diff --git a/hledger/hledger_balance.m4.md b/hledger/hledger_balance.m4.md
index d25157d36..5b004b8bc 100644
--- a/hledger/hledger_balance.m4.md
+++ b/hledger/hledger_balance.m4.md
@@ -245,6 +245,10 @@ Balance changes in 2008:
 
 ```
 
+The [`-V/--value` flag](#market-value) currently has a limitation with 
+multicolumn reports: it uses the market prices on the report end date 
+for all columns. (Instead of the prices on each column's end date.) 
+
 ### Budgets
 
 With `--budget` and a [report interval](manual.html#report-intervals), 
diff --git a/hledger/hledger_options.m4.md b/hledger/hledger_options.m4.md
index 277d67766..2fbaa07f4 100644
--- a/hledger/hledger_options.m4.md
+++ b/hledger/hledger_options.m4.md
@@ -419,6 +419,11 @@ $ hledger -f t.j bal -N euros -V
 Currently, hledger's -V only uses market prices recorded with P directives,
 not [transaction prices](journal.html#transaction-prices) (unlike Ledger).
 
+Currently, the -V has a limitation with in 
+[multicolumn balance reports](#multicolumn-balance-reports):
+it uses the market prices on the report end date for all columns. 
+(Instead of the prices on each column's end date.) 
+
 ## Combining -B and -V
 
 Using -B/--cost and -V/--value together is currently allowed, but the