GnuCash – good alternative to MS Money?
As the world says good bye to Microsoft’s classic financial software, many people have been looking around for good replacements. Of course, there are several commercial softwares out there to fill in the void, but the trend seems to really be in the web rather than your desktop. Three days ago, when I decided to begin a home budget in order to understand where the heck is my money going, I saw a few options. Mint and Quicken Online, both very resourceful and free for basic use, impressed me but it soon became clear that they weren’t going to help me – turns out they aren’t very suitable for Brazilians, as Quicken doesn’t even allow you to subscribe unless you have a valid zip-code (mine didn’t appear to be so).
I kept looking for free software that could help me do my home budgets, and finally I found GnuCash for windows. Yes, you heard me: for WINDOWS. I have been using windows again because many of the softwares I’m used to aren’t compatible to Linux. Anyway, this is the third day I’ve been using it, and so far I’ve reached the conclusion that this is a powerful – but possibly cumbersome – tool. It is not really heavy on your computer; it’s your mind I’m talking about.
First of all, I couldn’t really do ANYTHING with it before I read a few pages of it’s documents. And now, three days since my first contact, I stand in awe of how amazing GnuCash is – although there’s a long way for it to go in my opinion. So, if you’re looking for a quick review of this software by someone who is a real beginner in the whole accounting thing, here is what I like and dislike about it:
The Good Side
The best thing about this software must be it’s capacity for detailed money tracking, which really fascinated my neurotic obsession for precision. You can be as detailed as you want – right now I can even track the cents in my wallet! Of course, you don’t have to go that deep and you might just use it to keep track of your bank account… but I really want to get detailed info about my expenses this month, because my clumsiness towards money has led me to a point where I feel like my money is disappearing from my pockets. The double-entry system surely is handy for keeping such precise records, as it forces you to always know where this money came from (your wallet, your paycheck, your checking account, etc…) and where it is going to (groceries, entertainment, etc…).
The Bad Side
The worse aspect of GnuCash must be it’s flattened learning curve. As I mentioned, you can’t really do anything unless you already have some notions of bookkeeping or read a few pages of the manual. Myself, I already managed to put most of my finances in order on the system, but I have two company loans – yes, I’m tracking my company there too! – that I haven’t been able to insert in the system, because I still haven’t a clear notion of how to register my debt and the monthly interest rates in there – apparently, GnuCash won’t just calculate it for me. In MS Money I would just insert my current debt – the amount I have yet to pay – and keep track of my montlhy payments. Yet, that wouldn’t give me such a clear picture of my balance, so I prefer to dive a little longer into the documents.
In sum, GnuCash is a wonderful application to keep your money in check. It doesn’t have the automated features of it’s web competitors and, although it may be considered user-friendly, it is not a software for the lazy as it does takes some effort to be properly learned. If you’re migrating from MS Money, don’t expect to tame GnuCash instantly, but do not give up and you may enjoy the benefits of detailed and precise bookkeeping.
By the way, if you’re a windows user -such as myself – and have no idea how to compile the software by yourself as the GnuCash website tells you to do, don’t panic! There are executable installation files around the web in download sites – I found mine at www.superdownloads.com.br .
