Are you planning a group trip with your friends where the expenses will be shared between friends and each inidvidual want to keep a track of what they are spending so that finally they can split expenses with friends and accounts can be settled correctly. Mostly we deal with Excel sheets or scribble in paper to track the expenses and Split Expenses with Friends.There are many applications available in internet to cater this audience where the individual expenses can be recorded and the final settlement details will be computed automatically. This can also be used by friends who share an apartment where they can use to track monthly expenses spent by individuals and then settle on monthly basis.
Splitwise.com is a very intuitively designed website for this purpose. You can register a account at http://splitwise.com/. After Registration go to your Account Settings and you can setup the currency and your Timezone Settings.You can also set a profile picture.
Once the account settings are done you can create a group for each trip and expenses can be accounted against this group by the individuals. While creating the group you can give a group name and invite your friends who will be joining with you for the trip and also will be sharing the expenses.
Once the group is created and other members are invited by email/SMS to this group the same group will appear on their dashbpard and the expenses can be recorded in this group by clicking Add Bill. You can set a category for the expense and give a brief description of the expense, amount spent,date of expense,bill scanned image also can be attached or additional notes can be provided.
Once the expense is added it automatically splits the expenses between the group members. The other expenses of the trip can be recorded accordingly and finally the website will split expenses with friends and will show in dashboard who owes/collects how much to each other.The expense details can also be exported to excel sheet.The application is also available as a separate app for android phones or iPhone and hence will be handy to record expenses immediately as we spend. The final settlement can also be recorded via Settle up option.
If you have used the website leave your experience as comments and if you know other good applications similar to this mention them in the comments section