Shared Fund for house
As a house we use a single account which we all pay regularly and equally into. From here all bills and house payments are covered. Like a kitty of sorts, we can use it for everything, and there is an excess for emergencies.
It would be great to create an entity, like a Friend, but it is an account that we can keep track of the amount in it, but it doesnt recalculate what people are owed back from it automatically. Currently, if everyone pays say, £100 per month, and a bill comes out of it, if i set up an account as a friend (the only way i can see possible to do it) if a bill is payed from this it currently says what everyone is owed back because of the emergency excess in the account. This would be a separate 'kitty', or shared fund that does the bill paying, and just keeps track of things for all to see.
We’re not currently planning to build this, but as some users have mentioned in the comments, one workaround is to create a dummy member of your group using an @example email address to represent your ‘kitty’ or shared fund.
David Almeida commented
I agree with the user Francesco Vurchio, when he says that the option of inserting an initial fund is essential - Something similar to the option of settling a debt.
In my case I received an additional fund from a house loan and wanted to register that extra amount of money as an initial fund in a new Splitwise group.
This feature is essential, as most households don't have various individuals paying various bills, making calculations WAY more difficult than it needs to be. Everyone I know has a single checking/debit account set up specifically for the house, from which automatic withdrawals are made...for rent, utilities, etc. Also if necessary, debit for groceries and supplies. The financial load is never randomized among the residents!
This bank account always has funds contributed by all the residents. BEFORE BILLS COME IN!
Usually is an estimated fixed amount per month. Then apps like this can refine the amounts owed to each other.
Jay Mehta commented
You should introduce a feature where we can make Group Owner (Single Person) as Group Leader, Feature I am looking for is that we have only One Person to whom everyone should pay and gets back from him only, it's very useful feature and avoid transaction between multiple group members. it is very helpful when there are few unknown people added in the group.
Francesco Vurchio commented
Why don’t you insert an option for set an initial petty cash?
Manjeet Dagar commented
Example: A group of 4 friends decide to go on a trip. Tickets have to be booked for flight or tarin to get adjacent seats but one of them is not able to pay at that moment, so you create a fund raiser of the whole ticket amount and everyone contributes as much as they can and splitwise keeps a track of everyone's contribution for repayment later on. Also this can be tagged to a group so that it can be added to each member s profile. when you create fund raiser you can tag the people that are involved.
This fund raising can be done for a whole other reasons like house rent, deposit , any planned expenses etc .
Before we start using this app there is some closing balances are running over in some other x app's or in a manual formate, to share that money equally either debit or credit, there should be a opening balance option.
I'd like to be able to enter a certain amount of money into my Splitwise when a new group is created, so that I use the app like I would a bank account. This way I keep track of what I'm spending whilst the group is in action. When the balance gets low, I can then decide whether I want to add more money.
Awais Farhad commented
Waiting for this to be added. If admin is not adding this feature, then can anybody suggest any other app that has this feature available?
Alberto Zaccherini commented
any updates please on this matter?
steven xie commented
I have problem in deposit $500 dollar each person to 1 person and using that money to book hotel, etc. I cannot see the remaining money left there
István Steven Móni commented
I would be interested what happened with this request? Has it been declined?
Nitin Singh commented
Adding a friend without an email, named BANK. Enter money saved. Show, bank owes you **.** much. Ain't cool?
Scott Greenwald commented
+1 for seeking house fund feature.
Jonathan Taufer commented
Why don't you just have the house function like a bank in general. I can add a house, but something has to be selected for who paid a bill! The bank can't just have an empty bill that needs to be paid residing in it. Problems like this make me just want to return to billmonk :(