#Gnucash bank of america manual
#Gnucash bank of america license

The program is built around a double entry accounting system, which means that for every change in value of one account in the accounting equation, there must be a balancing change in another. GnuCash breaks your budget into five different categories: assets, liabilities, equity, income and expenses. The tutorial also walks users through setting up accounts from a checkbook, loan, investment or more. Having a basic refresher of some accounting concepts from this tutorial will make the program easier to use. It’s useful for individuals to read over the extensive tutorial because it details the software’s functionalities as well as accounting and finance terms used throughout the program. This program is ideal for individuals as well as small businesses.Īfter downloading the program, it will ask you whether you want to import QIF files, create a new set of accounts or go to the new user tutorial. GnuCash is essentially a blank ledger that allows you to add whatever account type you want, and keep track of your money efficiently from an accounting standpoint. Review collected by and hosted on G2.com. Banking, credit card, automobile loans, mortgage and home equity products are provided by Bank of America, N.A. Plans include income and expense tracking, automatic bank.

#Gnucash bank of america manual

Great to track tons of info that helped me save time + money. GnuCash is an open-source, locally installed accounting software product that's free to use but requires manual data entry. Used this solution when I first launched my start up. Its an easy platform to navigate through. How does 'Save this User ID' work Saving your User ID means you dont have to enter it every time you log in. Or perhaps you want a mix, using 'Income' for most things, but a negative 'Expense' for those cases where you need to track it separately (such as where something like a charitable contribution may not be as deductible due to the rebate).GnuCash is a personal financial accounting software program that can keep track of your bank accounts, expenses and investment portfolios. GnuCash allows you to track bank accounts, stocks, income and expenses. (Perhaps you don't care about the exact type of 'Misc other income' and just want it in a generic 'Other' category as you're currently doing, or perhaps you want to have a specific subaccount per card, to see how much you're earning in cash from each credit card.)Įssentially, the main thing to consider with any decision like this is 'How do I want this to appear in any reports I look at?' Your books will balance no matter what account you assign to the rebate, so it's really just a matter of how fine-grained and detailed you want to keep track of things for your purposes, and if you want them to match whatever your taxing authorities choose for treating it. I, for example, use Income:Other Income:Credit Card Rebates, though you could categorize it as whatever kind of income you want. Either have a general Expenses:Credit Card Rebates category that you always transfer from, or go through all the effort to actually allocate your rebates to the appropriate category based on what you spent on the card, and have appropriate negative expenses in all those categories.

So, there are two main approaches to dealing with credit card rebates from a personal accounting perspective: I don't know as the IRS is expecting tracking to that degree, and I'm no tax law expert, but I could see a reasonable argument for it. One might even expect that if you, for instance, made a charitable donation by that credit card, if it's treated as a rebate, the amount that you could deduct for that donation would be 1% less, since that 1% isn't considered to be an amount you paid due to the rebate. This is, if your credit card offers a 1% rebate on purchases, it can be treated as though just all your expenses are 1% lower, just as if the retailer had been running a 1% sale at the time, which would make the rebate not taxable. See, for example, this blog post from TaxAct which describes some instances where it seems it may be seen as taxable in some cases, though it may just be seen as a rebate or discount (a 'negative expense') in others. In the United States in particular, taxability of credit card rebates and incentives is surprisingly not straightforwardly defined.

#Gnucash bank of america license

Content is available under GNU Free Documentation License 1.2 unless otherwise noted. If you're trying to have your accounting match what the tax authorities think about your income, you probably want to treat these payments the same way. What links here Related changes Special pages Printable version Permanent link Page information This page was last edited on 30 January 2009, at 19:47. Like for anything with personal accounting, it kind of matters why you're tracking the information.