Exchange

At MoneyTrail, we understand that the financial relationship between you and your child is not always clean and simple. There may be times where your child wants to borrow money from you or other times when you may need to borrow cash from them (don’t laugh, it has happened to the best of us!). Many families do this back and forth exchange of cash and credit but most do not have a method for keeping track of the details. The “Exchange” feature on Moneytrail gives you a simple tool for keeping up with those transactions.

Let’s look at a few scenarios when the Exchange feature needs to be used. Let’s say that Jeff, a thirteen year old boy, wants to go to the local football game and needs cash to pay for admission and snacks. He checks his Moneytrail account and learns that his parents owe him $20 for allowance. He asks his mom for the cash and she hands it to him. He has traded the $20 in credit for $20 in cash. Jeff enters this in Moneytrail using the exchange feature and his balances, both in the cash account and the credit account, are updated.

The reverse scenario also can be handled by Moneytrail. Let’s say that you decide to order pizza for dinner. When the pizza man arrives, you realize that you have no cash but you remember that your daughter has some birthday cash in her room. You ask her to let you borrow it and promise to pay her back. With Moneytrail, you or your daughter can use the Exchange feature to record this transaction. Your daughter has exchanged, or traded, her cash for credit with the Bank of Mom and Dad. Her balances are now updated. The cash account would be reduced but the credit account would increase.

The Exchange feature on Moneytrail is unique, easy and incredibly useful. It tracks the back and forth exchanges of cash and credit within families so that you don’t have to remember all of those details.