Re: double-entry bookkeeping unneeded?

Thomas Gagne wrote:
I'm anxious to see how that approach implements a single $100 payment
with $98 to interest and $2 to principle.

That is a combination of "transactions", not one. I am not dictating
the "splitter" allocation interface/tool. I am only saying how an
atomic "transaction word" looks like inside the accounting system
(database).

I suspect there would be a standard screen for customer payments that
looks something like:

Customer Payments Screen

Customer ID: [_______] <lookup>

Payment Amount: [____.__]

Interest: [____.__]

<Submit>

This screen/app would perform the splitting of interest and principle
(2 transactions). The transactions to the DB would still work the way
already shown (from_acct, to_acct, amount).

You'll also have to tell
nearly every two and four-year college to rewrite their /introductory/
accounting classes to get rid of credit and debit accounts.

I do not remember anything called that back when I took Accounting.
Everything was based on A=E+L.

Again, I suspect the confusion is an issue of semantics somehow.
Perhaps our textbooks used different lingo. I've seen it happen.


<http://www.uen.org/Lessonplan/preview.cgi?LPid=11059>

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

-T-

.

Relevant Pages

  • Re: Carry forward balance of account
    ... The transaction date column would allow you to determine the appropriate year, and so the transactions for different years would all be in the same file. ... Standard accounting procedures do involve closing a period, ... In this system, there is a closing balance for each period, which becomes the opening balance for the new period. ... What you are doing by creating a new database file and manually entering the opening balance is therefore part way towards the accounting model rather than the basic normalized database. ...
    (microsoft.public.access.modulesdaovba)
  • Re: Balance sheet for a dormant company
    ... transactions' during the accounting period. ... Companies House do not count as significant accounting transactions ... company on the register. ... I cannot say shares were sold ...
    (uk.finance)
  • Re: Balance sheet for a dormant company
    ... transactions' during the accounting period. ... Companies House do not count as significant accounting transactions ... various other documents including annual company balance sheets to ... I cannot say shares were sold at ...
    (uk.finance)
  • Re: Balance sheet for a dormant company
    ... transactions' during the accounting period. ... Companies House do not count as significant accounting transactions ... company on the register. ... I cannot say shares were sold ...
    (uk.finance)
  • Re: Balance sheet for a dormant company
    ... transactions' during the accounting period. ... Companies House do not count as significant accounting transactions ... company on the register. ... I cannot say shares were sold ...
    (uk.finance)