Gnucash is the best open source alternative to most of the commercial accounting apps out there. I have been using it for 2 years & except for some getting used to the new way of doing things, I feel that it can beat most of the accounting apps hands down...
I have been using Quicken for 20 years, but I have always been dissatisfied. Quicken is limited, and they never seem to make progress quickly enough. It seems like they are always working against the user. So I have been following Gnucash for many years, waiting for a time when it might be an acceptable alternative. Unfortunately, Gnucash is not even close to being mature software yet. The documentation is excellent. Very rare to see excellent documentation in a free-software project. However, the software itself (under Windows 8) does not work at all. The stable version 2.4.13 will not even open. I am sitting and looking at the start-up screen now on my computer, which has frozen at the splash screen. Version 2.5.5 (unstable) lives up to its name. Although it gets past the splash screen, it crashes when attempting to save a transaction into PostgreSQL. So, I will continue to monitor this project. Maybe in another 10 years...
Considering the cost of most accounting software and the idea of fee's or storing your data on a cloud system (which I don't want to do) this program is great. The positives: Biggest one (ITS FREE) it does everything I need it to do and more for my small business. Great client and other reports the option to invoice and the ability to split transactions for detailed tracking and checking account reconciliation. Sales tax tracking and adjustments are easy to do. The Drawbacks: A little difficult to learn how to use. The invoice interface is clumsy and I can't get the invoices to look the way I want them too. Over all I would recommend this program to anyone with a small business who needs to track cash flow, expenses, costs and organize their data for tax filing.
I use it mainly for Accounts Receivable and Invoicing. Business functions like Process Payment have been greatly improved in the last few iterations. The only draw back is the VERY awkward process of changing the look of the invoices. There are great big white spaces around all the items in the header, so fully a third of my invoice is header. System works well, recommend it
I use GnuCash for personal accounts, and also for company accounts and invoicing. The features are great, and usability is improving all of the time, but is more than usable as is with a bit of trial and error.
Russian localisation v2.6.6 crashed in WinXP sp3 in a moment of creating new database file in menu New book settings (on russian) and press Enter (next).
From the version 2.6.4 (including 2.6.5) doesn't show reports at all. Just a blank tab! :(