GnuCash is a free and powerful open-source financial accounting software designed for personal and small business use, it helps users track income, expenses, bank accounts, and stocks. It’s designed to be easy to use, and is based on professional accounting principles. GnuCash is available for many operating systems, including GNU/Linux, BSD, Solaris, Mac OS X, and Microsoft Windows.
GnuCash offers several features similar to QuickBooks, making it a viable alternative for those looking for a budget friendly robust accounting software. Both GnuCash and QuickBooks use a double-entry accounting system, ensuring that every transaction is accurately balanced.
There is no need to purchase yearly bookkeeping spreadsheets from vendors or pay for on going online accounting platform subscriptions such as with QuickBooks. GnuCash supports multiple account setups, and the program offers free updates to the program regularly, which means you can use it year after year for your accounting needs with no need to purchase anything
In this DIY bookkeeping with GnuCash tutorial series, the emphasis will be more on tracking the physical flow of cash, both incoming and outgoing and managing cash transactions efficiently. You can follow along by setting up a practice accounting file in Gnucash, and since Gnucash is a multi use program, you can delete the practice account at anytime and it will not affect your company business accounting records.
In this example, I will track the income and expenses of The ABC Consulting Services Business, which uses a cash based accounting system.
