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Best Linux Opensource Accounting Application

Hi Experts,
This one is more so asking for your personal opinions on what the best opensource accounting application is.
I am currently starting a new small business in Information Technology Solutions in Australia so I am after an application that I can input my accounts payable and accounts recievable into (later in time I would like functionality of keeping track of stock but currently in my business there is no need).
It must also have functionality for Australia's Goods and Service Tax (GST). If possible a functionality of creating invoices would be great where it will add a current letterhead to the invoice.
I'm sure there would be a great app that will service all these areas so I do not have to create my own.
I do not want to go out and pay the money on an accounting suite like MYOB or Quicken.
2 Solutions
here we use paid account software
but if you look this one , it has good rating under linuxjurnal

Fabio MarzoccaFreelancerCommented:
You have a very large choice of opensouyrce accounting applications. Choose the best that fit your needs: http://www.pbooks.org/blog/open-source-accounting/
bnoyzyAuthor Commented:
Thankyou for your replies. After reading both of the links supplied, GNUCash has much going for it (like always I feel its best to go with the opensource app wioth the biggest development community). What is not shown in either link though is PostBooks by XTuple which is not opensource but is free. Has anyone used this application before?
JohnBusiness Consultant (Owner)Commented:
I have not used any of these and I did not see in GNUCash that it could handle Value Added Taxation (GST in my country and yours). And further to your original post, MYOB has gone out of existence (at least here) and Quicken is a consumer package.

The only package I know of that will handily do what you ask is QuickBooks, but QB is neither free, nor available in Linux. ..... T
bnoyzyAuthor Commented:
Yeah thanks for your reply but I definitely do not want to go with Reckon Quickbooks.

Just for other readers interest below shows that GST is setup with a Tax Table in GNUCash so is possible to keep a track of:

See: http://wiki.gnucash.org/wiki/FAQ#Q:_How_do_I_handle_GST_on_invoices.2C_and_claim_GST_rebates_on_purchases.3F
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