![]() ![]() ![]() Click on File -> New, then select New File. To keep the process as simple as possible, we’ll use GnuCash’s New Accounts druid to handle the process of account creation. Now that you understand the basics of double-entry accounting, you’re ready to use GnuCash. Now, speaking of checking accounts, let’s set up GnuCash to track one. Equity is nothing more than the difference between the two. Liabilities are the things that you owe, like rent or car payments. It’s easy, really.Īssets include things like the money in your checking account. It takes you just far enough past the fundamental “Assets – Liabilities = Equity” equation to show how Income and Expenses, the last two of the five account types, fit into the equation. In The Basics, the Guide explains not only the five basic types of accounts, but why it takes a minimum of two entries - thus the name “double-entry” - to keep the accounts in balance. You really need to understand what double-entry accounting is all about before you can ever be comfortable using GnuCash, even to balance your checkbook. Start by reading the section called “The Basics” in the GnuCash Tutorial and Concepts Guide that you can find under Help. Please note that this is not a review of GnuCash 2.0, nor a discussion of what’s changed in this release, but simply an introduction and explanation of GnuCash based on the 2.0 release, for those who don’t already grok dual-entry accounting, to encourage them to try it for themselves. If you’re one of those folks for whom double-entry accounting is as foreign as a Texan in Petropovlask, here’s how to get started using GnuCash 2.0 to track a checking account. GnuCash is a powerful free software tool for handling personal and small business finances, but if you’re not familiar with double-entry accounting, the initial learning curve might scare you away from even trying it. Version 2.0 of GnuCash was released this summer, and it’s better and more powerful than ever.
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