I recently heard the double entry system described as the lowest common denominator of all accounting systems. I.e. one can model any other accounting system wi

I recently heard the double entry system described as the lowest common denominator of all accounting systems. I.e. one can model any other accounting system with just accounts, debits, and credits. The color annotation system here is interesting but could be easily modeled with just accounts. In fact in some implementations that I've personally built, that's exactly what we did. Accounts were bags of attributes, including currency and color. Not to say the system as described is deficient in any way, just that it isn't any different than a plain ledger except as a notation. I'll be interested to see the follow up articles about "transmuting".