Coming soon: gnucash 1.8
[Posted December 4, 2002 by corbet]
When attention turns to what Linux needs if it is ever to attain desktop
World Domination, the first thing that comes to mind is usually office
suites. But personal and business finance software is also an important
part of a desktop system. The state of the art for Linux financial
applications has always lagged far behind what can be found in the
proprietary world, and that deficit certainly does not help get Linux onto
more desktops.
The leading free finance package for Linux is gnucash. LWN has looked at gnucash a
couple of times in the past, and your editor has used it for his
(depressing) finances for almost three years. Gnucash gets the job done,
but it long lacked the features found in commercial finance programs; it
has also never been something that could challenge small business packages
like Quickbooks. The gnucash developers have not been idle, however; much
work has gone into the 1.8 release, which is due
to hit the net on January 5.
When the 1.7.4 beta
release was announced, your editor grabbed a copy to see what the
gnucash team has been up to.
gnucash 1.8 will have quite a few new features, including:
- Scheduled transactions have long been at the top of the
gnucash wishlist. At last, gnucash will keep track of upcoming
transactions and help you put them into the register (or do it
automatically) when the time comes. The gnucash interface for
scheduled transactions takes a little getting used to, but it's highly
functional. About the only feature your editor missed is the ability
to generate a projection of future account balances based on the
scheduled transactions.
- gnucash finally understands mortgages and other loans.
Combined with scheduled transactions, this feature makes it easy to
track loan balances, escrow accounts, etc.
- Small business accounting is now part of the gnucash
feature set. gnucash will now track customers and vendors, run
payable and receivable accounts, generate and track invoices, etc.
There is also basic support for per-customer terms and tax tables.
LWN is currently looking for a Linux-based accounting package
(suggestions, anybody?), so we are highly interested in the new
gnucash features in this area. Unfortunately, it does not seem that
gnucash is really ready to run businesses quite yet. Documentation of
the business features is lacking (though that may be fixed up by the
1.8 release), numerous problems remain (i.e. you can't put your
company's address onto invoices in anything but image form), and
important features (i.e. payroll) are lacking. But things are heading
in the right direction.
- Open Financial Exchange (OFX) support - at least for import.
gnucash 1.8 also support the Home Banking Computer Information
protocol, which is used in Germany. We were not able to test out
these features.
- Improved documentation, which is now packaged separately.
The quality of the documentation is improving, but numerous holes
remain.
- More and improved reports. You want pie charts, or nice
listings of just how much your stock portfolio has lost? gnucash will
do them for you better than ever.
As a personal finance application, gnucash 1.8 is truly ready for prime
time. All it needs is a few rough edges filed off, and a small set of
additional features (i.e. budgeting), and it will be fully competitive with
the proprietary packages.
As a business accounting package, gnucash has some ground to cover yet.
This is actually an interesting state of affairs: gnucash has had many of
the basics, such as double-entry accounting and an (almost undocumented)
PostgreSQL backend, for a long time. Conversations with the gnucash
developers indicate the the new gnucash business features are the results
of a single developer's efforts. Can it be that the free software
community is unable to come up with the resources to build a top-quality
business accounting package on top of a proven platform? We should be able
to do better than that.
gnucash will eventually be able to address the business market - the
code has been slowly but steadily getting better for years. In the mean
time, there really is no need to use proprietary packages for personal
finance; gnucash 1.8 will be more than good enough.
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