This is very different to whats available right now but let me explain..
The way 22Seven works is that reports on transactions processed on a banking/payments platform with the assumption that the transaction has trace-able/trackable electronically. This is great from a reporting point of view but not where an account is indirectly settled nor when it is tracking the balance of an account e.g. Doctor account, specialist account.
22Seven allows a way around this by allowing a use to define an account in which s/he "owe" money to. Great.. but
- How does one update this value? i.e. add a new transaction to this account
- Associate a payment to it (i think this is already possible)
- Import a statement (manual import)
- And the kicker - If it is a shared expense/account.. can this be shared with % payable by another party + tracking informing the users its shared with that payment is due.
Off hand this does not look very useful.. I mean its fall back to invoice importing aka a predecessor product called "Lemon wallet" from the US allowed manual reporting but it actually is more useful than u think.
Scenarios of us:
- Split parenting / Divorced couples
In this day and age split parental scenarios are more common than ever and management of expenses has become a big issue. Currently 22Seven allows categorisation of paid expenses but what about accounts where payment is due? Additionally 22Seven could store a receipt or invoice it would help too. A lot of couples have a split billing agreement on certain expense with varying % per account type (doctor/healthcare, clothing, schooling, etc) and the tracking of these payments is already done via 22Seven. Making an account sharable with payments to the account visible to both parties reduces the friction in such situations as its clear as day who has paid what. (currently most end up doing this via spreadsheets, invoice collection and fight about it in mediation where this can be amicably resolved via 22Seven simply showing who paid what)
- Splitting household spending
A lot of dual couples share expense and it would be great if the expense layer (not debt layer) was sharable from a month-to-month point of view. e.g. rental, electricity, internet/telecoms (home), groceries etc as category expense can be shared such that each partner is aware of ongoing costs. Their account details wrt to banking account /credit card balances will not be shared ... as this is merely for reporting and having a holistic view on what the shared expenses are.