by CI Staff
GnuCash is a personal financial accounting software program that can keep track of your bank accounts, expenses and investment portfolios. GnuCash is essentially a blank ledger that allows you to add whatever account type you want, and keep track of your money efficiently from an accounting standpoint. This program is ideal for individuals as well as small businesses.
After downloading the program, it will ask you whether you want to import QIF files, create a new set of accounts or go to the new user tutorial. It’s useful for individuals to read over the extensive tutorial because it details the software’s functionalities as well as accounting and finance terms used throughout the program. Having a basic refresher of some accounting concepts from this tutorial will make the program easier to use. The tutorial also walks users through setting up accounts from a checkbook, loan, investment or more.
GnuCash breaks your budget into five different categories: assets, liabilities, equity, income and expenses. The program is built around a double entry accounting system, which means that for every change in value of one account in the accounting equation, there must be a balancing change in another. This ensures that the books balance. GnuCash is displayed in a checkbook-style register, which provides a simple and familiar interface to enter financial transactions.
GnuCash offers a Scheduled Transaction feature as well, which allows users to record recurring transactions and set automatic reminders. For further analysis, you can generate several different types of reports and graphs, such as scatter plots, pie charts and portfolio valuation reports.
GnuCash is a comprehensive financial assistant. Though the program is easy to use, the tutorial will prove helpful when coming across complex accounting terms.
The GnuCash Project
System Requirements: Windows XP/Vista/7, GNU/Linux, BSD, Solaris, Mac OS X