Balance correction events on the calendar

Red and green flags

Each account in PocketSmith has a record of daily closing balances based on your bank transactions, as well as a separate record of daily forecast balances based on your scheduled budgets - one for each Scenario.

In order to start the projection from your account's current closing balance, PocketSmith makes an adjustment to your forecast to bring it to that amount. The adjustment informs you how far ahead or behind forecast you are. 

  • A red flag means that the actual balance is less than the forecasted balance
  • A green flag means that the actual balance is greater than the forecasted balance

The forecast balances aren't permanently changed, as we'd like to give you the option of preserving your original Scenario. 

If you click on a red or green flag event, the you will see some more information about the correction and two left menu options.

The two options:

  • Forecast vs Actual balance - This means that the Scenario will stay at that balance from the date of the adjustment, and the adjustment is removed as it's no longer necessary. Clicking Reset past forecast will make the balance correction permanent and will create a blue flag event. 
  • Forecast balance - If the account balance is incorrect, you can update the account balance here.

Blue flags

The blue flag events on the calendar are permanent adjustments to the forecast balance. They are like bookmarks for the forecast balance.

They can be created in multiple ways:

  • When creating the opening balance of an account.
  • When matching the forecast balance to the account balance from a balance correction event.
  • After about 3 months, they will be added at the end of each month to help with the forecast balance calculation.
  • When changing the account balance from the Balance settings for the account.
  • When adjusting the forecast balance, as in the article: How do I set a future balance in the calendar?

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