Best Open Source Personal Finance Software

Manage your personal finances with a personal finance software that won’t cost you a penny! You don’t need to spend money on Quicken, MS Money or Yahoo Finances anymore. GnuCash is the best open source personal finance software available today.

It’s never been easier to organize your financial information than with MoneyWiz. The world’s best-known open source personal finance software features automatic downloads of bank statements, built-in support for 73 currencies, jaydebit card management and many more.

GnuCash

GnuCash installation for personal finances

GnuCash is a free accounting software offering some basic yet essential accounting features. It’s ideal for small businesses, startups, and individuals who like to track their finances effectively. Unfortunately, GnuCash continues to be a single-user tool, which means you won’t be able to add any more users to your account.

Given this constraint, this product is an ideal addition to a sole proprietor’s financial kitty, but not capable of supporting a growing business. Despite being open-source software, its features are pretty extensive for a free offering.

Here’s what you can look out for with GnuCash:

  • Double-entry
  • Accounting functionality
  • A checkbook-style register to track both income and expenses
  • Multi-currency conversion standards
  • Automatic banking transactions download and reconciliation
  • Bill payment reminders

While small businesses and individual users can use the aforementioned features, medium-sized and large companies can make use of these exclusive features:

  • Accounts payable (A/P)
  • Accounts receivable (A/R)
  • Customer and vendor management
  • Budgeting and reporting

KMyMoney

KMyMoney is a member of the KDE family of applications and touts three main goals: accuracy, which is of the utmost importance for a financial tool; ease of use, to ensure you start and keep using it; and familiar features, designed to made KMyMoney a simple transition if you are coming over from one of its proprietary alternatives.

To achieve these goals, KMyMoney hosts a number of features that you would expect from a modern money manager: institution and account management, tagging, QIF import, reconciliation, scheduling, ledger management, investment tracking, forecasting, and multiple currencies. While it doesn’t offer some of the small business features found in GnuCash or other personal finance managers, this might actually make it easier for an individual who doesn’t want to be overwhelmed with unneeded options.

KMyMoney manages a Git repository where you can find its code base, and it is made available as open source under the GPL version 2. While designed for Linux, it has been successfully ported to Windows and Mac OS as well.

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KMyMoney

 HomeBank

HomeBank installation for personal finances

HomeBank, being a personal finance software, houses some user-friendly reports to help people figure out where they’re spending their money. It also helps individuals set up rules for importing transactions. Probably the best part is that it supports almost all modern formats for importing reports into the platform.

Some widely used reporting formats include, but are not limited to, OFX/QFX, QIF, and CSV. This is not all, for this open-source tool is equipped to handle multiple currencies too. HomeBank is available on most Linux distributions by default, so you can rest assured the installation is not going to be too complex.

When you log in, you need to create an account, especially if you are accessing the portal for the first time. Once you create an account, you can either import compatible files or start entering transactions.

Unlike some of the other options available in the market, you don’t have to master double-entry bookkeeping to manage your expenses with HomeBank.

Some additional features include:

  • Pre-applied categories to segregate and analyze your daily transactions
  • Excellent budgeting features allow you to plan for your future
  • Exhaustive reporting features, like bar charts, pies, budget spending, trend reports, and a balance report, amongst others.

Skrooge

Skrooge is another KDE-powered personal finance management application. It can import data in a wide variety of formats; the usual QIF and CSV, but also QFX and other formats used by banks, as well as KMY (KMyMoney), SQLITE, GNC (GnuCash), GSB (Grisbi), XHB (Homebank), MMB (Money Manager Ex), and MNY (Microsoft Money). Data can be exported in QIF and CSV, as well as KMY, JSON, and XML. This makes it easy to migrate to Skrooge from other money management software (and vice versa).

Because it’s KDE-based, it can run on Linux, BSD, Solaris, and MacOS, and possibly on Windows. It offers the usual features you’d look for in an application to track your expenses, income, and investments, and allows you to view your data in tables and a variety of charts.

Skrooge’s source code is available in its Git repository, and it’s made open source under the GPL version 3.

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Skrooge

Money Manager Ex (MMEX)

MMEX installation for personal finances

A finance software may not sound like one of the most exciting software you can install on your computer, but it’s undoubtedly one of the best. Money Manager Ex (MMEX) aims to try and be simple enough for a layman, yet, it continues to be powerful enough to keep demanding users happy.

If you’ve been using a spreadsheet to manage your money until now, then rest assured, Money Manager Ex’s import feature will get you up and running in no time at all.

Some plus points of this software are its approachable interface, easy-to-access SQLite database with AES encryption, and unending support for various currencies, which is ideal for overseas transactions.

Unlike some of the other software, Money Manager Ex is an entirely offline application. You can’t pull in bank statements automatically or make online payments.

Once you have all the basic setup directions out of the way, you might be able to get around to using the tool for managing your finances. The program provides you with a raft of tools to analyze your spending and make future predictions, all with simple maintenance.

Firefly

Best 7 Free/ Open source Personal Finance & Accounting Manager Apps for Windows, Mac OSX & Linux

Firefly is an open source self-hosted personal finance manager, It has advanced accounting and reporting features, as double-entry accounting, advanced charts and visualization, banks management, assets accounts, and transaction monitoring and followup. There are more features, all are presented in simple user-interface, which makes it easy to use, learn. It has import/ export options allowing the user to import records from multiple sources and export to many formats.

Firefly was built using PHP and MySQL but it offers SQLite as MySQL alternative, it has extensive documentation of how to install, use and manage records. It’s developer friendly as it has powerful API with rich documentation.

  • Platforms: Linux, Windows and Mac OSX.

Conclusion

You could spend a lot of money on software that lets you track your finances only to find out the hard way it doesn’t work very well or has hidden fees. If you’re tired of that, Personal Capital is worth a look. It’s open-source personal finance software that’s free to use.

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