Best Open Source Bookkeeping

Open-source business software is the future of business software. Accounting practices and organizations, for example, are slowly but surely moving towards being completely open source. And why not? Open source has given us Linux, Firefox and other great projects that wouldn’t have been possible otherwise.

You don’t need to contact your CPA to have your books at tax time. Best Open Source Bookkeeping will be the easiest, fastest way to keep your books basic accounting functions. This bookkeeping software was designed for the beginner, the corporation and for small businesses.

ZipBooks: Best for Small Businesses Looking to Upgrade From Spreadsheets

best free accounting software zipbooks

Best for Small Businesses Looking to Upgrade From Spreadsheets

ZipBooks is a web-based financial software with a solid suite of accounting features. The company offers a free plan called ZipBooks Starter — an option that includes basic bookkeeping functionality, along with profit, loss, and balance sheet reporting.

It also covers certain invoicing and quote-related bases — plus the ability to accept payment via credit card or PayPal. It’s a powerful, easy-to-use solution, but its free plan is extremely free plan-ish.

The program’s features you can access with a free plan are restricted to the point that it might be easy to outgrow. You can only link one bank account and view basic reports with its starter option. Should your needs extend beyond that, you’ll need to upgrade to one of its premium plans.

And while those upper-tier plans are reasonably priced, they’re obviously not what someone who wants a free plan is looking for. Again, the solution itself is sound, but if you want a free program that will remain free as you scale, you should look elsewhere.

ZipBooks’ Key Benefits

  • Unlimited Invoices
  • Ability to manage unlimited vendors and customers
  • Accepts digital payments via Square and Paypal

ZipBooks’ Key Drawbacks

  • Only allows you to connect one bank account
  • Only lets you view basic reports

Skrooge

Skrooge

Key Highlights:

  • Personal finances manager
  • Tailored for Plasma Desktop but compatible with others too
  • Cross-platform (Windows, Linux, and macOS)

Skrooge is one of the most useful personal finances manager by KDE. It is originally tailored for the Plasma Desktop but other desktop environments are compatible.

Supports most of the basic features (reporting, budgeting, etc.) and allows you to work on some pretty big data sets.

ERPNext

ERPNext is an extendable ERP that consists of various programs such as HR and payroll, accounting, manufacturing, sales and purchase, CRM, asset management and others. It’s designed for businesses of all sizes and also employs cloud and on-premise deployment. It’s available as an app for iOS and Android devices.

ERPNext Dashboard

An example of ERPNext’s dashboard.

Noteworthy Advantages

ERPNext contains various strengths that help it outdo the alternatives.

  • Journal Entry Template: Permit users to establish and pick a preselected account and options list as they create new journal entries.
  • Payment Terms Template: Gather various payment conditions and add transactions. This template relays to ERPNext to fill in the table in the payment terms schedule portion of the sales or purchase documents.
  • Chart of Accounts Importer: Import chart of accounts, download a template that aligns with the chart and fill out the template efficiently.
  • Payment Order: Manage this internal document to chronicle bulk payments against suppliers and capture various payment requests against vendors.
  • Item Wise Taxation: Leverage this tool for item-wise taxations, create item tax templates and allocate them to an item or item group, and assign legitimacy to tax templates.
  • Loyalty Program: Draft customer loyalty programs, review loyalty points earned on a client’s dashboard and adjust conversion factors, expense accounts and expiry durations via the redemption section.
  • Period Closing Voucher: Detect profits and losses for an accounting period that’s been balanced in the books. Implement a period-closing voucher to set all income and expense accounts to zero after inputting special entries for the existing fiscal year.
  • QuickBooks Migrator: Link ERPNExt with QuickBooks online API, migrate information across both solutions and create an ERPNext account for every QuickBooks tax rate received.
  • Margin: Apply margins to quoted and sales order items automatically if the pricing rules are determined.
  • Asset Value Adjustment: Govern fixed asset values by making alterations if necessary. Purchase or sell an asset and draft all the required documents for it.
  • Localization: Support local standards for every global region, add custom fields and custom reports to support rules in a specific region and handle more than 70 languages.
  • Auto Repeat: Develop particular documents at any given time automatically, establish auto repeat from documents, alert specific contacts through email when repetitive documents are created and review the auto-repeat frequencies.
  • Third-Party Integrations: Access pre-made integrations with third-party solutions including Google Calendar, Plaid, Amazon, Shopify, LDAP, Google Maps, Dropbox and more.

Key Features

Tax Management

This module offers tax withholding categories for most cases by default and you may create more if necessary. You may set which particular tax templates you need for certain sales and purchase transactions with the tax rule extension. This appliance enables you to set a tax category to apply numerous tax rules to a transaction under different considerations. Lastly, if some items have different tax rates from the established tax rate, you may develop separate item tax templates and allocate them to a specific item or item group.

Bank Reconciliation

Synchronize bank statements and entries made within the solution by just pressing “Update Bank Transaction Dates” in the bank reconciliation apparatus. ERPNext has two reconciliation appliances. One is manual reconciliation that permits you to define clearance dates against payment entries, sales invoice payments or journal entries. The other is semi automatic and clears bank transactions against payment entries, sales and purchase invoices payments, journal entries or expense claims. Chronicle bank transactions in ERPNext to reconcile them with current costs and even suggest corresponding payments for an amount that seems to match a selected bank transaction.

Accounting Reports

The reporting module offers an array of different accounting reports. Examples of reports are:

  • General ledger
  • Accounts receivable
  • Accounts payable
  • Tax reports
  • Sales invoice trends
  • Customer credit balances
  • Party wise trial balances
  • Budget variances
  • And more!
Additional Accessories

ERPNext has other accessories worth mentioning to streamline your account practices. These extra capabilities include:

  • Journal Entry: Reverse credit and debit amounts against relevant accounts to reverse journal entries.
  • Sales Invoice: Develop sales invoices from sales orders or deliver orders as well as add items with barcode scanning.
  • Pricing Rules: Institute pricing rules for selling or purchasing items and set date intervals when those pricing rules will take effect.
  • Point of Sales: Join a sales campaign with a point of sale profile to trace total sales against it.
  • Multi-Currency Accounting: Initiate exchange rate revaluations to handle a company’s chart of accounts with various currencies.

Limitations

Like most programs, ERPNext has a few drawbacks. These cons include:

Conclusion

Try the best open source bookkeeping software, a proven solution with a global community of developers. The following are some of its features:

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