Corrections and Checkpoints
Corrections are a powerful tool for keeping your accounts in sync with reality. But they have an important effect: they create a checkpoint that locks previous history.
What is a correction?
A correction lets you adjust an account's balance when there's a difference between what Finerdy shows and what you actually have.
When to use it
- You counted your cash and it doesn't match Finerdy
- Your bank statement shows a different balance
- You found transactions you forgot to record
- You want to set the initial balance for a new account
Example
Finerdy says you have $500 in your wallet, but when you count it, you find $480. You create a correction with the actual balance ($480) and Finerdy adjusts automatically.
How to create a correction
- Go to the account you want to correct
- Tap the "Correct balance" button
- Enter the actual current balance (not the difference)
- Optionally add a description
- Save
Important
The amount you enter is the total balance the account should have, not the difference. Finerdy calculates the adjustment automatically.
Checkpoints: History gets frozen
When you create a correction, Finerdy creates a checkpoint. This means all transactions before the correction become locked.
Why do they get locked?
Imagine this scenario: 1. Your account shows $1,000 2. You create a correction adjusting to $950 (you detected $50 was missing) 3. Finerdy now knows that the correct balance at the time of correction is $950
If we allowed editing previous transactions, the correction's balance would no longer make sense. That's why previous transactions get locked.
Think of it this way
A correction is like a "snapshot" of the balance at that moment. Everything that happened before gets frozen so that snapshot remains valid.
Locked transactions
Locked transactions are identified with a lock icon in the app.
What can you do?
| Action | Allowed? |
|---|---|
| View the transaction | Yes |
| Edit the transaction | No |
| Delete the transaction | No |
What if I need to edit a locked transaction?
If you really need to modify history, you have to delete the correction that locked it. This will unlock the transactions but you'll also lose the checkpoint.
Be careful
Deleting a correction unlocks history but also removes the corrected balance reference. Only do this if you're sure.
Multiple corrections
You can create multiple corrections on the same account over time. Each correction creates a new checkpoint.
Rules
- Only the most recent correction for each account is editable
- Previous corrections also become locked
- Each correction locks everything before it
Example
January 15: Correction → Balance $1,000 (locks everything before the 15th)
February 28: Correction → Balance $1,500 (locks everything between Jan 15 and Feb 28)
Transactions after February 28 remain editable.
Transfers and Exchanges
Transfers and currency exchanges involve two accounts. If either account has a checkpoint that affects the transaction, the entire operation gets locked.
Example
You have a transfer from your "Bank" account to your "Cash" account on January 10.
- If "Bank" has a correction from January 15 → The transfer is locked
- If "Cash" has a correction from January 15 → The transfer is also locked
- If neither has a correction → The transfer is editable
In the app
If a transfer is locked by the destination account, the modal will show a notice indicating that to edit it you need to go to the origin transaction.
Best practices
1. Correct at the end of a period
The best time to make corrections is at the end of a month or period. This way you verify everything is in order and lock history in an organized manner.
2. Review carefully before creating the correction
Once created, history gets locked. Make sure all previous transactions are properly recorded.
3. Don't use corrections for normal transactions
If you bought something, use an Expense. If you received money, use an Income. Corrections are only for adjustments when you can't determine which transactions are missing.
4. Add a description
When you create a correction, briefly explain why you're making it. Your future self will thank you.
Good description example
"Monthly cash count - $50 unidentified difference" is better than just "Adjustment".
Summary
| Concept | Description |
|---|---|
| Correction | Balance adjustment when reality doesn't match Finerdy |
| Checkpoint | Reference point that locks previous history |
| Locked transactions | Cannot be edited or deleted, only viewed |
| To unlock | Delete the correction that created the checkpoint |
Next steps
Want to learn more about other transaction types? Go back to the Transactions page.