GnuCash Supports Multiple Operating Systems and Multiple Currencies: GnuCash runs on these operating systems: Windows, Mac OS X, GNU/Linux, *BSD and Solaris. Other platforms are supported but require Gnome 2, guile and slib (see download link below for details). GnuCash has been translated into 21 languages and it handles multiple
currency exchanges.
GnuCash is Easy to Use: GnuCash walks you through setting up accounts, and transactions for checking, credit card, income and investment transactions are entered into an on-screen checkbook register, similar to most financial software applications.
GnuCash Account Types: You can set up a variety of account types in GnuCash, suitable for personal finance and small business accounting. Choose from asset account types such as: Cash, Bank (includes credit cards, brokerages,savings and loan institutions and credit unions), Stock, Mutual Fund, Account Receivable and Asset accounts. Liability account types are Accounts Payable, Liability (long-term loans) and Credit Card. Income and Expense accounts will vary depending on your spending patterns.
Automatic File Backups: GnuCash makes a
back up copy of your data each time your
data file is saved. A series of backup files are saved, and you tell GnuCash how far back to save back up files in the program preferences. Saving multiple backups helps if you need to restore a file going back weeks. In addition, GnuCash saves log files to document changes made to data in the current GnuCash session. This feature is great for saving on frustration because it makes it possible to recover most of your work in the event of a power outage or your computer crashing.
GnuCash Small Business Features: Although these features may be used for personal finances, small business will benefit most from features that support:
- depreciation
- accounts receivable and accounts payable
- customer and vendor tracking
- invoicing
- bill payment
- tax and billing terms
- payroll
GnuCash is based on double-entry accounting, a must for small business finance.
Financial Reporting with GnuCash: GnuCash generates a good range of customizable financial reports for personal finance and small business finance. Get reports on cash flow, income and expense, equity, taxes, net worth and register reports. Small businesses will appreciate GnuCash reporting, with the following being just a sample of business reports available: income statements, trial balance, general ledger, journal, balance sheet, receivable aging, vendor reports and payable aging.
Download and Import Transactions: The majority of financial institutions offer transaction downloads in the OFX format, while some still only offer QIF downloads. You can download either format with GnuCash, and you can import QIF files from Quicken, Microsoft Money and Money Plus into GnuCash.
GnuCash Help: GnuCash has tutorials for all features as well as a concept guide, and a how-to Help feature.
Why You Should Give GnuCash a Try: GnuCash is free personal finance and small business accounting software that allows you to track a variety of account types, stocks, income and expenses. GnuCash is based on professional accounting principles to ensure balanced books and accurate reporting, yet it is simple to enter transactions using the account registers. Transactions can be
categorized for budgeting purposes, and registers can be reconciled to keep them accurate and up-to-date.
The double-entry accounting that GnuCash utilizes introduces some new concepts to many people who have used other financial software in the past. For example, in Quicken or Money, one account is set up for a credit card while credit card accounts can be set up in GnuCash as liabilities as well as assets. However, GnuCash provides excellent, free documentation and complete knowledge of double-entry accounting is by no means required because GnuCash does the accounting for you. Still not convinced? Download the GnuCash User Guide and see for yourself how easily you can use GnuCash.
In my opinion, all the features GnuCash offers makes this free financial software is definitely worth a try. Many small businesses will find GnuCash is perfect for their needs (consult your accountant for reporting requirements).
