2016-05-02 GnuCash IRC logs
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20:24:50 <yarom> Hello. I am relatively new at Linux. I have been playing around with Linux Mint for a few months now and is more than enough for my needs. I have been stuck on Windows ever since starting to use Quicken Home and Business 2003. Am looking at gnucash as a replacement so would not have to bother anymore with the Windows 10 forced upgrade. Any comments, suggestions, cons for honesty's sake or other input to assist in my decision
20:24:50 <yarom> would be great.
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20:29:40 <eric11> I switched from quicken to gnucash a while back.. it works well for what I want it for, which is mainly to track my accounts - checkings, savings, stocks, retirements, and a business (a few houses i rent).
20:29:51 <eric11> a while back = year ago.
20:30:26 <eric11> it doesn't sync as well as quicken did with my banks, that's my only real complaint.
20:30:59 <eric11> and it took a bit to wrap my head around the double-entry accounting principle, but once I did, it makes way more sense to me.
20:31:59 <yarom> how about importing a csv file from the banks, is this an available feature?
20:32:07 <eric11> yeah, that works fine.
20:32:31 <eric11> it does sync some of my banks - i think it does my american express card, and one other one that i can't recall
20:32:41 <yarom> does it keep track on mortgage, escrow (property tax account), interest, principle...?
20:34:36 <eric11> well, not exactly - you do. it doesn't have the simple features / wizards that quicken does. you need to think about it a bit, and decide what's best for you. That said there are tons of examples on how people set up accounts. Essentially, in gnucash, you only have 4 'types' of accounts. assets, liabilities, income and expense. you can setup anything with those 4 basics.
20:34:51 <eric11> that's part of the 'double-entry accouting' i mentioned earlier.
20:36:36 <eric11> so, for a mortgage, you would have an asset (your house), a liability (the mortgage), another asset (the escrow account), and so on.
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20:44:49 <yarom> Thanks eric11. That does make sense. I find Quicken dumbs down the concepts. I was contemplating generating my own spreadsheet until i found this.
20:46:31 <yarom> Would it let us also split purchases up into a couple of categories? For example, I used my AMEX at Target and bought some household items and some groceries on one bill.
20:46:45 <eric11> yes, it handles split transactions perfectly
20:47:07 <eric11> (i just did the same thing for my target reciept :) )
20:49:01 <yarom> As for invenstments, does it keep track relative to cost of investmnets, charges such as comissions, interest income, dividend income, captial gains... Stock splits (like Apple did a couple of years ago)...
20:50:08 <yarom> oh, mutual fund reinvestment...
20:53:28 <eric11> yes to all, but not via a wizard or anything like that. you define how you want it handled, if that makes sense. I have all of those things happen and it handles it fine with a little bit of thinking.
20:54:56 <yarom> Now for the hard questions. I have a large Quicken 2011 file. What do you suggest I do to import. One fell swoop or part by part, export to csv and import or some other suggestion? Just finished installing and would like to try it out.
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