So it has been a while since the last post, and that’s because I have been working on this awesome new release of the GnuCash companion app for Android. Today I am announcing version 1.1.1 which fixes a bunch of bugs and adds support for double entry accounting. (If you’re wondering if you missed version 1.1.0, don’t fret, you didn’t)
Double-entry accounting basically allows you to make every transaction a transfer from one account to another. So for example every time you Expenses account goes up, your Income account goes down by the same amount. See the GnuCash double-entry accounting tutorial for more detail.
However, after implementing the feature, I learned that OFX does not support double-entry accounting. GnuCash for desktop will treat a double-entry transaction as two separate transactions during import. We will have to find a more permanent solution for this. So for now, unfortunately, if you use double-entry accounting there will be no way for you to import the double-entry transactions into GnuCash for desktop.
The other feature of note is that the OFX files are now exported in the SGML format by default. This allows GnuCash for desktop to properly detect the encoding of the files and non-latin characters. If you are importing to some other program than GnuCash for desktop, then you need to go to Settings and set it to export using properly formatted XML headers.
Those are the main features in this release. There are other changes which you can view in the CHANGELOG. There is a lot more features coming down the road, so stay tuned.
As usual, you can grab your copy of the app from the Play store.