CNUCash Setup

[David Cousens]

Hi Cathy,

I migrated from MYOB (Accounting Plus) some years ago and followed a 
process similar to what David T has suggested. I duplicated about  a 
months data until I had identified the corresponding processes in 
GnuCash to those I used in MYOB.

MYOB is generally a lot more customised for the particular jurisdiction 
it is being used in (e.g. PAYG tables for Australian Tax system ( 
payroll - not in Business basics anyway),GST and BAS treatment). GnuCash 
can treat GST but you need to set up the tax tables for this.

(see 
http://lists.gnucash.org/pipermail/gnucash-user/2013-August/050315.html 
  and 
http://wiki.gnucash.org/wiki/FAQ#Tax_Handling:_Goods_and_Service_Tax_.28GST.29_or_Value_Added_Tax_.28VAT.29 
for some details/ideas on how to do this)

One major difference is with regard to closing books. MYOB is generally 
designed to use a new file for each financial year (although I did use 
it over a multi-year period without closing the books and as long as I 
set the dates for reports it gave me sensible results). In GnuCash, the 
reports define the accounting period dates so it is possible to keep the 
books in a single file for multiple years.  In GnuCash closing the books 
is a soft process involving transferring the balances from the temporary 
income and expense files for the accounting period to the equity files 
and does not require the creation of a new file for the next period. My 
memory of MYOB was that the annual closure of books required the 
creation of a new file with the transfer of the permanent account 
balances from the old file to the new file although this may have 
changed in more recent versions.

Depending on your own reporting requirements (external and internal for 
your business) you can do this weekly, monthly, quarterly semi-annually 
and or annually or not at all and simply generate the reports for the 
periods you require. See 
http://www.gnucash.org/docs/v2.6/C/gnucash-help/tool-close-book.html for 
details of the GnuCash process).

The MYOB processes are broadly described at the following link although 
the payroll sections will not apply to Business Basics.

The other major differences are probably in the initiation and entering 
of transaction. MYOB uses the Spend Money and Receive Money and Journal 
Entries for initiating transactions.  Gnucash 
(http://www.gnucash.org/docs/v2.6/C/gnucash-help/help.html) uses the 
Business Menu items 
(http://www.gnucash.org/docs/v2.6/C/gnucash-help/chapter_busnss.html) 
for invoicing and billing and cash transactions can normally be handled 
from the account registers (see 
http://www.gnucash.org/docs/v2.6/C/gnucash-help/ch_Common_Trans_Ops.html) with 
the splits in GnuCash parlance handling the double entry requirements.

It is probably a good idea to consult your accountant about End of Year 
closure and dealing with tax liabilities depending upon your business 
structure ( sole-trader, partnership, company, and any trust arrangements).
-- 
David Cousens