GnuCash

A newer version of GnuCash is available.

• 5.0 stars

  "Excellent, Fast & Easy to Use"

  December 18, 2011  |   By ursus262

  Pros

  A clear, intuitive layout means that it is easy to navigate and use. Import from other programmes via QIF is simple and worry free.

  Cons

  Believe it or not, the ability to export reports in some kind of spreadsheet format would be ideal for setting household budgets

  Summary

  I read, with amusement, some of the comments written about GnuCash on here about being confused by some of the accounting conventions, when really most of it is just common-sense. Whereas my previous money-management software used categories of spending, e.g. electricity, car maintenance, etc., GnuCash simply creates accounts for them. Put simply, they are little pots of money: a pot of money in your bank account; a pot of money that you pay the electricity company; a pot of money that you pay a garage to service your car; and so on. As long as you have set everything up in the first place, a payment to the electricity company, for example, when suitably marked as "electricity", when you pay the bill, you can record it in your bank account, and the amount that you have paid will be debited from you bank account ledger, and copied across to the electricity account ledger, so you have a record of all you have paid the electricity company. Put simply, you move money between your various pots, with each pot representing your bank account, or one of the various accounts that you pay money to for goods or services.
  
  It's not actually complicated at all, and once the penny drops, it is a very intuitive and very powerful programme that I have learned to trust. Even account reconciliation is fast and easy.
  
  But the most important thing to me is integrity, and this software is accurate and gives me control over my spending and makes budgeting much easier.
  
  Finally, two words of advice to make the transition much easier:
  
  Firstly, take some time and trouble to read the manual, which is very interesting, as it explains the basics in clear English.
  
  Secondly, write down the categories that you need to create accounts for. You can always add accounts later if you need to.
  
  Overall, and excellent programme and is highly recommended.

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