| For technical discussion: This is easy to represent with double ledger accounting. We have a customer ledger which in normal banking balances as a bank liability against the bank’s assets held in Treasurys or cash or whatever. You seem to want a report of where you are allocating the customer funds. This isn’t possible in any sane way without having individualised accounts, any more than it is sane for me to ask my bank “Ok, I have $1,000 in checking, how much is held in short term assets of the bank, Treasurys, long term assets like mortgages held by the bank”? It’s not a reasonable question since they’re fungible. If you truly want to hold FBO accounts at your banker’s bank then you do indeed create a hierarchy like this: AwesomeFinTech:Assets:BoringBanks:JPMC:Clients:Jim
AwesomeFinTech:Assets:BoringBanks:BoA:Clients:Jim
AwesomeFinTech:Liabilities:Clients:Jim
AwesomeFinTech:Liabilities:Clients:Jim:JPMC
AwesomeFinTech:Liabilities:Clients:Jim:BoA When you move funds into the FBO account (which is just the Assets:JPMC account), balance the transaction against both the liabilities and assets. You can a report on the liabilities:client and see where the funds are. If you want to see all your assets at JPMC for Clients, you can see that. If your fintech fails and you need reports of all the funds at JPMC… easy, go dump the balances of all the JPMC:Clients accounts. |