... so I wrote this: https://github.com/mdipierro/pacioli

It is a clone of http://furius.ca/beancount/. It is not based on web2py but 
it is implemented as a library and it can easily be integrated with web2py 
to make an ERP for example. Beancount is GPL while pacioli is BSD.

It takes as input a ledger file (or the ledger can be created via API) and 
it produces various reports in PDF and Latex (they can and will be 
improved).

The idea is you log your transactions in the ledger input file and/or you 
call the API to built your ledger from the database and pacioli will 
compute your balances, profits and losses, capital gains, and make you 
reports. 

At this time it is not based on web2py but it would be nice to have an app 
that uses it.

It may need more testing and knowledge of accounting is limited. 

Comments for improvements?

Massimo

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