![]() Create a “Liability” top-level account? Yes, I’m fully versed in such accounting concepts, but I’m a money and software dork. … then right away you know it’s Game Over for Joe Sixpack and GnuCash. If you are tracking only the payments you make to the credit card company, then all you need is a bank account and a credit card account to enter your transactions. ![]() To begin managing your credit cards in GnuCash, you should set up a “Liability” top level account and under this parent account create credit card type accounts for each credit card you use. When your Help Files, under the heading “Credit Cards,” tell you this … Within thirty minutes of initial install, and a cursory glance of the Help Files, I could tell that GnuCash was a no-go for your Average Home Financial User. There are also business-software users who can’t get the right answer from a Windows 7 calculator without extensive hand-holding.) GnuCash Fits Your Average Home User? No. (Yes, I’ve dealt with personal-finance users who would likely excel with business accounting software, if asked. Years of dealing with web readers and spreadsheet customers has made me very aware of the super-wide range of expectations (and, of course, computer-operating abilities) of personal- and business-software users. Now, when I see this particular claim, I’m immediately skeptical. GnuCash’s homepage tells us that their software can be used for both personal and business financial management tasks. GnuCash allows for sales-tax tables, as well as customer and vendor setups and invoice entry - none of which applies to household use whatsoever. What are called “categories” in Quicken are called “accounts” in GnuCash, just as they are in Quickbooks and most other business-geared accounting programs. In fact, GnuCash resembles Quickbooks much more than it does Quicken. This isn’t necessarily a bad thing rather, it’s more about what you, as user and money-tracker, need your software to do.įor starters, unlike Quicken, GnuCash is based upon double-entry accounting standards. As quick and intuitive to use as a checkbook register, it is based on professional accounting principles to ensure balanced books and accurate reports.įirst point: GnuCash is NOTHING like Quicken. Of course, GnuCash also provides you with extended support for multiple currencies, and it will also fully balance all currency operations like deposits and withdrawals if the double-entry function is enabled.Īll in all, using GnuCash to track and manage both your personal income and expenses or keeping tabs on your company’s accounting, is a great idea especially if you you are a fan of ease of use and the open source software model.Designed to be easy to use, yet powerful and flexible, GnuCash allows you to track bank accounts, stocks, income and expenses. Cross-platform personal finance management utility with automated account balance Unlike other similar apps, GnuCash comes with an account reconciliations tool create to allow its users to compare their transactions with the bank statement with ease, in order to pinpoint errors and inaccurate entries easier. ![]() The GnuCash application also includes the capability of helping you effortlessly and rapidly generate a wide array of financial reports and graphs, easily customizable to perfectly fit your needs. In addition, by using the checkbook-style register bundled with the free GnuCash application, you can comfortably enter and manage your daily financial transactions. ![]() Built-in daily transaction manager and financial account reconciliation Schedule every day transactions and recurrent ones with easeĪs an extra advantage, Gnucash features complete support for financial calculations and scheduled transactions of all types, thus making it a lot easier to successfully track and schedule your day to day and recurrent operations.Įven more, with the help of Gnucash’s simple to use double entry accounting toolset and built-in support for business reporting, you can process your company’s transactions a lot faster and easier. ![]() Moreover, the GnuCash app enables you to keep track of your stocks, bank accounts, expenses and other similar information, all of that via an intuitive and easy to use interface.įurthermore, GnuCash is a very fast utility based on principles that designed to guarantee that you are provided at all times with accurate financial reports, as well as correctly balanced books. Simple interface for tracking your finances GnuCash is an open source and multi-platform app designed to make it simple to manage all your personal finances, but also suitable for extensive business use. ![]()
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