diff --git a/hledger-lib/Hledger/Reports/PostingsReport.hs b/hledger-lib/Hledger/Reports/PostingsReport.hs
index cefa47298..582b85710 100644
--- a/hledger-lib/Hledger/Reports/PostingsReport.hs
+++ b/hledger-lib/Hledger/Reports/PostingsReport.hs
@@ -212,7 +212,7 @@ summarisePostingsInDateSpan (DateSpan b e) wd mdepth showempty ps
     balance a = maybe nullmixedamt bal $ lookupAccount a accts
       where
         bal = if isclipped a then aibalance else aebalance
-        isclipped a = maybe True (accountNameLevel a >=) mdepth
+        isclipped a = maybe False (accountNameLevel a >=) mdepth
 
 negatePostingAmount :: Posting -> Posting
 negatePostingAmount = postingTransformAmount negate
diff --git a/hledger/test/register/intervals.test b/hledger/test/register/intervals.test
index 962383678..e1e0b7481 100644
--- a/hledger/test/register/intervals.test
+++ b/hledger/test/register/intervals.test
@@ -1,10 +1,12 @@
 # 1. monthly reporting interval, no end dates, shows just the intervals with data:
 <
 2011/2/1
-  (a)  1
+  (a)    1
+  (a:b)  1
 
 $ hledger -f- register --period 'monthly'
 2011-02                 a                                        1             1
+                        a:b                                      1             2
 
 # 2. or with a query pattern, just the intervals with matched data:
 <