Tab Split comes in two flavors – a web app and an Android app. Either way, they both offer the same functionality. You can use them to keep track of giving or paying back a loan, sharing a bill and paying tabs and split bills at restaurants or bars.

They designed the app in a way that anyone can use. You simply enter in the information and it will figure out the rest for you. They made registration a breeze because you can create an account with Google and many other popular accounts you already have. If you need to keep track of expenses, this application is a great option that is easy and free.

Features:

• Keep track of giving or paying back a loan, sharing a bill and paying tabs and split bills at restaurants or bars.
• Easy to use on the web app or on Android mobile devices.
• Newly added support for Android tablets.
• Charts and graphs of your expenses and what you owe and are owed.
• Similar tools: WhatsYourShare, Spendbrite, DimeTracker, BillsAreIn and SpendingDiary.
• Also read related articles:
  15 Cool Tools for easy Expense Tracking and Budgeting
  Manage Your Budget & Expenses Using Google Budgeting Tools

Find Tab Split @ www.tabsplit.net

PayMeBack is compatible with the iPod touch, iPhone, and iPad running version 4.2 or later of iOS. The app helps you and your friends keep track of the money you owe one another; since recording those transactions mentally or on a piece of paper is often ineffective, this app proves to be very useful.

Firstly, you and your friends need to have an iOS device with this application installed. Next whenever one of you lends money to the other, you can open the app, type in your friend’s name along with the amount they owe you. You can share this record with your friend so they have it in their app too.

The app also lets you keep a track of money you owe other friends. Another nifty is feature is letting you add an amount and letting the app divide it equally among multiple friends; the divided amount is what each will owe you.

Features:

• A user-friendly phone app.
• Compatible with iOS devices.
• Helps keep track of money friends owe you.
• Helps keep track of money you owe friends.
• Similar tools: WhatsYourShare, Spendbrite, DimeTracker, BillsAreIn and SpendingDiary.
• Also read related articles:

  15 Cool Tools for easy Expense Tracking and Budgeting
  Manage Your Budget & Expenses Using Google Budgeting Tools

Check out PayMeBack @ http://itunes.apple.com/us/app/paymeback/id453665915?mt=8 (By Umar from AllThatIsApple)

Whats Your Share is a free and simple to use website that lets you calculate how much you and your friends owe one another. You start by creating a friends group and then adding friends to it. If you log into the site using your Google account then you need not repeat this step in subsequent visits to the group.

With your friends added to the group, you can add payments. During this step you need to specify which friend made the payment, what the payment was for, the date of the payment, and amount, and whom the payment was for. After entering all the payments you can have the results processed with the site letting you know instantly which friends owe money and to whom.

The results can be downloaded as a DOC file or Excel spreadsheet to be shared with those friends.

Features:

• A user-friendly web service.
• Can work without a login.
• Calculates how much money you and your friends owe to one another.
• Lets you download report as DOC and XLS file.
• Similar tools: Spendbrite, DimeTracker, BillsAreIn and SpendingDiary.
• Also read related articles:
  15 Cool Tools for easy Expense Tracking and Budgeting
  Manage Your Budget & Expenses Using Google Budgeting Tools

Check out Whats Your Share @ www.whatsyourshare.com (by MOin from ThumbPress)

To get started, sign up for a free account, create your apartment and add housemates.  If required, use its rent-splitting calculator to fairly estimate how much each of the housemates should pay for the rent (based on the size of the bedroom, windows, closet and other amenities). Once you are done, each housemate can log in to manage shared bill-tracking, view reports and add comments.

Rent splitting calculator

Features:

• Split rent fairly between roommates
• Keep track of shared living expenses.
• Easy debt tracking.
• Automatic reminders.
• Furniture calculator: calculate the fair value of used furniture.
• Mobile version available.
• Free, sign up to get started.

Check out SplitTheRent @ www.splittherent.com via (Lifehacker)

It is a fairly useful application for people who often pay for each other and then collect later. I know a bunch of students in my college who would love this. It is much better than creating an Excel spreadsheet since you wouldn’t have to do any summarizing and you would be able to share the information with your group members in real-time.

Some of the main features of De-Bee are:

• Keep track of shared expenses between friends.
• See a full history of transactions for any of your groups.
• Create different De-Bee groups for different groups of friends.
• No need to sign-up, just use your gmail login.
• See your balance with a single click at any given time.
• Similar sites: BillMonk, Scred.

Visit De-Bee @ De-Bee.com (Contributed by Tehseen Baweja from Ijaar.com)

BillMonk is a free to use web service that lets you keep a track of the money your friends owe you and how much you owe them. The app lets you and your friends create accounts on the site and then log bills, loans, and payments through your computer or your phone. This way your friends and you can all keep a track of how much you owe one another.

BillMonk users can optionally settle their debts to friends using Obopay – a payment platform integrated into BillMonk.

Features:

• A user-friendly web service.
• Keeps track of how much you and your friends owe one another.
• Can be used through your cell-phone.
• Lets you log bills, payments, and loans.
• Integrates Obopay to settle money you owe.
• Similar tools: Billeo, IsDueOn, BillsAreIn and Simplee.
• Also read related article: 15 Cool Tools for easy Expense Tracking and Budgeting.

Check out BillMonk @ www.billmonk.com (by MOin from Urban Savior)