C
Charlie Gordon
user923005 said:user923005 said:
[...] the introduction of a discussion of
multiple currencies blurred the issue in my mind for a little while.
Taking a step back and thinking about it, I realised it represented a
completely separate issue.I still stand by my statement that you can do double-entry
book-keeping
*exactly*.I disagree. If there are any rational or exponential calculations,
then it is not possible.
Examples:
Depreciation calculations
Interest calculations
Investments (Future value, Present value, Annuities...)
Yes, but it's the same blurring. The "how much interest should be added?"
question cannot be answered exactly (except by chance, of course) - it
must be rounded. But double-entry book-keeping is about putting one
*monetary* amount into two ledgers, once on the debit side and once on
the
credit side. This can be done exactly.
I agree that the credit and the debit will agree. But the amount
stored is not exact. There have been schemes based on stealing these
fractional pennies that have netted huge sums over time.
This is akin to gleaning, which was not considered stealing in ancient
times.
These fractional pennies cannot be credited to cash deposit account holders,
is the bank stealing them ?