College students all over the world are replacing the old corkboards, decorated in shared bills, with a growing Web site that manages informal debts among friends.

BillMonk.com is a free Web site launched by ex-Amazon software engineers Gaurav Oberi and Chuck Groom. It keeps track of everything from borrowed DVDs to who bought the last rolls of toilet paper.

Users create accounts to help them manage a running tab of who owes what to whom and why. Oberi said he hopes the site will essentially be the third party among friends that does the math and takes care of business in an even-keeled way.

"Our goal is to eliminate tension. It's usually awkward to tell someone, 'Hey you owe me cash.' We’re like this robot online that does it for you," Oberi said.

"It's like a combination between a MySpace and an Excel sheet. It's wicked productive. It keeps everything organized so you don't have to worry about it," Bianca Dipietro, 24, said. Dipietro started using the site to manage finances among her SF State roommates. "It makes bills and going out a lot easier."

BillMonk reminds indebted friends through a standardized e-mail when they owe each other money or borrowed items and why.

Resident advisers at the Village said they have heard the woes of roommates who argue over everyday exchanges. Some said they have seen buddies become foes over phone bills or lost items.

“Roommates argue over the funniest things, “ said Chasen Marshal, a political science major who lives in the Village at Centennial Square. “I hear petty arguments about shampoo or pizza and stuff all the time.”

Oberi said the 10-month-old Web site caters to more than 20,000 users internationally. He said about 70 percent of the users live in America and are mostly in college or recently graduated. More than 50 percent of the site’s users were referred by friends, according to BillMonk.com.

"I could definitely see it being effective in the right situation, like on a spring break vacation or if we're throwing a party," said Robert Kuhn, 20, a sophomore in anthropology who lives with other SF State students at The Villas. "But it's one of those things that could be awkward unless everyone has it.”

The site’s user accounts keep track of borrowed items, shared bills, and payments made on the Web. It does not handle any payment transactions, just reminders about friendly debts in an organized way.

However, Oberi said he noticed roommates documenting that they paid each other through other Web sites, such as their bank accounts or PayPal. Oberi said he plans for users to be able to make transactions through the BillMonk Web site so they don’t have to go through other Web pages.

"All of that stuff should be done with one click," said Oberi. "Your mind shouldn't be doing something a computer can do for you."

Although the site doesn’t generate income yet, Oberi said it would charge small fees, like PayPal, for payments made online through BillMonk when the option becomes available. The site will remain free for users who want to leave a check for their friend on the kitchen counter.

The site offers other features, such as the "Library," where users show off items they're willing to share or possibly sell. Oberi said users can browse other friends' DVD collections or closets through the Library. BillMonk also offers translations in many different languages to serve its international audience.

Marshal, who has three roommates, said he doesn’t have a problem coordinating bills, but does see a use for BillMonk.

“I mean, it’s not hard to just say. ‘Hey, it’s bill time,’ in any language. I’ve never had a problem. But it’s always nice to know there’s something to fall back on if you need to.” Marshal said.