Re: double-entry bookkeeping unneeded?

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.

--
Visit <http://blogs.instreamfinancial.com/anything.php> to read my rants on technology and the finance industry.
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