We had spent the last 7 hours of our glorious Spring Break trying to figure out who owed whom how much by using paper and the notes on our phones! How much more old school could it get? it felt like I was in some technologically backward era where there wasn't already a solution to this. And worse thing of it all, I think one of my friends still owes me $50 from that trip!
Anyhow, time passed... Apple released their iOS SDK.. I went to cooler places for Spring Break (Cancun!)... I learned more about programming, apps, a little about entrepreneurship, and lean startup. Over the last year I've taken it up to finally solve this problem, the way I had initially imagined it. After many problems getting started, many prototypes, a lot of input and a lot of help, I've finally released my app into the App Store, under the title "AgreeOn".
http://taps.io/OTQ0NjE
AgreeOn has gone over a couple of iterations and solves this problem beautifully. And don't be fooled, it's still very very young. If you've ever felt the need to track the money your friends owe you, or have felt awkward to ask them (or have come back from Spring Break with your wallet empty!), I encourage you to check it out (and discuss it in comments).
http://taps.io/OTQ0NjE
Cheers!
Nikhil