Sometimes we owe friends money, or they owe us money. Keeping track of who owes what while on a vacation, on a shopping trip, or simply dividing up the monthly bills can be a hassle no one wants to deal with.

PayMeBack might be the tool you need to keep track of who owes you money and also allows you to share it with your friends so they’re aware as well.

How PayMeBack iPhone App Works

Let’s say you pay for a birthday gift and 4 of your friends need to pay you back. The gift cost you $50.00. Just tap the names of your 4 friends, enter the amount and check the box that says ‘split the amount evenly’ and‘include myself in the split’.

This lets you keep track of the money and you can even share it to your friend who can then add the amount to their list as well. That way neither of you forgets that the money has been borrowed.

Features of PayMeBack iPhone App

• Add credits and debts when friends borrow money
• Use your contacts list to quickly enter names, or enter manually
• Automatically adds current location so that you can remind how and where you borrowed or lent money
• Add multiple people to one debt and allow for splitting
• Memo field allows you to enter details so you can remember why the money was borrowed
• Multiple credits and debts can be added for a single person and the app will show the entire sum
• Beautifully designed app is a pleasure to use
• Tap to mark an item as paid or unpaid
• iOS 4 supported

PayMeBack iPhone app is available for $0.99 from iTunes Store