Budgeting Financial Planning Financial Software GnuCash Free Personal Finance and Accounting Software By Shelley Elmblad Shelley Elmblad Shelley Elmblad is an expert in financial planning, personal finance software, and taxes, with experience researching and teaching savings strategies for over 20 years. She earned her bachelor's in business administration from the University of Wisconsin and has successfully completed additional coursework and certificates in public administration, computer networking, small business accounting, and small business management. learn about our editorial policies Updated on October 4, 2020 Reviewed by Margaret James Reviewed by Margaret James Twitter Peggy James is an expert in accounting, corporate finance, and personal finance. She is a certified public accountant who owns her own accounting firm, where she serves small businesses, nonprofits, solopreneurs, freelancers, and individuals. learn about our financial review board Photo: Shelley Elmblad GnuCash is a free, open-source program anyone can use to manage their money. This financial software can be used to track personal finances and also works as small business accounting software. GnuCash tracks a variety of account types, stocks, income, and expenses. There's no iPhone app, but Android users will find a very simple and free GnuCash app in the Google Play app store. Supports Multiple Operating Systems and Multiple Currencies GnuCash runs on Windows, macOS, and GNU/Linux computer operating systems. The software has been translated into many languages and supports over 100 currencies . Simple Setup GnuCash walks you through setting up accounts. Transactions for checking, credit card, income, and investments are entered into an on-screen checkbook register, similar to most financial software applications. You can enter split transactions, display multiple accounts, and customize your view. GnuCash Account Types You can set up a variety of account types in GnuCash, suitable for personal finance and small business accounting. Choose from asset account types such as Cash, Bank (includes credit cards, brokerages, savings and loan institutions, and credit unions), Stock, Mutual Fund, Accounts Receivable and Asset accounts. Liability account types are Accounts Payable, Liability (long-term loans) and Credit Card. Income and Expense accounts will vary depending on your spending patterns. Automatic File Backups and Crash Recovery GnuCash makes a backup copy of your data each time your data file is saved. Program preferences let you set how many in a series of backup files are saved. Keeping multiple backups never hurts, and definitely helps if you need to restore a file going back weeks. GnuCash saves log files to document changes made to data so it is possible to recover work in the event of a power outage or system crash. Small Business Features GnuCash is based on double-entry accounting, which is important for managing the financial books of a business. Note The small business accounting features can also be used for personal finances, although if you've never used double-entry accounting, it may take some getting used to. Some of the features perfect for small businesses include: DepreciationAccounts receivableAccounts payableCustomer and vendor trackingInvoicingBill paymentTax and billing termsPayroll management Financial Reporting A decent range of customizable financial reports for personal finance and small business finance are included with GnuCash, such as cash flow, income, and expense, equity, taxes, net worth, and register reports. Small business reporting includes income statements, trial balance, general ledger, journal, balance sheet, receivable aging, vendor reports, and payable aging. Plus, since Gnu Cash uses double-entry accounting, you can generate profit and loss reports, too. Downloading and Importing Transactions GnuCash will import data from banks as well as other software packages using QIF (Quicken), OFX (Open Financial Exchange) and HBCI files. A transaction matching system matches transactions before import so you don't wind up with multiples. Help Documentation As far as customer support goes, you will find most of the GnuCash help offered via a user manual, online tutorials, and a how-to Help feature. There is also extensive documentation in the form of the GnuCash wiki and mailing lists. The Tutorial and Concepts Guide gives you information not only about the software but also about basic accounting concepts, showing you how they are implemented in the software and giving you help step by step. Is GnuCash Right for You? Since GnuCash works with double-entry accounting, it is perfect for small businesses, but the concept may be new to many personal finance software users. However, the documentation and user guide are easy to understand, and complete knowledge of double-entry accounting is not required. Note To get an idea of how GnuCash works, check out the Help Manual. GnuCash is worth a try as a personal finance software, but many home users may be confused about installing the software. For example, the GnuCash download page includes unstable testing versions as well as the stable version (you'll want the stable version). Windows, Linux, and other setup file downloads are specified with icons, so be sure to choose the correct download for your operating system. Many small businesses do well with GnuCash but may consider consulting an accountant to ensure IRS reporting requirements are met. Was this page helpful? Thanks for your feedback! Tell us why! Other Submit Sources The Balance uses only high-quality sources, including peer-reviewed studies, to support the facts within our articles. Read our editorial process to learn more about how we fact-check and keep our content accurate, reliable, and trustworthy. GnuCash Tutorial and Concepts Guide. "Chapter 12: Multiple Currencies." Gnu Cash. "Features." Gnu Cash Tutorial and Concepts Guide. "Accounts Receivable." Gnu Cash Tutorial and Concepts Guide. "The Basics."