Chapter 5. Checkbook

Table of Contents

5.1. Setting up Accounts
5.2. Entering Deposits
5.3. Entering Withdrawals
5.3.1. ATM/Cash Withdrawals
5.4. Reconciling Your Accounts
5.5. Putting It All Together
5.5.1. Opening Balances
5.5.2. Add some transactions
5.5.3. Opening Balances
5.5.4. Save file
5.5.5. Reports

This chapter will give you all the specific information you need to manage your checkbook with GnuCash. Managing your checkbook register is the first step of tracking your finances, and GnuCash makes it much easier to manage than the traditional paper register does.

For one thing, as discussed in Section 2.9, “Transactions”, data entry of common transactions is practically done for you in GnuCash, because of its auto-completion feature. GnuCash keeps a running balance of each account, and it makes reconciling these accounts easy. And the double-entry method helps you account for your spending by requiring a transfer account for withdrawals, so you can easily find out how much money you spend in different areas.

Once you are comfortable with using GnuCash for your checking and other bank accounts, you may wish to continue on with tracking other financial accounts. Chapters 6 through 9 examine methods to manage your other accounts.