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Gnucash 2.4 Small Business Accounting

Book Description

Manage your accounts with this desktop financial manager application

  • Help small businesses maintain their books of accounts using feature-packed, easy-to-use GnuCash

  • Written by an author who has "been there, done that": who ran two small businesses, understands the needs of small businesses, and guides you to effectively use GnuCash

  • Instead of simply describing the features of the software, this book focuses on how to use this software to plan, get the right numbers, and make the decisions to reach your business goals

  • While beginners can get started quickly, advanced users will find lots of features such as migrating transaction data and integration with other applications that they didn't know existed or could be used that way

  • Written without accounting jargon and with lots of hands-on tutorials, multiple choice questions to check your understanding, and additional challenges thrown at the more adventurous user, in an easy-to-read style

  • In Detail

    Attention, small business owners! Stop tax-day stress. Stop procrastinating with a shoebox full of receipts. Stop reinventing the wheel with a spreadsheet. Stop making decisions simply on a hunch. Stop wasting money on software that is overkill. Start by downloading GnuCash and getting your accounts in order. Designed to be easy to use, yet powerful and flexible, GnuCash allows you to track bank accounts, income, and expenses. As quick and intuitive to use as a checkbook register, it is based on professional accounting principles to ensure balanced books and accurate reports. You can do it and Gnucash 2.4 Small Business Accounting Beginner's Guide will help you get up and running with maintaining your accounts.

    Gnucash 2.4 Small Business Accounting Beginner's Guide speaks business language, not accountant-speak, because it is written by a former small business owner. It guides you to use GnuCash from scratch with step-by-step tutorials without jargon, pointing out the gotchas to avoid with lots of tips. It will teach you to work on routine business transactions while migrating transaction data from other applications gradually. You will be able to keep on top of transactions and run reports after reading just three chapters!

    Beyond Chapter 3, it is up to you how far you want to go. Reconcile with your bank and credit card statements. Charge and pay sales tax. Do invoicing. Track payments due. Set up reminders for bills. Avoid stress at tax time. Print checks. Capture expenses using your mobile phone.

    Gnucash 2.4 Small Business Accounting Beginner's Guide gives you the power. Know your numbers. Make decisions with confidence. Drive your business to its full potential.

    Get your accounts in order and avoid tax-day stress with this hands-on guide to GnuCash, the best free accounts software in the world

    Table of Contents

    1. Gnucash 2.4 Small Business Accounting
      1. Copyright
      2. Credits
      3. About the Author
      4. About the Reviewers
      5. www.PacktPub.com
        1. Support files, eBooks, discount offers and more
          1. Why Subscribe?
          2. Free Access for Packt account holders
      6. Preface
        1. What this book covers
        2. What you need for this book
        3. Who this book is for
        4. Conventions
        5. Time for action - heading
          1. What just happened?
          2. Pop quiz - heading
          3. Have a go hero - heading
        6. Reader feedback
        7. Customer support
          1. Errata
          2. Piracy
          3. Questions
      7. 1. Getting Started with GnuCash
        1. Installing GnuCash on Windows
        2. Time for action - installing GnuCash on Windows
          1. What just happened?
          2. Other operating systems
          3. Other download locations
        3. But first, a tip to make your life easier with auto-save
        4. Taking the drudgery out of setting up accounts
        5. Time for action - creating the default business accounts
          1. What just happened?
          2. Account hierarchy
          3. Minimal set of accounts
          4. Pop quiz - understanding accounts
          5. Have a go hero - creating account hierarchies from multiple templates
        6. Getting your business accounts done just right
        7. Time for action - fine tuning business accounts
          1. What just happened?
          2. Account types
          3. Parent accounts and top level accounts
          4. Placeholder account
          5. Opening balance
          6. Pop quiz - understanding account types and hierarchies
          7. Have a go hero - tweaking accounts
        8. How to impress your accountant
        9. Strengths and limitations of GnuCash
          1. Business as well as personal accounting
          2. Single user
            1. Sharing a GnuCash accounts file
          3. Accounting features not supported by GnuCash
          4. Business functions other than accounting
        10. Summary
      8. 2. Transactions the Lifeblood of a Business
        1. A quick and easy way to enter simple transactions
        2. Time for action - entering simple transactions quickly and easily
          1. What just happened?
          2. Money makes the business world go round
            1. Simple transaction
            2. Checks and balances are good
          3. Pop quiz - understanding transactions
          4. Have a go hero - entering transactions
        3. Entering a simple transaction in the account register
        4. Time for action - entering a simple transaction in the account register
          1. What just happened?
          2. Navigating the account registers
            1. Jump to account
          3. Divide and conquer
            1. Examples of simple transactions
          4. Pop quiz - navigating GnuCash
          5. Have a go hero - entering transactions using the account register
        5. Entering a more complex transaction in the account register
        6. Time for action - entering a split transaction in the account register
          1. What just happened?
          2. Visualizing split transactions
            1. Examples of split transactions
          3. Tips for entering split transactions
          4. Pop quiz - understanding transactions
          5. Have a go hero - entering split transactions
        7. Anybody can change their mind
        8. Time for action - editing, cancelling, and deleting transactions
          1. What just happened?
          2. Save time by using shortcuts
            1. QuickFill
            2. Data entry shortcuts
            3. Navigation shortcuts
            4. Computation shortcuts
          3. Pop quiz - using shortcuts to speed up bookkeeping
          4. Have a go hero - tweaking transactions
        9. A feeling of déjà vu
        10. Time for action - reusing transactions
          1. What just happened?
          2. Changing the register views
            1. Deleting a transaction in different views
          3. Text information in transactions
            1. Transaction description
            2. Transaction notes
            3. Transaction number
            4. Split action
            5. Split Memo
          4. Pop quiz - viewing the account register
          5. Have a go hero - saving more data with the transactions
        11. Summary
      9. 3. Fun and Eye-opening Part - Reports and Charts
        1. Viewing standard reports and charts
        2. Time for action - viewing standard reports and charts
          1. What just happened?
          2. Reports and charts
            1. Income Statement (Profit and Loss Statement)
            2. Balance Sheet
            3. A chart is worth a thousand numbers
            4. Other reports
          3. Pop quiz - viewing standard reports
          4. Have a go hero - viewing standard charts
        3. Creating a custom report and saving it
        4. Time for action - creating a custom report and saving it
          1. What just happened?
          2. Tips for customizing reports
          3. Tips for customizing charts
          4. Sample & Custom Reports
          5. Pop quiz - customizing a report
          6. Have a go hero - further customizing a report
        5. Working with stylesheets
        6. Time for action - working with stylesheets
          1. What just happened?
          2. Pop quiz - creating stylesheets
          3. Have a go hero - creating a custom stylesheet hands on
        7. Exporting reports
        8. Time for action - exporting reports
          1. What just happened?
          2. Pop quiz - saving exported reports
          3. Have a go hero - exporting charts in HTML format
        9. Summary
      10. 4. How not to Get Lost in the Transactions Jungle
        1. How not to get lost while hiking in the wilderness
        2. Manual reconciliation
        3. Time for action - reconciling with a printed monthly statement
          1. What just happened?
          2. Points to note about reconciling
          3. Can I edit or delete reconciled transactions?
            1. Mark split as unreconciled?
            2. Change reconciled split?
            3. Delete a transaction with reconciled splits?
          4. Pop quiz - reconciling with a bank statement
          5. Have a go hero - postponing a reconciliation
        4. Electronic reconciliation
        5. Time for action - reconciling with a downloaded electronic statement
          1. What just happened?
          2. Reconciliation FAQ
          3. Income and expense accounts
          4. Balancing your cash account
        6. Credit card reconciliation
        7. Vital point to remember when importing an OFX file
          1. Pop quiz - reconciling with an electronic statement
          2. Have a go hero - reconciling a credit card account
        8. Recovering from wrong selection of account
        9. Time for action - changing the account to import into
          1. What just happened?
          2. Pop quiz - changing the account to import into
          3. Have a go hero - recovering using the backup file
        10. Summary
      11. 5. Repetitive Work? Let GnuCash do it
        1. Let GnuCash worry about recurring transactions
        2. Time for action - creating a recurring transaction from the register
          1. What just happened?
          2. Pop quiz - creating a recurring transaction
          3. Have a go hero - creating a recurring split transaction
        3. A stitch in time saves nine
        4. Time for action - triggering scheduled transactions
          1. What just happened?
          2. Is it Easter already?
          3. Three different scenarios
          4. Be cautious like an accountant
          5. Pop quiz - triggering scheduled transactions
          6. Have a go hero - triggering scheduled transactions
        5. Tool to create many recurring transactions
        6. Time for action - creating scheduled transactions in bulk
          1. What just happened?
          2. Schedule a transaction without knowing the amount
          3. Scheduled Transactions FAQ
          4. Create post dated transactions
          5. Pop quiz - using the Scheduled Transaction Editor
          6. Have a go hero - using the Scheduled Transaction Editor
        7. Summary
      12. 6. Business Mantra: Buy Now, Pay Later
        1. Credit is the lubricant for the wheels of business
        2. Billing terms and customers
        3. Time for action - setting up billing terms and adding customers
          1. What just happened?
        4. Invoices and Accounts Receivable
        5. Time for action - keeping track of credit sales
          1. What just happened?
          2. Invoice printing
          3. Receivable Aging report
          4. List of unpaid invoices
          5. Unpost
          6. Pop quiz - adding customers and creating invoices
          7. Have a go hero - finding invoices
        6. Setting the starting invoice number
        7. Time for action - setting the starting invoice number
          1. What just happened?
          2. Pop quiz - setting the starting invoice number
        8. Processing payment
        9. Time for action - when the check is on hand
          1. What just happened?
          2. Partial payment
          3. Pop quiz - choosing an account
          4. Have a go hero - processing a partial payment
        10. Bills and accounts payable
        11. Time for action - keeping track of credit purchases
          1. What just happened?
          2. Due bills reminder
          3. Pop quiz - keeping track of credit purchases
          4. Have a go hero - keeping track of credit purchases
        12. Summary
      13. 7. Budget: Trip Planner for your Business
        1. Budget
        2. Time for action - creating a budget for your business
          1. What just happened?
          2. Start with just three budgets
            1. Sales forecast
            2. Expense budget
            3. Cash flow projection
            4. Estimating based on previous period actuals
          3. Financial projections for investors and lenders
            1. Budget balance sheet
            2. Budget income statement
          4. Budget revision
          5. Pop quiz - creating a new budget
          6. Have a go hero - understanding cash flow budgets
        3. Employees and payroll
        4. Time for action - making payroll entries in GnuCash
          1. What just happened?
          2. Net pay
          3. Liability accounts
          4. Calculation spreadsheet
          5. Split transaction map
          6. Payroll FAQ
          7. Employee and expense voucher
          8. Pop quiz - calculating payroll
          9. Have a go hero - adding more deductions to payroll
        5. Depreciation
        6. Time for action - making depreciation entries for assets
          1. What just happened?
          2. Pop quiz - charging depreciation on capital assets
          3. Have a go hero - applying a different depreciation method
        7. Owner's drawing
        8. Time for action - entering owner's draw in your books
          1. What just happened?
          2. Pop quiz - setting up a Drawing account
          3. Have a go hero - setting up Drawing accounts for a partnership
        9. Summary
      14. 8. Making Tax Times Less Stressful
        1. GnuCash currently supports only US business types for income tax
        2. Setting up income tax related accounts
        3. Time for action - mapping GnuCash accounts to tax schedules
          1. What just happened?
          2. Pay your dues and demand services
          3. Pop quiz - filing tax returns
          4. Have a go hero - ensuring all business expenses are included in tax return
        4. Creating income tax schedule report and TXF export
        5. Time for action - getting the numbers for tax returns
          1. What just happened?
          2. Transferring data from GnuCash to Schedule C
            1. Cost of goods sold
            2. Car and truck expenses
            3. Depreciation
            4. Expenses for business use of home
            5. Other expenses
          3. Self employment tax
          4. Other taxes
          5. Manual entry or TXF import?
          6. Pop quiz - exporting income tax data
          7. Have a go hero - filling out Schedule C
        6. Setting up sales tax tables
        7. Time for action - setting up sales tax tables
          1. What just happened?
          2. Tax table
          3. Tax on tax
          4. Pop quiz - setting up tax tables
          5. Have a go hero - charging compounded sales tax
        8. Applying sales tax to invoices
        9. Time for action - charging sales tax on sales
          1. What just happened?
          2. Pop quiz - applying tax tables to invoices
          3. Have a go hero - showing individual taxes on the invoice
        10. Summary
      15. 9. Printing Checks and Finding Transactions
        1. Finding transactions
        2. Time for action - searching for a transaction
          1. What just happened?
          2. Sorting transactions
          3. Sorting transactions within a day
          4. Filtering transactions
          5. Viewing and sorting all transactions
          6. Find transactions FAQ
          7. Find customers, invoices, and so on
          8. Pop quiz - filtering transactions
          9. Have a go hero - searching for transactions
        3. Printing checks
        4. Time for action - printing checks
          1. What just happened?
          2. Printing one check at a time on a 3 check sheet
          3. Printing address
          4. Printing multiple checks
          5. Custom check format
          6. Printing receipts
          7. Pop quiz - printing date format in a check
          8. Have a go hero - printing a voucher check
        5. Numbered accounts
        6. Time for action - assigning numbers to accounts
          1. What just happened?
          2. Why account numbers?
          3. An example account numbering system
          4. Rectify over-invoicing
          5. Sales refunds
          6. Purchase refunds
          7. Check & Repair
          8. Pop quiz - editing account codes
          9. Have a go hero - sorting by account code
        7. Financial calculator
        8. Time for action - calculating mortgage payments
          1. What just happened?
          2. Pop quiz - calculating mortgage payment
          3. Have a go hero - maximum borrowing limit
        9. Summary
      16. 10. Adapting GnuCash for Non-profits and Personalizing
        1. No separate non-profit version of GnuCash
        2. Bookkeeping for non-profits
        3. Time for action - using GnuCash features for non-profits
          1. What just happened?
          2. Donors and members
        4. Keeping funds for projects separately
        5. Time for action - allocating funds for projects
          1. What just happened?
        6. Getting overall Income Statement
        7. Time for action - getting overall Income Statement
          1. What just happened?
          2. Receivables
          3. Multiple sets of books
          4. Non-profit accounting FAQ
          5. Pop quiz - creating a separate account for an event or a project
          6. Have a go hero - creating a set of accounts and a budget for an event
        8. Personalizing GnuCash
        9. Time for action - getting your work environment just right
          1. What just happened?
            1. GnuCash preferences
          2. Other preference settings
            1. Set a color to each account tab
            2. Resize columns in the account register
            3. Leaving windows open
            4. Summary Bar and Status Bar
          3. Pop quiz - setting your preferences
          4. Have a go hero - setting more of your preferences
        10. Protecting your data
        11. Time for action - backing up your data
          1. What just happened?
          2. Backing up
          3. Making use of auto save
          4. Retaining backup files
          5. Restoring from a backup file
          6. Password protection
          7. Pop quiz - creating a backup
          8. Have a go hero - restoring from a backup file
        12. Summary
      17. 11. Data Import/Export: Use your Phone to enter Expenses
        1. Saving expense data in your smartphone and uploading to your PC
        2. Time for action - using a smartphone to save expense data
          1. What just happened?
          2. Pop quiz - separating transactions by type of payment
          3. Have a go hero - archiving the images of receipts
        3. Sending data through an expense tracking service
        4. Time for action - using an expense tracking service to get data into GnuCash
          1. What just happened?
          2. Selecting an expense tracking service
          3. Pop quiz - importing a CSV file
          4. Have a go hero - adding notes to transactions
        5. Migrating to GnuCash from other accounting software
        6. Time for action - migrating to GnuCash from other software
          1. What just happened?
          2. Migrating data is not easy
          3. First consider a fresh start on GnuCash
          4. Business case for migration
            1. Migrating from Excel2 and OpenOffice.org4 Calc
            2. Migrating from Office Accounting2 (formerly Office SBA2)
            3. Migrating from Quicken Home & Business1
              1. Your version of Quicken allows you to export to a QIF file
              2. Your version of Quicken does not allow you to export to a QIF file
            4. Migrating from QuickBooks1
          5. Exporting FAQ
          6. Importing FAQ
          7. Pop quiz - format suitable for creating accounts
          8. Have a go hero - migrating from Excel to GnuCash
        7. Exporting data from GnuCash
        8. Time for action - exporting data from GnuCash for migration and other purposes
          1. What just happened?
          2. Migrating from GnuCash to other accounting software
          3. Pop quiz - creating a Transaction Report with all of the transactions
          4. Have a go hero - converting a GnuCash fileto a QIF file
        9. Summary
      18. 12. Application Integration and Other Advanced Topics
        1. These tutorials assume a certain level of proficiency
        2. Using OpenOffice.org Base to query data
        3. Time for action - using popular office software to query GnuCash data
          1. What just happened?
          2. Which databases?
          3. Pop quiz - GnuCash default data format
          4. Have a go hero - formatting the GnuCash raw data
        4. Using MS Excel to create reports and charts
        5. Time for action - connecting from Excel to create reports and charts
          1. What just happened?
          2. Other query and reporting tools
          3. Pop quiz - understanding GnuCash fields
          4. Have a go hero - changing the report frequency
        6. Application integration
        7. Time for action - exporting contact information from GnuCash
          1. What just happened?
          2. Export any data
          3. Pop quiz - contact info stored in GnuCash
          4. Have a go hero - extracting other data from GnuCash
        8. Foreign currency transactions
        9. Time for action - invoicing and receiving payment in Canadian dollars
          1. What just happened?
          2. Credit card charged in foreign currency during overseas travel
          3. Foreign currency transactions FAQ
          4. Pop quiz - entering the exchange rate
          5. Have a go hero - exchange rate, currency loss, and the bank fee
        10. Other handy tips and tricks
          1. Customer jobs and vendor jobs
        11. Time for action - grouping invoices for each contract separately
          1. What just happened?
          2. Vendor jobs
          3. Special actions
            1. Voiding a transaction
            2. Adding a reversing transaction
            3. Year end closing
          4. Inventory management
          5. Mileage tracking
          6. Pop quiz - finding all jobs
          7. Have a go hero - setting up vendor jobs
        12. Summary
      19. A. Pop quiz - Answers
        1. Chapter 1: Getting Started with GnuCash
          1. Pop quiz - understanding accounts
          2. Pop quiz - understanding account types and hierarchies
        2. Chapter 2: Transactions the Lifeblood of a Business
          1. Pop quiz - understanding transactions
          2. Pop quiz - navigating GnuCash
          3. Pop quiz - understanding transactions
          4. Pop quiz - using shortcuts to speed up bookkeeping
          5. Pop quiz - viewing the account register
        3. Chapter 3: Fun and eye-opening part - Reports and charts
          1. Pop quiz - viewing standard reports
          2. Pop quiz - customizing a report
          3. Pop quiz - creating stylesheets
          4. Pop quiz - saving exported reports
        4. Chapter 4: How not to get lost in the transactions jungle
          1. Pop quiz - reconciling with a bank statement
          2. Pop quiz - reconciling with an electronic statement
          3. Pop quiz - changing the account to import into
        5. Chapter 5: Repetitive work? Let GnuCash do it
          1. Pop quiz - creating a recurring transaction
          2. Pop quiz - triggering scheduled transactions
          3. Pop quiz - using the Scheduled Transaction Editor
        6. Chapter 6: Business Mantra: Buy Now, Pay Later
          1. Pop quiz - adding customers and creating invoices
          2. Pop quiz - choosing an account
          3. Pop quiz - keeping track of credit purchases
        7. Chapter 7: Budget: Trip Planner for your Business
          1. Pop quiz - creating a new budget
        8. Pop quiz - calculating payroll
          1. Pop quiz - charging depreciation on capital assets
          2. Pop quiz - setting up a Drawing account
        9. Chapter 8: Making Tax Times Less Stressful
          1. Pop quiz - filing tax returns
          2. Pop quiz - exporting income tax data
          3. Pop quiz - setting up tax tables
          4. Pop quiz - applying tax tables to invoices
        10. Chapter 9: Printing Checks and Finding Transactions
          1. Pop quiz - filtering transactions
          2. Pop quiz - printing date format in a check
          3. Pop quiz - editing account codes
          4. Pop quiz - calculating mortgage payment
        11. Chapter 10: Adapting GnuCash for Non-profits and Personalizing
          1. Pop quiz - creating a separate account for an event or a project
          2. Pop quiz - setting your preferences
          3. Pop quiz - creating a backup
        12. Chapter 11: Data Import/Export: Use your Phone to Enter Expenses
          1. Pop quiz - separating transactions by type of payment
          2. Pop quiz - importing a CSV file
          3. Pop quiz - format suitable for creating accounts
          4. Pop quiz - creating a Transaction Report with all of the transactions
        13. Chapter 12: Application Integration and Other Advanced Topics
          1. Pop quiz - GnuCash default data format
          2. Pop quiz - understanding GnuCash fields
          3. Pop quiz - contact info stored in GnuCash
          4. Pop quiz - entering exchange rate
          5. Pop quiz - finding all jobs