*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, overdrafts etc.
1. Go to the main menu > Debts. A new Debt is added by tapping the (+) button.
2. Select a type: I Lent / I Borrowed. If you borrowed money, you must also select the type of debt: I borrowed money from someone / Bank loan, Credit card.
Note: For more complex debts with regular payments we recommend creating an account (Credit Card / AOverdraft / Loan etc.) on the Accounts tab.
When you add debt to Wallet, you can choose from your existing records. Tap the YES, SELECT RECORD button and you will be redirected to the Records list, or you can create a new record using the NO, SKIP button.
Note: You cannot create a manual record under the account associated with the bank. You need to change the account type to Cash or another general account you created with Wallet.
3. Fill in all the necessary information. Don't forget to select the expected due date, as the application will monitor this time and remind you when your debt is due.
Creating a new Debt creates a Record in Overview, which is displayed by tapping the Debt banner.
4. If the Debt has been partially or fully repaid, click 'Add Record' to add this payment. You can either 'Select Record' from the existing ones or manually 'Create new Record'. The Record detail screen will be displayed.
5. When you have entered all the information, click on the 'confirm icon' in the upper right corner. Your debt will be displayed in the 'Active' section if it hasn't been repaid yet You can close the debt at any time by clicking on the icon with the three dots' in the upper right corner and selecting 'Close'.
When your debt has been repaid, you'll be notified. The balance will be set to 0. The debt will be moved to the 'Closed' section.
Edit, Forgive or Delete the debt
Your friend invited you for a coffee instead of paying you back? No problem! Now you can Forgive the debt without changing your account balance. After that your debt will be moved to the ‘Closed’ section.
The option to Forgive/Edit or Delete debt appears when you click on the three dots in the upper right corner.
Please note that a Debt Record will only appear in your Records overview for accounts not connected to a bank.. If you create a Debt from an account linked to a bank, Wallet will NOT create a Record in that account because accounts linked to a bank are read-only. You can manually manage these Debts when they are reconciled.