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
After re-reading your post I'm curious: how is each transaction itself balanced? Let's start with the first one, a $100 check. We know where it came from but not where it went.

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