Re: double-entry bookkeeping unneeded?

On Thu, 28 Dec 2006 10:15:40 -0500, Thomas Gagne
<tgagne@xxxxxxxxxxxxxxxxxx> wrote:

I've written multiple financial OLTP systems and can confidently say
there's no such thing as "john bill 5".

A transaction system must be able to record:

Check for $10.
Cash for $20.
Deposit to checking $15.
Payment to line-of-credit: $15.

or perhaps

Check for $100.
Interest payment: $98.
Principle payment: $2.

These are all examples of double-entry/balanced transactions.
Double-entry is a misnomer. It's not so much as recording the same
information twice as much as it is creating smaller transactions and
building bigger transactions out of them.

In fact, it allows one-to-many and many-to-many transactions to be
traced.

Debit $20 for sale of widget.
Debit $30 for sale of thingy.
Credit $10 to overhead.
Credit $5 to commissions.
Credit $15 to royalties.
Credit $20 to suppliers.

J.

.

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