This paper describes theory, computational algorithms, and software associated with the new SPEER edit system. The SPEER edit system is based on the Fellegi-Holt model (JASA, 1976) of editing and is used on continuous data. The key feature of the new SPEER system is that it automatically does ratio editing and a limited form of balancing (assuring the items add to totals). The limited form of balancing appears to work in over 99% of the situations in which balancing is needed and the associated computational algorithms are exceedingly fast. Other economic edit systems are not able to do automatic balancing in a manner that assures records satisfy all edits.