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Can the system be used to replace Excel based bookkeeping of one of our prospects? The client has an Excel spreadsheet with one row for each day with several columns categorizing income and expenses with beginning and end balances.

The optimal way to do it is to create expense and income accounts for each income/expense category. Then create Items (effectively item groups), for example "telephone expense", "vehicle maintenance", "services income" assigning to them respective income and expense accounts. After that one can only use two documents - Cash Purchase and Cash Sales entering in line items just the created item groups with amounts. The system will record transactions on the income and expense accounts. After that you can create a custom report based on the General Journal data mapping accounts with the appropriate income and expense columns in the Excel-looking report.