GnuCash - Financial Package for Personal and Small Business Use
According to the wiki, GnuCash is a leading Desktop Financial Manager Application appropriate for personal and small business use meant to be easy to use and full of features - it’s also open source and free.
If you use online banking it is possible to import bank transactions, assuming your bank or credit card company supports one of three import methods; Quicken Import File (QIF), Open Financial Exchange (OFX) and Home Banking Computer Interface (HBCI). If you have trouble connecting the application to your online bank, as I did, there is the option to download your bank statement in csv format and have it converted to OFX via Ed Wilde’s converter . The OFX file can then be imported into GnuCash.
Amongst the features of GnuCash are;
- Auto-Completion - and other entry shortcuts which help speed up data entry and reduce errors.
- Statement Reconciliation - helps you catch any discrepancies between your data and statements you receive.
- Investment Tracking - offers a host of ways to track your investment portfolio. Special investment accounts simplify data entry, and on-line tools allow you to update the price of your holdings as the markets change. Reports complete the picture, allowing you to analyse your investment decisions.
- Currency Support - allows you to track multiple currencies and monitor bank accounts, investments or other financial data in different currencies.
- Reports and Graphs - give you valuable information for filing taxes, budgeting, or simply figuring out where your money goes. Offers a variety of easy-to-use reports and graphs to help analyse your financial position and customize your own reports.
- Double Entry - to provide complete records GnuCash uses the double entry method of bookkeeping. Double entry simply means that money doesn’t just appear or disappear - an equal amount must come from one location and go to another location. By tracking the transaction in both locations, GnuCash will give you detailed reports from the perspective of either account.
- Tip of the Day - gives helpful tips to new users about available features.
The wiki has further information including an FAQ.
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