Re: double-entry bookkeeping unneeded?

Doc O'Leary wrote:
In article <kfydnYNdCO77zwnYnZ2dnUVZ_oqmnZ2d@xxxxxxxxxxxxxxxx>,
Thomas Gagne <tgagne@xxxxxxxxxxxxxxxxxx> wrote:

I'm anxious to see how that approach implements a single $100 payment with $98 to interest and $2 to principle. 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'm not so sure that's a bad thing. The point I was trying to make is that instead of a system where a group of transactions taken as a whole is balanced, it is perfectly reasonable to have a system where each transaction is itself balanced. For your example, it'd go something like:

check payment 100
payment interest 98
payment principle 2
I don't see where you disagreed since that's exactly what I said before. The check transaction credits cash then debits interest and principle (I think I got that right).


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

Relevant Pages

  • Re: double-entry bookkeeping unneeded?
    ... with $98 to interest and $2 to principle. ... 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. ... The point I was trying to make is that instead of a system where a group of transactions taken as a whole is balanced, it is perfectly reasonable to have a system where each transaction is itself balanced. ... payment interest 98 ...
    (comp.object)
  • Re: alt.usage.english
    ... There is a principle that, having lawfully obtained a copy of a work, ... serves the purpose for which the original copy is intended, ... A transaction which is clearly by its nature one for the sale ...
    (alt.usage.english)
  • Re: Questions for UK citizens using a Debit or Credit card
    ... you the choice of a debit card (VISA) or a cash withdrawal ... transaction when in Ireland. ... It's exactly the same principle. ...
    (uk.finance)
  • RE: Excel Spreadsheet
    ... Principle Int Rate # of days Int Billed Prime Rate Prime amount ... Nper is the total number of payment periods in an annuity. ...
    (microsoft.public.excel.worksheet.functions)
  • Re: CUMPRINC Function Returns #N/A
    ... Norman, This isn't a balloon. ... It is a credit card payment ... amount to pay down the second debt. ...
    (microsoft.public.excel.worksheet.functions)