Open Source Free Accounting Software

Open Source Free Accounting Software is a multilingual, multi-user accounting software that grants you the power of being your own boss! You can use it to track your personal finances or auto-bookkeep for your small business. It is about as easy-to-use as any accounting software out there. Built by programmers for free and open source — this highly effective and low resource use system helps solve all your bookkeeping needs easily and efficiently.

Open Source Free Accounting Software is the ultimate solution for small business accounting needs. Embracing new technologies and designed to meet today’s business needs, Open Source Accounting Software provides small businesses with all the tools and data required to keep their books in order and grow in a sustainable fashion.

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.

Apache OFBiz

Apache Ofbiz

Key Highlights:

  • ERP & CRM
  • Developer-friendly
  • Powerful Java Web Framework
  • Cross-platform (Linux and macOS)

We’ve already mentioned this in our list of best open source CRM software. Apache OFBiz is an impressive open source solution that incorporates an ERP system and a CRM suite for various types of requirements.

It’s completely free – however, you will have to host it yourself (or just hire someone to do it). In addition to all the basic features needed for accounting software, it lets a developer extend/enhance features easily while being a Java-based web framework.

GnuCash


 40 reviewsgnucash
Checkbook-style register in GnuCash

This on-premise accounting solution offers a robust set of features—recurring transactions, bank reconciliation, and financial reporting among them. What’s more, it’s as affordable as it gets (i.e., free) and endlessly customizable.

The GnuCash register is like a digital checkbook of sorts, with the ability to split transactions, display multiple accounts in a single window, and tailor the appearance to your liking. But the software’s signature quality is its “double entry” feature, which mandates that all transactions must debit and credit accounts in equal measure—keeping your books balanced at all times.

Other features include:

  • Track individual stocks and portfolios
  • Regularly updated stock and mutual fund quotes
  • Check printing
  • Payroll management
  • Auto-fill frequent transactions
  • Income and expense categorization.

KMyMoney

Kmymoney

Key Highlights:

  • Simple and functional
  • Cross-platform
  • Easy-to-use

KMyMoney happens to be yet another free and open-source software managed by KDE. You can easily utilize this for managing accounts, transactions, ledgers, and a lot more.

It offers a simple user interface but gets the job done. As you can see in the screenshot above, it appears to be a full-fledged (if almost) solution. You can get it installed from the software center – however, you can also choose to install it from git if you want the latest version.

ZipBooks

 
zipbooks
The main dashboard in ZipBooks (Source)

Like some other free accounting systems, ZipBooks offers a complimentary starter tier to its more robust paid options. The free version does offer notable useful features for small businesses.

For no cost, users can send unlimited invoices, process digital payments, and manage as many vendors and customers as they need. This cloud-based solution also boasts integration with third-party applications such as Square, PayPal, Slack, and Gusto, giving organizations the freedom and flexibility to do business on their terms.

Other features include:

  • Custom invoices, quotes, and estimates
  • Ability to toggle between cash- and accrual-based reporting
  • Vendor and customer detail tracking
  • VAT, taxes, and invoice discounts
  • 1099 payment and expense recording
  • Balance sheet and profit and loss reporting.

Akaunting

 (No reviews yet)A screenshot of the Accounts overview in Akaunting open source accounting software
The Accounts overview in Akaunting open source accounting software (Source)

The curiously named Akaunting had its first stable release in 2018 and has been growing steadily ever since, with 180,000 downloads, 80,000 cloud users, and 10,000 project contributors, according to the Akaunting website. It is available in almost 50 different languages.

Akaunting aims to remove the stigma of open source software being difficult to use, claiming to get users up and running and fully functional in less than five minutes. Users can download the main accounting core, which includes all the standard accounting features small businesses will need, and add optional features as app downloads. Some of these optional apps include contract management, documents management, white label customization, and some integrations are paid.

If you run into trouble, free support comes through extensive online documentation, and community forums and chat rooms. The project is also monetized through a paid, dedicated support service, starting at $99/month if you really need help and don’t mind spending to get it.

Core features include:

  • Modern, intuitive, mobile-ready interface
  • Free updates for life
  • Advanced reporting
  • Customer and vendor management
  • Recurring billing and invoicing
  • Categorization and bulk actions.

Odoo

Odoo Accounting

Key Highlights:

  • Web-based app
  • 15-days trial (not completely free)
  • Bunch of 3rd party integrations.

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:

  • Not offering multi-sessions.
  • The accounting apparatus doesn’t have offset tools.

Conclusion

The Open Source Free Accounting Software concept introduces the idea of creating a nonprofit organization to provide software for small businesses and individual entrepreneurs in emerging economies. The foundation will embody open source principles of collaboration to develop tools that support small businesses and the communities in which they operate.

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