What happens if I add/remove or change a Transaction or Contract?

As our system does not lock balances in place between each Period, Infinite Catalog makes it easy to make retroactive adjustments which simply carry forward into the following Period in the system.

For example - let's say you ran 2022 statements for your payees and later realized that a sync transaction you had entered and accounted for as a $500 total in 2022 was actually $1000. You can simply update the transaction (or create another transaction representing the difference), and the difference will be accounted for in your next Period (i.e. with $500 rolling forward into the very next Period).

Similarly, any contract changes made - for example, adding a new payee to a contract or correcting an erroneous contract split % - will apply to all transactions in the system and those transactions will be accounted for by the updated terms of the contract without any additional manual work.

If you prefer to make a change to a Transaction or Contract in the system and account for it now - you can always make the change, generate a new statement reflecting the change, and simply archive or delete the existing statement.

We built Infinite Catalog in a such way to ensure that any changes that need to be made in the system can be easily corrected and will simply roll forward into your next accounting period, mitigating the need for manual work in order to correct changes in IC.

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