2022 7:12 pmdo now and post
    "New Transaction"?
    whall3y
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    Re: How to mark arbitrary expenses in the application that pay off the debt?

    Post by whall3y »

    Which report type should I use in this case?
    Transaction Report:
    CleanShot 2022-08-02 at 17.14.27@2x.png
    CleanShot 2022-08-02 at 17.14.27@2x.png (66.7 KiB) Viewed 862 times
    See this for how to select multiple categories: https://github.com/moneymanagerex/money ... ssues/4618. You could put all the shared cost transactions into one category and use sub-categories for each item and then select the main category and check 'Include all sub-categories' but there is a bug with that that will be fixed in the next release https://github.com/moneymanagerex/money ... ssues/4698
    Thus, if some category in some cases refers to expenses only for me personally, and in some cases - to "general" expenses, will these categories need to be duplicated?
    No need to duplicate, All the transactions with categories remain in your main bank account in MMEX, it's just in the report that you indicate the shared expenses that you want to deduct from your loan. Your main bank account will show your daily bank balance and all transactions, the loan account just tracks how you are paying this down. On the homepage MMEX will show your net worth (main account - outstanding loan).

    Code: Select all

    Probably you have this item:
    For your main bank account use the "Checking", for the Loan Account use "Loan".

    Code: Select all

    "New Transaction"?
    Yes.
    whall3y
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    Re: How to mark arbitrary expenses in the application that pay off the debt?

    Post by whall3y »

    Here is an example DB that illustrates what I was suggesting.... As I previously noted you could use a specific main category to capture the 50/50 contribution detail to make the report filtering easier.
    debra-db.mmb.zip
    (16.43 KiB) Downloaded 85 times
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