GnuCash 2.4 Small Business Accounting

GnuCash 2.4 small business accounting

The GnuCash development team received notice about a new book published by PacktPub, UK:

GnuCash 2.4 Small Business Accounting, by Ashok Ramachandran.

This is a Beginner's Guide for managing your accounts.

Our own developer Christian Stimming has been contributing to this book as a reviewer, and we can wholeheartly recommend the outcome of this fruitful collaboration. Feel free to have a look at this book over at packtpub.com, and, best of all, the publisher has committed to allocate some percentage of the book sales back to the GnuCash project. Have fun with this book!

Features

GnuCash is powerful accounting software. Below are details of some of the numerous features that GnuCash has to offer to its users.

Main features

Double Entry

[Basic account relationship]

Every transaction must debit one account and credit others by an equal amount. This ensures the books balance: the difference between income and expenses exactly equals the sum of assets and liabilities.

Checkbook-Style Register

[Register]

The GnuCash checkbook-style register provides a custom, convenient and familiar interface to entering financial transactions.

The register supports common checking and credit-card transactions, as well as income, stock and currency transactions. The following features are also provided:

Scheduled Transactions

[Scheduled transactions]

You can create recurring transactions with a high level of customization of amounts and timeline. You can also set an automatic reminder when a transaction is due.

An assistant that runs when GnuCash is started allows scheduled transactions to be postponed without canceling or entering them before the due date.

Reports, Graphs

[Graphs]

GnuCash has an integrated module to display graphs of your financial data in the form of:

GnuCash also comes complete with a full suite of standard and customizeable reports, such as:

Graphs and reports can be highly and easily customized in appearance and contents, in order to fullfill every user's need.

Statement Reconciliation

[Reconcile]

Account reconciliation allows the user to compare the transactions entered in an account against a bank statement. This operation is very useful to spot untracked transactions or data entry errors and ensure that your books match the bank's.

The GnuCash reconcile tool with running reconciled and cleared balances makes reconciling against bank statements an easy task.

Income/Expense Account Types

Income/Expense Account Types (Categories) allow you to categorize your cash flow. When used properly with the double-entry feature and equity accounts, these enable you to generate reports, such as Profit & Loss, that plain-vanilla systems cannot handle.

Advanced features

Small Business Accounting Features

Simplify managing a small business with Customer and Vendor tracking, Jobs, Invoicing and Bill Payment, and Tax and Billing Terms.

Using A/Receivable and A/Payable accounts you can even manage payrolls for your employees.

GnuCash gives you also a tool to manage your business' budget so that you can easily plan your financial strategy.

Multiple Currencies

[Multiple currencies]

Different accounts can be denominated in different currencies. Currency movements between accounts are fully balanced when double-entry is enabled.

Stock/Mutual Fund Portfolios

Track stocks individually (one per account) or in portfolio of accounts (a group of accounts that can be displayed together).

Online Stock & Mutual Fund Quotes

Get Stock & Mutual Fund quotes from various web sites, update portfolio automatically. Additional pricing sources are added regularly.

Data storage and exchange features

Experimental database support

GnuCash by default stores data in an xml format. Starting with version 2.4, GnuCash financial data can be stored in a SQL database using SQLite3, MySQL or PostgreSQL.

Note this feature is considered experimental. It works for most of the common use cases but some corner cases have been reported to result in data loss. The GnuCash developers fix each issue as it gets reported. There is however no full test coverage so there may still be scenarios left that result in data loss.

QIF and OFX Import

If you are migrating from other financial software, GnuCash can import Intuit® Quicken® QIF files using a practical assistant.

GnuCash is also the first free software application to support the OFX (Open Financial Exchange) protocol that many banks and financial services are starting to use.

A transaction matching system ensures that duplicate transactions are accurately recognized and automatically deleted during file import.

HBCI Support

GnuCash is the first free software application to support the German Home Banking Computer Information protocol, allowing German users to perform statement download and initiate bank transfers and direct debits.

Other goodies

Multiplatform

GnuCash runs on many different operating systems including Windows, MacOSX and Linux.

Localization

GnuCash handles internationalized dates and currencies. The application's menus and popups have been translated to 61 languages, including Chinese, Danish, French, German, Hungarian, Italian, Japanese, Norwegian, Polish, Portuguese, Russian, Spanish, Swedish, Turkish, Ukrainian, and British English. Documentation is available in English, French, Portuguese and Spanish.

Transaction Finder

A powerful transaction query dialogue can help you quickly locate a needle in a haystack.

Check Printing

Checks may be printed in standard formats on common check stocks. A customization GUI allows custom check layouts to be developed.

Mortgage & Loan Repayment Assistant

A guided dialogue for setting up loan payments as scheduled transactions.

User Manual and Help

GnuCash is very well documented: along with the application Manual, new users can take full advantage of the Tutorial and Concepts guide. This document gives background information on accounting principles and how they are reflected in GnuCash with many practical examples described step by step.

HTML5 Powered with CSS3 / Styling, and Semantics

Copyright © 2001–2024 The GnuCash Project

Server & email outage reports to: irc://irc.gimp.net/gnucash

Translation problems? Contact: gnucash-devel@gnucash.org