GnuCash

I have explored many types of software, like, office applications, internet browsers, graphics applications, CAD applications and developer applications. However, I did not really try a financial application till recenlty. Some years back, I downloaded a beta financial package from Microsoft. Before I could find out about the application, the trial period ended and that rendezvous terminated before starting. There was no cost-free financial software then. Further, my engineering background did not help me to learn accounting. So, my pursuit to explore a financial software did not really take off.

A few months back, I read about GnuCash in the net. The software was free to download and to use. I downloaded it immediately and installed the software in my PC. The download file size was small and the installation in my windows was incident free. This program was originally developed to work with Linux. It was later modified to work on other platforms, like Windows. I installed GnuCash in both Windows and Ubuntu (Linux) platforms in my PC.

After installation, I did not know where to start and how to use. I started with “Tutorials and concepts” section of help files in GnuCash. Tutorial was so understandable that I gained knowledge on double entry (contra entry) in quick time. It gave me more knowledge on accounting practices.

First, I started a personal account in GnuCash with the help of a template readily available in it. I started entering data on my current assets and daily expenses. Slowly, I gained confidence. Used split function to enter single invoice with multiple items. It really worked great.

Then, I modified some account (ledger) names to suit my needs. I also started some new accounts also. Then I added other fixed assets like house and investments like stocks. Now, I am regularly using GnuCash as my personal accountant. Though values of my assets may not be accurate due to depreciation/appreciation and changing NAVs, I can view and print report of my credit worthiness at any time.

I am struggling with two functions yet in GnuCash.

• One is integrating GnuCash with online banking. If integrated, one entry will update both online banking and Gnucash simultaneously. Though there is a provision in the software, it does not work for me. I will keep trying. This may be due to non availability of gateway between GnuCash and Online Banking software.
  
• Second is updating stock/fund prices in real time. This is also not working for me.I am updating the values manually at present. Since I have very few stock investments, it is possible to do manually. The frequency of update is monthly, which is not good, considering high volatility of the market. I have to find a solution to this issue too.
  

I would be more happy if these two functions work for me.

GnuCash does not have graphical interface like a commercial financial software. Ease of use is not comparable to commercial software. These two negatives pale against the cost of a commercial software. I really enjoy using it and would recommend to all.