- GnuCash uses a double entry accounting system and has an income/expenses account where you'll be able write down all of your financial operations. It also lets you manage clients, suppliers, and employees; it supports operations in different currencies and lets you import files in QIF and OFX format.
- Sep 20, 2020 Considering it costs zilch GnuCash comes packed with a host of features (Image credit: GnuCash) Features. Due to the way GnuCash has been created we think that this software is an ideal option for.
Every transaction in GnuCash has at least two splits, but a transaction can have more than two splits. A transaction with only two splits is called a simple transaction, since it only involves the current account and a single remote account. A transaction with three or more accounts is called a split transaction.
When the register is in Basic view, you will see a summary of the splits affecting the current account. For a simple transaction, the Transfer column will display the other account from which money is transferred. For a split transaction, the Transfer column will display -- Split Transaction --. You can see the individual splits of each transaction by clicking the button in the Toolbar while selecting the appropriate transaction.
GnuCash is not the only Personal Finance software available, and it is not necessarily the perfect choice for your requirements. That is why we have compared GnuCash with Money Manager Ex, weighing one software against the other. If you’re reading this comparison, then you're probably interested in choosing GnuCash or Money Manager Ex. GnuCash uses a double entry accounting system and has an income/expenses account where you'll be able write down all of your financial operations. It also lets you manage clients, suppliers, and employees; it supports operations in different currencies and lets you import files in QIF and OFX format.
For split transactions, the first line of the transaction is the transaction line. It contains a Date, optional Num (such as a check number), transaction Description, total amount affecting the current account (Tot Deposit here), and updated account Balance after the current transaction. Note that in the expanded view, the Transfer column heading disappears, and there is no account name listed in that field. This line shows you only a summary of the transaction’s effect on the current account. For more detailed information, you need to look at the individual splits that make up the transaction.
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Gnucash.org As another example of a simple 2 account transaction, add another transaction to describe the purchase of $45.21 worth of groceries. From within the Assets:Checking account, you would set Transfer to Expenses:Groceries. The account register should now appear: This image shows Assets:Checking - Register after adding a transaction for groceries. The need for 3 or more splits in a transaction occurs when you need to split either the “from” or the “to” account in a transaction into multiple accounts. The classic example of this is when you receive a paycheck. Your take home pay from a paycheck will typically be less than your net pay, with the difference being due to taxes, retirement account payments, and/or other items. Thus, the single transaction of you receiving a paycheck involves other accounts besides simply Assets:Checking and Income:Salary. To add the paycheck split transaction from the Assets:Checking account register window, click on a new transaction line and click Split. Note that if you have set your register view to Auto-Split or Transaction Journal, the splits will be opened for you. Enter the description of this transaction on the first line(e.g. “Employers R Us”). In the split lines below this, enter the various splits that make up this transaction, one by one. To enter the splits, first choose the account, then enter the amount by which to change the account. Keep in mind that when in an asset account register, amounts entered in the left column increase the account balance, while amounts entered in the right column decrease the balance (for more about this, see Section 2.2.3, “Transactions”). Tab or click the next split line and repeat the process. Note that if you are using the keyboard to navigate the transaction, use Tab to move from field to field, as using Enter will commit the transaction and create splits to an Imbalance account.
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