GnuCash is a wonderful online accounting software that is used by individuals and small businesses for financial-accounting. This one of a kind software help in tracking the user’s bank account details, the income of the user and all the expenses made by the user. The tool provides enhanced features like balance records and accounting reports as it acts like a checkbook register.
Editions & Pricing
GnuCash is open-source software and has no cost for its installation.
Capabilities and Supporting Set of Features
GnuCash has unique features and it provides customization and similar interfaces know to users while they enter financial transactions.
CheckBook Style: This feature is an essential feature when the user enters financial details as it supports common checking, credit card transactions and income or stock transactions. This feature also lets the user
- Enter split transactions.
- Highlighting a transaction as cleared or reconciled.
- Auto filling options available.
- Multiple accounts can be displayed and viewed
- The summary bar shows the balance information of the user.
- Display and other styles can be customized.
Scheduled Transactions: This is a rich feature of the software which allows the user to set reminders whenever a transaction is due. Recurring transactions can be created with a wide range of customizations.
Reports and Graphs: The user has many options available to analyze the accounted data in the form of graphs. The user can develop bar, pie and scatter graphs which makes it very easy to evaluate data. Balance sheet, profit, and loss, etc. such can be seen on the graph reports by the user.
Statement Reconciliation: This feature in the software is very powerful as it helps the user to cross-check the statement entered in the checkbook against the bank statement. This operation helps the user to focus on data entry errors and any transaction which is not being tracked.
Multiple Currency Account: This is a cool feature that allows the user to mark different currency accounts. The to and fro of currencies between different entries can be made possible if the double-entry feature is on by the user.
The GnuCash community has provided a detailed support system in the form of FAQs where the user can get each and every solution for any problem faced during the installation of the software and also after using it. There also other options available such as mailing the company where instant replies are done.
The application is currently available on mobile devices and platforms such as Android.
The GnuCash tool supports Linux, Windows and Mac OS.
Pros and Cons
- Interactive double Entry Accounting
- Reports, Graphs can be developed easily
- Financial calculations and schedules transactions can be done in minutes.
- File formats like QIF, OFX, and HBCI can be imported easily.
- UI/UX needs to be updated.
- The user needs more simplification of data to understand.
- Filtration options should be provided.
- Gives quick and best optimization tools.
- Best interactive report making.
- The best tool available in the market to monitor all expenses.
For more details, please visit the GnuCash website.