GnuCash

Software: GnuCash. I’ll start this week’s recommendation with a couple of confessions. First, I have not had an opportunity to try this software. While I have tried to carve out some time to check it out, I just have not had a chance. However, it comes recommended by Brian, a long-time SavvyReader. In fact, his specific Tweet was, “At your convenience, check out GnuCash. It might be helpful to a few RetirementSavvy readers.”

Second, it is highly unlikely that I would use this software, or any other finance related software, for that matter. Between Quicken, which I have used for years, and the RWR Simple Retirement Workbook – with spreadsheets covering monthly expenses, retirement portfolio, portfolio projections, Social Security & defined benefit pension projections, withdrawal plan, and beneficiary allocations which are all linked where applicable – I have every piece of financial information at my fingertips in formats that work well for me.

FreeWith all that being said, this software might work well for some SavvyReaders; and there certainly is no harm in trying it if you do not currently use financial software.

As long-time SavvyReaders know, we like words such as frugal, discount and free here at RetirementSavvy.

The less money you spend on products such as software, the more you can save – perhaps building up an emergency fund – and invest, accumulating wealth.

This software, focused on personal and small-business financial-accounting use, is freely licensed under the GNU GPL and available for GNU/Linux, BSD, Solaris, Mac OS X and Microsoft Windows.

Designed to be easy to use, yet powerful and flexible, GnuCash allows users to track bank accounts, stocks, income and expenses. According to the website, this software is quick and intuitive to use as a checkbook register and is based on professional accounting principles to ensure balanced books and accurate reports.

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Highlighted features include: double-entry accounting, stock/bond/mutual fund accounts, small-business accounting, reports & graphs, QIF/OFX/HBCI import, transaction matching, scheduled transactions, and financial calculations. Additionally, site support includes documentation such as a help manual and tutorial & concepts guide, a FAQ, Wiki, mailing lists, bug reports, and IRC (Chat). It would appear as if GnuCash has users covered with respect to support.

Again, if you aren’t currently using financial software, or you want to give new financial software a look, here you go.

Blogger-in-Chief here at RetirementSavvy and author of Sin City Greed, Cream City Hustle and RENDEZVOUS WITH RETIREMENT: A Guide to Getting Fiscally Fit.

2 Comments

  1. I have been using the apps for Wave accounting, and a modified version of the excel workbook James provided to monitor, track and budget my personal finances. GnuCash picks up where Wave [for me] misses, primarily concerning investment accounts or accounts not linked to major financial institutions. I have been using the GnuCash software for a little over a month, import from my bank accounts were simple. Although it is intuitive and user friendly to set up can be extensive depending on the number of accounts you have. I’ve also found printing reports takes patience in setting styles and is time consuming. No multiple user access support but that has not been an issue for me, especially coming from the high cost of a multi-user license Intuit charges for its software. The pros outweigh any cons so far, especially the fact that it is free.

    • Thanks for offering your hands on experience with the software, Brian. Speaking of my Excel workbook, I have cleaned it up a little and made a slight adjustment to one formula. Look for an updated copy in your email.

      Also, thanks for bringing Wave to our attention. The more sources people have to choose from, the better.

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