I think you'll find that GnuCash might be OK for helping balance your personal checking account.
AFAIK there is not yet any serious "enterprise level" accounting software released under GPL.
Must be only a matter of time.
Or maybe somebuddy will correct me.
It all depends on what you are looking for. There is no open source enterprise class accounting software, as far as I know. But there are some very nice products for the SMB market. LinuxCanada has Quasar, which includes basic accounting and Point of Sale. It is free for the base package, and has additional features available at a very reasonable cost. SQLLedger is also a nice open source system that's still in development.
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