Working notes on the parts of fund accounting that are hard to look up and harder to get right. Written for controllers, CFOs and administrators who have to make the numbers defensible, not for people shopping for software.
Two books, two clocks, and a reconciliation nobody wants to own. Where the split came from, what it costs, and four questions that separate the architectures faster than a feature matrix.
The same two deals through both structures. Same fund, same total profit, and a six million dollar difference in what the manager is holding when the second deal disappoints.
Fund accounting where the accounting book of record and the investment book of record are the same ledger. Fifty-seven invariants check the books. Currently in private development.