Support for Multiple Operating Systems and Currencies
GnuCash runs on Windows, macOS, and GNU/Linux operating systems. The software has been translated into many languages and supports over 100 currencies.
Simple Setup
GnuCash guides you through the setup of your accounts. Transactions for verification, credit card, income, and investments are entered into the on-screen check register, similar to most financial software applications. You can enter split transactions, view multiple accounts, and customize your display.
Types of GnuCash Accounts
You can set up a variety of account types in GnuCash, which cater to personal financial management and small business accounting. Choose from asset account types such as cash, bank (including credit cards, brokerage accounts, savings institutions, loans, and cooperatives), stocks, mutual funds, accounts receivable, and asset accounts. Liability account types are accounts payable and liabilities (long-term loans) and credit cards. Income and expense accounts will vary based on your spending patterns.
Automatic File Backup and Crash Recovery
GnuCash creates a backup of your data every time you save your data file. The software preferences allow you to set the number of backups that are kept in a series of files. Keeping multiple backups never hurts, and certainly helps if you need to restore a file that is weeks old. GnuCash saves log files to document changes made to the data, so it’s possible to recover work in case of a power outage or system crash.
Small Business Features
GnuCash is based on double-entry accounting, which is essential for managing financial records for businesses. Note: Accounting features can also be used for personal finance, although if you’ve never used double-entry accounting before, it may take some time to get used to. Some features ideal for small businesses include: depreciation, accounts receivable, accounts payable, tracking customers and vendors, invoicing, bill payment, taxes and billing terms, payroll management.
Financial Reports
GnuCash includes an acceptable range of financial reports that can be customized for personal finance and small business financial affairs, such as cash flow, income and expenses, equity, taxes, net worth, and log reports. Small business reports include financial statements, trial balances, journals, balance sheets, ledgers, budgets, accounts receivable reports, and accounts payable reports. Additionally, since GnuCash uses double-entry accounting, you can also generate profit and loss reports.
Download and Import Transactions
GnuCash will source data from banks as well as other software packages using QIF (Quicken), OFX (Open Financial Exchange), and HBCI files. The transaction matching system matches transactions before import to prevent duplicates.
Help Documentation
Regarding customer support, you’ll find most of GnuCash’s help through the user manual, online tutorials, and the help feature. There is also detailed documentation in the form of the GnuCash wiki and mailing lists. The tutorial and concepts guide provides information not only about the software but also about basic accounting concepts, showing you how to implement them in the software and offering step-by-step assistance.
Is GnuCash Right for You?
Since GnuCash works with double-entry accounting, it is ideal for small businesses, but the concept may be new to many personal finance software users. However, the help documentation and user guide are easy to understand, and a complete understanding of double-entry accounting is not necessary. Note: to get a sense of how GnuCash works, check the help guide. GnuCash is worth trying as personal finance software, but many home users may feel confused about installing the software. For example, the GnuCash download page includes unstable test versions in addition to the stable release (you’ll want the stable release). Downloads for Windows, Linux, and other operating systems are indicated by icons, so make sure to choose the correct download for your operating system. Many small businesses find success with GnuCash but may consider consulting an accountant to ensure compliance with IRS reporting requirements.
Source:
https://www.thebalancemoney.com/gnucash-free-accounting-software-review-1294146
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