diff --git a/hledger-lib/Hledger/Reports/MultiBalanceReports.hs b/hledger-lib/Hledger/Reports/MultiBalanceReports.hs
index 5208a3b9f..f77675980 100644
--- a/hledger-lib/Hledger/Reports/MultiBalanceReports.hs
+++ b/hledger-lib/Hledger/Reports/MultiBalanceReports.hs
@@ -1,4 +1,4 @@
-{-# LANGUAGE FlexibleInstances, ScopedTypeVariables, OverloadedStrings #-}
+{-# LANGUAGE FlexibleInstances, RecordWildCards, ScopedTypeVariables, OverloadedStrings #-}
 {-|
 
 Multi-column balance reports, used by the balance command.
@@ -20,7 +20,6 @@ module Hledger.Reports.MultiBalanceReports (
 )
 where
 
-import Control.Applicative ((<|>))
 import Data.List
 import Data.Maybe
 import Data.Ord
@@ -276,39 +275,36 @@ multiBalanceReportSpan (MultiBalanceReport (colspans, _, _)) = DateSpan (spanSta
 -- | Convert all the posting amounts in a MultiBalanceReport to their
 -- default valuation commodities. This means using the Journal's most
 -- recent applicable market prices before the valuation date.
--- The valuation date is the specified report end date if any,
--- otherwise the current date, otherwise the journal's end date.
+-- The valuation date is set with --value-date and can be:
+-- the posting date,
+-- the last day in the report subperiod,
+-- today's date (gives an error if today_ is not set in ReportOpts),
+-- or a custom date.
 mbrValue :: ReportOpts -> Journal -> MultiBalanceReport -> MultiBalanceReport
-mbrValue ropts j r =
-  let mvaluationdate = periodEnd (period_ ropts) <|> today_ ropts <|> journalEndDate False j
-  in case mvaluationdate of
-    Nothing -> r
-    Just d  -> r'
+mbrValue ReportOpts{..} Journal{..} (MultiBalanceReport (spans, rows, (coltotals, rowtotaltotal, rowavgtotal))) =
+  MultiBalanceReport (
+     spans
+    ,[(acct, acct', depth, map (uncurry val) $ zip ends rowamts, val end rowtotal, val end rowavg)
+     | (acct, acct', depth, rowamts, rowtotal, rowavg) <- rows]
+    ,(map (uncurry val) $ zip ends coltotals
+     ,val end rowtotaltotal
+     ,val end rowavgtotal)
+    )
+  where
+    ends = map (fromMaybe (error' "mbrValue: expected all report periods to have an end date") . spanEnd) spans  -- XXX shouldn't happen
+    end  = lastDef (error' "mbrValue: expected at least one report subperiod") ends  -- XXX shouldn't happen
+    val periodend amt = mixedAmountValue prices d amt
       where
         -- prices are in parse order - sort into date then parse order,
         -- & reversed for quick lookup of the latest price.
-        prices = reverse $ sortOn mpdate $ jmarketprices j
-
-        MultiBalanceReport (spans, rows, (coltotals, rowtotaltotal, rowavgtotal)) = r
-        r' = MultiBalanceReport
-             (spans,
-              [(acct, acct', depth, map convert rowamts, convert rowtotal, convert rowavg) | (acct, acct', depth, rowamts, rowtotal, rowavg) <- rows],
-              (map convert coltotals, convert rowtotaltotal, convert rowavgtotal))
-        convert = mixedAmountValue prices d
-
-    -- -- convert to value ?
-    -- -- first get period end date(s) XXX duplicated from multiBalanceReport
-    -- -- The date span specified by -b/-e/-p options and query args if any.
-    -- requestedspan  = dbg1 "requestedspan"  $ queryDateSpan (date2_ ropts) userq  --  XXX userq ok ?
-    -- -- If the requested span is open-ended, close it using the journal's end dates.
-    -- -- This can still be the null (open) span if the journal is empty.
-    -- requestedspan' = dbg1 "requestedspan'" $ requestedspan `spanDefaultsFrom` journalDateSpan (date2_ ropts) j
-    -- -- The list of interval spans enclosing the requested span.
-    -- -- This list can be empty if the journal was empty,
-    -- -- or if hledger-ui has added its special date:-tomorrow to the query
-    -- -- and all txns are in the future.
-    -- -- intervalspans  = dbg1 "intervalspans"  $ splitSpan (interval_ ropts) requestedspan'
-
+        prices = reverse $ sortOn mpdate jmarketprices
+        d = case value_at_ of
+          AtTransaction -> error' "sorry, --value-at=transaction is not yet supported with multicolumn balance reports"  -- XXX
+          AtPeriod      -> periodend
+          AtNow         -> case today_ of
+                             Just d  -> d
+                             Nothing -> error' "ReportOpts today_ is unset so could not satisfy --value-at=now"
+          AtDate d      -> d
 
 -- | Generates a simple non-columnar BalanceReport, but using multiBalanceReport, 
 -- in order to support --historical. Does not support tree-mode boring parent eliding. 
diff --git a/hledger/hledger_options.m4.md b/hledger/hledger_options.m4.md
index 63f2ca8b4..289e8a9a9 100644
--- a/hledger/hledger_options.m4.md
+++ b/hledger/hledger_options.m4.md
@@ -511,10 +511,14 @@ The precise effect of the keywords is command-specific, but here is their genera
 : Use the prices as of today's date when the report is generated. This is the default.
 
 - `--value-at=YYYY-MM-DD`
-: Use the prices as of the given date (must be 8 digits with `-` or `/` or `.` separators).
+: Use the prices as of the given date (8 digits with `-` or `/` or `.` separators).
 : Eg `--value-at=2019-04-25`.
 
-Currently `--value-at` affects only the [print](/hledger.html#print) command.
+Currently `--value-at` affects only some commands
+([print](/hledger.html#print),
+[multicolumn balance reports](/hledger.html#balance)),
+and some of the keywords may not be supported by certain commands.
+
 Here are some examples to show its effect:
 
 ```journal
diff --git a/tests/journal/market-prices.test b/tests/journal/market-prices.test
index 134598bd9..0b1b4f4cc 100644
--- a/tests/journal/market-prices.test
+++ b/tests/journal/market-prices.test
@@ -198,3 +198,48 @@ $ hledger -f- print --value-at=2000-01-15
 
 >=0
 
+# 14. multicolumn balance report with default value
+$ hledger -f- bal -M -V
+Balance changes in 2000q1:
+
+   || Jan  Feb  Mar 
+===++===============
+ a || 4 B  4 B  4 B 
+---++---------------
+   || 4 B  4 B  4 B 
+
+# 15. multicolumn balance report valued at transaction is not supported
+$ hledger -f- bal -M --value-at=transaction
+>2 /--value-at=transaction is not yet supported with multicolumn balance reports/
+>=1
+ 
+# 16. multicolumn balance report valued at period end
+$ hledger -f- bal -M --value-at=period
+Balance changes in 2000q1:
+
+   || Jan  Feb  Mar 
+===++===============
+ a || 2 B  3 B  4 B 
+---++---------------
+   || 2 B  3 B  4 B 
+
+# 17. multicolumn balance report valued at today
+$ hledger -f- bal -M --value-at=now
+Balance changes in 2000q1:
+
+   || Jan  Feb  Mar 
+===++===============
+ a || 4 B  4 B  4 B 
+---++---------------
+   || 4 B  4 B  4 B 
+
+# 18. multicolumn balance report valued at other date
+$ hledger -f- bal -M --value-at=2000-01-15
+Balance changes in 2000q1:
+
+   || Jan  Feb  Mar 
+===++===============
+ a || 1 B  1 B  1 B 
+---++---------------
+   || 1 B  1 B  1 B 
+