4/7/2024 0 Comments Jgnash vs gnucash![]() So if you can acclimate to this new style of bookkeeping, GnuCash will do everything you need in the realm of personal finances … and then some. This accounting system goes a long way to aid you in year-end accounting (such as with taxes). But understand how double entry works, might help you navigate through your various accounts. The good news is that GnuCash does this automatically for you ─ so you don’t have to manually create two entries for every one entry. For example: Recording earnings of $1000.00 would require making two entries (a debit entry of $1000 to an account called Cash and a credit entry to an account called Income). With double entry accounting, every entry to an account requires a corresponding and opposite entry to a different account. The double entry system is the one barrier of entry for many users. The one caveat with using GnuCash is getting used to the double-entry ledger (Figure 7). For example, you can add a collection of common accounts as well as a set of business accounts without having to re-run the wizard. The new account wizard allows you to easily set up a business account and select from a large number of account types (Figure 6).ĭuring the setup, you can even select multiple account types to be included. Although GnuCash offers a lot of business-minded features, it is still an outstanding choice for personal finances. Mark transactions as cleared or reconciledĪlready you can see GnuCash takes financial tracking a bit more seriously than the other entries. QIF/OFX/HBCI Import, Transaction Matching ![]() Powerful Reports and Graphs (such as Balance Sheets, Profit & Loss, Portfolio Valuation, and more) GnuCash is a double-entry accounting package that features: Not only does GnuCash do a stellar job of tracking personal finances, it can also serve to keep track of your small business finances. GnuCash is often considered the powerhouse financial tool for Linux. You can set the reconciliation status of the transaction, add memos, and more. When creating a new transaction in KMyMoney, you have the ability to get more detailed about each transaction (Figure 5). Once the account is set up, you’ll find the KMyMoney interface (Figure 4) incredibly easy to use. Included in that setup is the ability to select account types for specific tax needs (Figure 3). With just a few steps, you can have an account, specific to your needs, created. One of the features I find to be a highlight of KMyMoney is the account setup wizard. KMyMoney features: different account types, categories, QIF import/export, online banking support (via OFX and HBCI protocols), ability to align brokerage and investment accounts, transaction scheduler, and much more. KMyMoney is a native KDE personal finance manager that adds plenty of features to a very well-thought-out interface and makes transitioning from the likes of Quicken or Microsoft Money a no-brainer. What’s best about wxBanker is the lack of learning curve. The wxBanker app is best used as an extended version of your check register that can also keep track of whatever accounts you have connected to. With wxBanker, you can do simple transactions, transfers, recurring transactions, use a built-in calculator, add as many accounts as you like, enjoy a simple graph, and sync with your account (Figure 2). What it lacks in features, it makes up for absolute simplicity. This app does not sync with your online bank records, you won’t do your business books with it, nor will you do your taxes. ![]() What you will find is an interface that makes it incredibly simple to keep track of your basic personal finances (Figure 1). You won’t find all the bells and whistles many other apps contain. Instead of going into an in-depth analysis of the cream of the crop, I want to highlight three of the personal finance managers that could, in fact, serve you well as you track your earnings, savings, stocks, etc. So if you don’t want to pay the price of QuickBooks Online, you can take control of those records and keep them on your desktop or laptop.īut which apps to use? Doing a quick search, you’ll find a number of entries in the finance space ─ all of which are not created equal. With the Linux platform, you’ll find applications to meet just about every need to keep track of your finances. One such category is personal finance managers. ![]() But there are certain app categories that demand you do a bit of searching to get just the right tool. Most often, the bare installation will contain everything you need to get work done. When new Linux desktop users arrive, the first thing to be done is locate apps to take the place of the ones they left behind.
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