PERSONAL LENDING GUIDE
How to track money lent to friends
Keep one record per loan. Write down the original amount and currency, who lent to whom, and every repayment that actually happened.
Record who owes whom
When you lend money, write down who borrowed it, the original amount and currency, and the date. If you borrowed the money, record the direction the other way. Add an expected repayment date if you agreed one.
Record each payment that happens
Keep the date and amount of each repayment. Subtract actual repayments from the original amount to see what remains. A promised payment or planned instalment doesn’t reduce the balance until the payment happens.
Keep currencies separate
If you have a loan in Canadian dollars and another in US dollars, keep two balances. Combining those amounts without an agreed conversion would give you a misleading total.
| Original amount | CAD 80.00 |
|---|---|
| First repayment | CAD 25.00 |
| Second repayment | CAD 15.00 |
| Remaining balance | CAD 40.00 |
Record repayments in the ReBorrow app
Choose Lend or Borrow, then Money. Add the amount, currency and person. Use Record payment when a repayment happens. ReBorrow updates the balance in your record. The payment itself happens outside the app.
Explore ReBorrow for iPhone