Another Option: Postbooks

I think you should also take a hard look at Postbooks (http://www.xtuple.com/postbooks). I've found it ideal for my business (mostly consulting). When I decided I could no longer trust proprietary accounting systems I started looking at the open source options and came up with a list of requirements:

* Fully open data format
* Open source
* Network based (not tied to a single workstation)
* Multiple currencies
* Integrated vendor and customer records (and invoicing, POs, etc).
* GAAP

About two years ago I switched to LedgerSMB and used it with moderate success for day to day operations. It met all my requirements and the development team was responsive and motivated to produce a good product. However, after several serious problems with the software I became uncomfortable trusting it with my business records. I often experienced calculation errors which needed to be repaired by hand (very carefully!) in the database. Tax rate changes and foreign currency handling were particularly troublesome and reprinting invoices after a rate change would show incorrect values. Worse yet, at the end of the year it took a week worth of effort to produce a balanced set of books (mostly tracking down calculation errors). After about a year I migrated off of LedgerSMB and onto Postbooks.

Postbooks is the open source version of the commercial OpenMFG package from xTuple (http://www.xtuple.com). I've found it to be stable and relatively easy to use (as far as accounting software goes!). All of the data is stored in a Postgresql database along with stored procedures that implement the accounting logic. Foreign currencies are well supported and it meets all my needs for managing invoices and payables. But, most importantly, after a year of working with it I 100% trust it with my data.