# How to keep track of who owes you money

Canonical URL: https://www.evenoutapp.com/guides/how-to-keep-track-of-who-owes-you-money
Updated: 2026-10-06

Keep a ledger with one line per event: the date, who, what, the amount and which way the money runs. Add the lines into a running net for each person, counting both directions. If a friend owes you $40 across three dinners and you owe them $16.25, they owe you $23.75. Settle when the net passes a set amount, such as $20, or once a month.

Key points:
- Each ledger line holds five things: date, who, what, amount and direction. A plus means they owe you and a minus means you owe them.
- Net both directions. $40 owed to you and $16.25 owed back is one payment of $23.75, not two payments.
- Settle when the net reaches a set amount, such as $20, or on a set day each month, so small balances do not pile up.
- A notes app works for one friend, a spreadsheet for several. A shared tracker keeps both people looking at the same number.

## What goes in a ledger line?

A ledger line holds five things: the date, who, what, the amount and the direction. The direction says which way the money runs. Write it as a plus when they owe you and a minus when you owe them, so every line can be added without thinking.

One ledger per person is the simplest layout. If you keep everyone in one sheet, add a "who" column. The other columns stay the same.

## What does a ledger look like?

Say you and Jordan split things over a few weeks. Jordan owes you for three dinners, and you owe Jordan for concert tickets that Jordan paid for.

| Date | What | Amount | Running net |
|---|---|---|---|
| Sep 6 | Thai dinner, you paid | Jordan owes you $11.00 | Jordan owes you $11.00 |
| Sep 13 | Concert tickets, Jordan paid | You owe Jordan $16.25 | You owe Jordan $5.25 |
| Sep 20 | Pizza dinner, you paid | Jordan owes you $14.00 | Jordan owes you $8.75 |
| Oct 4 | Dinner, you paid | Jordan owes you $15.00 | Jordan owes you $23.75 |

The three dinners add up to $11.00 + $14.00 + $15.00 = $40.00. The tickets are $16.25 going the other way. $40.00 less $16.25 is $23.75, so Jordan owes you $23.75.

Each line is the other person's share, not the whole bill. A $28 dinner that you paid and split two ways is a $14 line.

## Why net both directions?

Netting turns two payments into one. Without it, Jordan would send you $40.00 and you would send Jordan $16.25. With it, Jordan sends $23.75 and the books are even. It also means a balance can change sides. After the Sep 13 tickets, the net flips and you owe Jordan $5.25 until the next dinner.

## When should you settle?

Settle when the net passes a set amount, or on a set day, and agree the rule up front. Say the amount is $20.

- **After Sep 6:** the net is $11.00, under $20, so nothing happens.
- **After Sep 13 and Sep 20:** the net is $5.25 the other way, then $8.75 in your favor. Still under $20.
- **After Oct 4:** the net is $23.75, over $20, so Jordan sends $23.75 and the net goes back to zero.

A monthly day works the same way. On the 1st, whatever the net is gets settled, however small. If a friend repeatedly leaves it unpaid, [what to do when a friend owes you money and won't pay](https://www.evenoutapp.com/guides/friend-owes-me-money-and-wont-pay) has the steps.

## Notes app, spreadsheet or shared tracker?

The right tool depends on how many people you track and whether they need to see the numbers.

| Tool | How the net is worked out | Who sees it | Where it gets hard |
|---|---|---|---|
| Notes app | By hand, line by line | Only you, unless you share the note | A long list is slow to total |
| Spreadsheet | A formula in the running net column | Only you, unless you share the file | Someone has to keep the formulas right |
| Shared tracker | Updates when an expense is saved | Everyone in the group | Each person has to be added first |

In a spreadsheet, put headers in row 1, then the date in column A, the person in B, the line in C and the amount in D, with what they owe you as positive numbers and what you owe them as negative numbers. The running net for a person is `=SUMIF(B$2:B2,B2,D$2:D2)` in the row of each line. A person's current total is `=SUMIF(B:B,"Jordan",D:D)`.

A shared tracker does the adding for you. When one person saves an expense, everyone in it sees the new balance, and a payment made in cash or by bank transfer can be recorded as a payment.

## How does EvenOut keep the net?

EvenOut keeps the ledger for you once the expenses are in.

1. **Add the person.** On the Friends tab, tap "Add a friend" and have them scan your code or open your invite link.
2. **Add each expense.** Choose "With {name}", "Paid by you" or "Paid by {name}", and "Split equally". The ledger line is their share.
3. **Read the number.** The friend's page shows one figure, such as "Jordan owes you $23.75". When the balance comes from more than one place, "Where it comes from" lists each group and "Just you two".
4. **Check the history.** The Activity tab labels each row "you lent" or "you borrowed", and its filters separate "Expenses" from "Payments".
5. **Settle.** "Settle up" records a payment, including a partial one. EvenOut does not move money and has no payment links.

You can add and edit expenses without a connection, and they sync when you are back online. "Remind {name}" sends a reminder by email or a shared message, at most one a day per person.

## What should you do next?

Pick the layout, agree the settle-up amount with the other person and write the first line. For how to ask and what to say when the balance is due, see [how to pay your friends back and record it](https://www.evenoutapp.com/guides/how-to-pay-friends-back). If you want a written record for a larger loan, the [IOU note template](https://www.evenoutapp.com/templates/iou-note) has one.

## Frequently asked questions

### Should I record the whole bill or only their share?

Record only their share. If you paid $60 for dinner for two and split it equally, the ledger line is $30 owed to you, not $60. Recording the whole bill makes the running net wrong from the first line.

### What if we disagree about a line?

Fix it with a new line instead of rubbing out the old one, and note why. In EvenOut you can edit the expense, or delete it and add the right one. A deleted expense stops counting toward balances and can be restored from its page.

### What if the balance never reaches the settle-up amount?

Pair the threshold with a calendar date, such as the end of each quarter, when any open balance is settled or both of you agree to drop it. The date stops a small number from sitting open for a year.

### Do I need to write a note when a balance is settled?

Yes, one line is enough: the date, the amount and how it was paid, such as 'Settled Oct 12, $23.75, bank transfer'. A settled line brings the running net back to zero and closes the question.

## Sources

- [Microsoft: SUMIF function](https://support.microsoft.com/en-us/office/sumif-function-169b8c99-c05c-4483-a712-1697a653039b)