diff --git a/hledger-lib/Hledger/Data/Balancing.hs b/hledger-lib/Hledger/Data/Balancing.hs
index 2cd016539..cd09f9118 100644
--- a/hledger-lib/Hledger/Data/Balancing.hs
+++ b/hledger-lib/Hledger/Data/Balancing.hs
@@ -119,12 +119,12 @@ transactionCheckBalanced BalancingOpts{commodity_styles_=_mglobalstyles, txn_bal
     lookszeroatglobaldisplayprecision    = mixedAmountLooksZero . maybe id styleAmounts _mglobalstyles
 
     -- check that the sum looks like zero
-    (rsumcost, bvsumcost) = (foldMap postingBalancingAmount rps, foldMap postingBalancingAmount bvps)
-    (rsumok, bvsumok) = (lookszero rsumcost, lookszero bvsumcost)
+    (rsumcost,  bvsumcost)  = (foldMap postingBalancingAmount rps, foldMap postingBalancingAmount bvps)
+    (rsumok,    bvsumok)    = (lookszero rsumcost, lookszero bvsumcost)
     (rsumokold, bvsumokold) = (lookszeroatglobaldisplayprecision rsumcost, lookszeroatglobaldisplayprecision bvsumcost)
 
     -- when there's multiple non-zeros, check they do not all have the same sign
-    (rsignsok, bvsignsok) = (signsOk rps, signsOk bvps)
+    (rsignsok, bvsignsok)   = (signsOk rps, signsOk bvps)
       where
         signsOk ps = length nonzeros < 2 || length nonzerosigns > 1
           where
@@ -141,7 +141,7 @@ transactionCheckBalanced BalancingOpts{commodity_styles_=_mglobalstyles, txn_bal
               (showMixedAmountWith oneLineNoCostFmt{displayCost=True, displayZeroCommodity=True} $
               mixedAmountSetFullPrecisionUpTo Nothing $ mixedAmountSetFullPrecision
               rsumcost)
-              ++ if rsumokold then "" else oldbalancingmsg
+              ++ if rsumokold then oldbalancingmsg else ""
         bvmsg
           | bvsumok       = ""
           | not bvsignsok = "The balanced virtual postings all have the same sign. Consider negating some of them."
@@ -149,7 +149,7 @@ transactionCheckBalanced BalancingOpts{commodity_styles_=_mglobalstyles, txn_bal
               (showMixedAmountWith oneLineNoCostFmt{displayCost=True, displayZeroCommodity=True} $
               mixedAmountSetFullPrecisionUpTo Nothing $ mixedAmountSetFullPrecision
               bvsumcost)
-              ++ if bvsumokold then "" else oldbalancingmsg
+              ++ if bvsumokold then oldbalancingmsg else ""
         oldbalancingmsg = unlines [
           -- -------------------------------------------------------------------------------
            "\nNote, hledger <1.50 accepted this entry because of the global display precision,"
diff --git a/hledger/test/journal/precision.test b/hledger/test/journal/precision.test
index 045d54f48..a8b37d50a 100644
--- a/hledger/test/journal/precision.test
+++ b/hledger/test/journal/precision.test
@@ -189,10 +189,10 @@ $ hledger -f - bal -O csv
 "c","1000 JPY"
 "Total:","1002 JPY"
 
-# ** 13. Before hledger 1.44, an entry like this (generated by bean-report) did not balance,
+# ** 13. Before hledger 1.50, an entry like this (generated by bean-report) did not balance,
 # because the P amount influenced the commodity's display (and balancing) precision.
-# From 1.44 transaction balancing uses the transaction's local precisions,
-# so CNY's precision is 2 and this does balance.
+# From 1.50 transaction balancing uses the transaction's local precisions,
+# so CNY's precision is 2 and this does balance. (#2402)
 <
 P 2025-01-01 USD  7.147224669603524229074889868 CNY
 
@@ -219,10 +219,11 @@ $ hledger -f - bal -N
                         -113.50 USD  a
 0.000000000000000000000000018 CNY  z
 
-# ** 16. Before hledger 1.44, an inexactly balanced entry like this could be accepted
+# ** 16. Before hledger 1.50, an inexactly balanced entry like this could be accepted,
 # because of a commodity directive reducing the display/balance-checking precision.
-# From 1.44, transaction balancing uses the transaction's local precisions by default,
-# making the balance checking more strict in this case.
+# From 1.50, transaction balancing uses the transaction's local precisions by default.
+# Also when balance checking fails for this reason, an extra note is shown.
+# (#2402)
 <
 commodity $1.00
 
@@ -231,13 +232,33 @@ commodity $1.00
    a  -$1.120
 
 $ hledger -f - check
->2 /unbalanced/
+>2 /Note, hledger <1.50 accepted this entry/
 >= 1
 
-# ** 17. --txn-balancing=old can be used to restore the pre-1.44 behaviour.
+# ** 17. When balance checking would have failed with hledger <1.50 too, the extra note is not shown. (#2402)
+<
+2025-01-01
+   a    1 C @ $1.1206
+   a  -$1.120
+
+$ hledger -f - check
+>2 !/Note, hledger <1.50 accepted this entry/
+>= 1
+
+# ** 18. When balance checking fails because cost inference is not allowed, the extra note is not shown. (#2402)
+<
+2025-01-01
+    a          1 A
+    b         -1 USD
+
+$ hledger -f - check balanced
+>2 !/Note, hledger <1.50 accepted this entry/
+>=1
+
+# ** 19. --txn-balancing=old can be used to restore the pre-1.50 behaviour. (#2402)
 $ hledger -f - check --txn-balancing=old
 
-# ** 18. Note that a cost amount can affect display precision, by affecting an implicit posting amount.
+# ** 20. A cost amount can affect display precision, by affecting an implicit posting amount.
 # Here the z posting amount is inferred as -2.000 USD, so USD's display precision is inferred as 3.
 <
 2025-01-01
@@ -248,3 +269,4 @@ $ hledger -f - check --txn-balancing=old
 $ hledger -f - reg cur:USD
 2025-01-01                      a                        1.000 USD     1.000 USD
                                 z                       -2.000 USD    -1.000 USD
+