Re: double-entry bookkeeping unneeded?

In article <t_6dnfQgL7Km-wvYnZ2dnUVZ_veinZ2d@xxxxxxxxxxxxxxxx>,
Thomas Gagne <tgagne@xxxxxxxxxxxxxxxxxx> wrote:

Doc O'Leary wrote:

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.

You say that like it's a bad thing. Like I said in my other reply, it
comes down to a question of whether or not the entire system *needs* to
know where the money comes from and if it *needs* a transaction to do
that. I say no. Given that this is comp.object, it really shouldn't be
so hard to understand that we can create objects in a system other than
accounts and transactions. What I refer to as "payment" (and others)
above should be understood to be objects and not just some generic
account. It represents a scenario like "John Doe sent us a $100 check
to be used as a credit card payment. We applied $98 of the payment to
his interest and $2 to his principle." Sure, you can lump that all into
one big transaction and capture the essence of the accounting, but the
business itself usually has a *large* number of uses for the underlying
objects beyond accounting (e.g., late payment results in late fee).

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