This article covers:
- What is the Track plan?
- Getting started
- Using Track plan features
- Optimal Track plan setup
- Troubleshooting and FAQ
What is the Track plan?
The Track plan is the bread and butter option for solo Expensify users who don't need to send their expenses to someone else. Individuals or sole proprietors can select the Track plan in order to configure their Individual policy to match their personal expense tracking needs.
You might go with the Track plan if you're:
- An individual who wants to ditch the filing cabinet and store your receipts via the cloud
- An individual looking to track your spending by category to help with budgeting
- A self employed user who needs to track receipts and mileage for tax purposes
Ultimately, the Track plan is all about tracking expenses for individual purposes. If that sounds like what you're looking for, read on!
To enable the Track plan, you'll want to select the "Track Spending" option from the Expensify Inbox. The Inbox is where you'll first configure your Individual policy to match up with your needs:
*If you've already selected a different plan, keep in mind that you can always change your mind. To do so, select "Show Hidden Tasks" at the bottom of the Inbox, and then look for the task shown above to select a new option.
You can also select the Track option from the policy settings. Navigate to Settings > Policies > Individual > [Policy Name] > Plan to select "Track":
Once you've selected the Track plan, the Inbox will be your guide to configuring your individual policy. Complete the tasks you see as they come up, and you'll be left with a solid starting point.
Using Track plan features
Once you've selected the Track option, it's time to start utilizing the features available to you. Let's go through the core functionality:
SmartScan and receipt storage
SmartScan is the key to tracking receipts in Expensify. As soon as you get a receipt, take a photo via the mobile app and toss the receipt in the garbage. SmartScan will automatically read the merchant, date, and amount on the receipt and create an expense in your account, and then store it indefinitely so it can be viewed at any time.
If you receive a receipt in your email, simply forward it over to firstname.lastname@example.org from an email account associated with your Expensify account, and we'll take care of the rest.
You'll receive 5 free SmartScans per month just for creating an Expensify account. However, if you'd like to gain access to unlimited SmartScans, you'll want to pick up the $4.99 Monthly Subscription.
Many individuals utilize Expensify to track mileage for tax purposes, especially folks who are self employed. You can make adjustments to the reimbursable mileage rate (typically set to the IRS default) and default unit (miles vs. kilometers) via Settings > Policies > Individual > [Policy Name] > Expenses.
More on the ins and outs of tracking mileage can be found here.
Once you've captured your expenses in your account, you can begin making use of the analytics options in Expensify to take a look at your patterns and category-by-category spend. This is all part of Track plan functionality and starts on the Expenses page.
Optimal Track plan setup
No account set up is perfect for every user, but here's a list of important items that you might want to double-check to ensure your Expensify account is optimal for personal tracking:
- You only have an Individual policy.
Navigate to Settings > Policies > Individual, where you'll have a single Individual policy that you set up via the Inbox. In most cases, if you look under the Group tab, you likely won't see any other policies listed. Group policies are for typically for folks who belong to organizations using Expensify as a whole.
- You've set up categories and tags to help you keep track of different expense types
The Track plan comes with a set of default categories that should match with IRS Schedule C expense categories, but you can add additional categories at any time by following the steps here. If you need even more granular coding, consider setting up some tags for another breakdown layer.
- You've got an active Monthly Subscription
5 free SmartScans is a great starting point, but most folks will find that manual entry just ain't worth it. Signing up for the Monthly Subscription is the best way to turn paper receipts into virtual expenses with no typing required.
Troubleshooting and FAQ
I accidentally created a Group policy or selected the wrong plan at first, but I just want to use the Track plan. How do I go back and make the right choice?
Not to worry! If you selected a Group plan by mistake (Collect or Control) and configured a Group policy, you can follow the steps here to downgrade back to a free account, which involves removing any unnecessary Group policies.
Also, keep in mind that you can always change course and select the "Track Spending" option via the Inbox by selecting "Show Hidden Tasks".
- For more content on this topic like tips for catching up on old expenses and tracking expenses for tax reporting, join the discussion in the Customer Community!