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GnuCash offers solid budgeting capability, so you can create a yearly budget for any or all of your accounts. When entering vendor information, you can assign each vendor-specific terms and sales tax information as well. You can also add the appropriate tax table if the customer should be taxed on the purchase. When tracking a customer, you can add useful information to their account, including billing terms, a customer discount, and a credit limit. A similar screen is available for entering vendor information. You use this screen above to enter additional details about each customer, including a specific currency. An employee option is also available in the Process Payment screen for businesses paying employees. The same Process Payment screen used when paying a bill is also used to post payments received from customers by simply indicating under the Partner option whether the payment is to a vendor or from a customer. Additional features in the A/R module include the ability to track quantities sold, adjust pricing levels, offer discounts to customers, and calculate the appropriate sales tax on the invoice. Be sure to add the A/R account under Assets when setting up GnuCash. The A/R feature in GnuCash allows you to do just that, while also offering complete invoicing capability. You'll also want to know when their payment is past due. If you sell items or services to customers on credit, you will need to keep track of the amount they owe you.

This allows you to choose the bill or bills you wish to pay as well as the bank account you wish to pay them from.Ĭhecks can be printed in GnuCash from the account register using standard Quicken checks, and you can print a single check or multiple checks. Once a bill is ready to be paid, you simply process the payment using the Process Payment screen (shown above). Be sure to post the bill in order to have it saved and ready for payment. It only takes a minute or two to enter a new bill in GnuCash, and you can edit the bill at any time prior to processing payment. You will need to make sure that you create an A/P account under Liabilities when setting up GnuCash if you will be paying vendors. The A/P feature integrates with the rest of the application, eliminating the need to enter duplicate information. If you own a business, it's a safe assumption that you have bills, and GnuCash makes it easy to manage and pay those bills on a timely basis. While many of the features in GnuCash can be used by individuals and businesses, the product offers some very specific advanced accounting features that are designed to be used by businesses. There is also a bill payment reminder in GnuCash which will notify you when bills are due to be paid, and most importantly, will also notify you when a customer's payment is late. You can add the automatic banking import feature during setup, and will have the opportunity to view the data imported from the bank prior to completing the import function, which helps maintain accuracy and eliminates the need for journal entries down the road. Automatic statement reconciliation is also available in GnuCash, with banking transactions automatically downloaded and matched with system transactions.

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The business features in GnuCash are quite extensive particularly for a free product and include double-entry accounting functionality, a checkbook-style register for tracking both income and expenses, and the ability to handle transactions in a variety of currencies. GnuCash has been translated into 21 languages and offers solid multi-currency capability, making the product an excellent option for small businesses and startups that conduct business globally. GnuCash was initially developed way back in 1997 as an alternative to Quicken, but newer releases of the application also include solid business features.

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GnuCash is not cloud-based software, so you'll have to download the application from their website. As a result, the product is great for a sole proprietor, but would not be a good fit for businesses expecting to grow.

GnuCash is a single-user system, so you won't be able to add any additional users to the application.

GNUCASH IMPORT QIF SOFTWARE

GnuCash is an accounting software that offers basic accounting functionality and is completely free, making it an excellent option for startups and small businesses with limited budgets, as well as for individuals interested in tracking their personal finances.

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