A recent article in AccountingWeb contains a whole treatise of intellectual praise that has been heaped upon double entry bookkeeping down the centries.
There are not many things emanating from the fiftenth centry that have had such a profound effect on modern economies, but double entry definatly has. It just goes to show that sometimes there is no point in re-inventing the wheel. Could we come up with a better system for recording transactions? I doubt it!