diff --git a/hledger/Hledger/Cli/Commands/Close.hs b/hledger/Hledger/Cli/Commands/Close.hs
index 451876b7c..1322546a8 100644
--- a/hledger/Hledger/Cli/Commands/Close.hs
+++ b/hledger/Hledger/Cli/Commands/Close.hs
@@ -1,5 +1,6 @@
 {-# LANGUAGE OverloadedStrings #-}
 {-# LANGUAGE TemplateHaskell #-}
+{-# LANGUAGE MultiWayIf #-}
 
 module Hledger.Cli.Commands.Close (
   closemode
@@ -20,92 +21,75 @@ import System.Console.CmdArgs.Explicit as C
 import Hledger
 import Hledger.Cli.CliOptions
 
-defclosingdesc = "closing balances"
-defopeningdesc = "opening balances"
-defclosingacct = "equity:opening/closing balances"
-defopeningacct = defclosingacct
+defretaindesc = "retain earnings"
+defclosedesc  = "closing balances"
+defopendesc   = "opening balances"
+defretainacct = "equity:retained earnings"
+defcloseacct  = "equity:opening/closing balances"
 
 closemode = hledgerCommandMode
   $(embedFileRelative "Hledger/Cli/Commands/Close.txt")
-  [flagNone ["close"]        (setboolopt "close") "show just closing transaction"
-  ,flagNone ["open"]         (setboolopt "open") "show just opening transaction"
-  ,flagReq  ["close-desc"]   (\s opts -> Right $ setopt "close-desc" s opts) "DESC" ("description for closing transaction (default: "++defclosingdesc++")")
-  ,flagReq  ["open-desc"]    (\s opts -> Right $ setopt "open-desc"  s opts) "DESC" ("description for opening transaction (default: "++defopeningdesc++")")
-  ,flagReq  ["close-acct"]   (\s opts -> Right $ setopt "close-acct" s opts) "ACCT" ("account to transfer closing balances to (default: "++defclosingacct++")")
-  ,flagReq  ["open-acct"]    (\s opts -> Right $ setopt "open-acct"  s opts) "ACCT" ("account to transfer opening balances from (default: "++defopeningacct++")")
+  [flagNone ["retain"]       (setboolopt "retain")  "show RX retain earnings transaction"
+  ,flagNone ["migrate"]      (setboolopt "migrate") "show ALE closing/opening transactions"
+  ,flagNone ["open"]         (setboolopt "open")    "show ALE opening transaction"
+  ,flagReq  ["close-desc"]   (\s opts -> Right $ setopt "close-desc" s opts) "DESC" ("description for closing transaction (default: "++defclosedesc++")")
+  ,flagReq  ["open-desc"]    (\s opts -> Right $ setopt "open-desc"  s opts) "DESC" ("description for opening transaction (default: "++defopendesc++")")
+  ,flagReq  ["close-acct"]   (\s opts -> Right $ setopt "close-acct" s opts) "ACCT" ("account to transfer closing balances to (default: "++defcloseacct++")")
   ,flagNone ["explicit","x"] (setboolopt "explicit") "show all amounts explicitly"
-  ,flagNone ["interleaved"]  (setboolopt "interleaved") "keep equity and non-equity postings adjacent"
+  ,flagNone ["interleaved"]  (setboolopt "interleaved") "keep source and destination postings adjacent"
   ,flagNone ["show-costs"]   (setboolopt "show-costs") "keep balances with different costs separate"
   ]
   [generalflagsgroup1]
-  (hiddenflags ++
-    -- old close flags for compatibility, hidden
-    [flagNone ["closing"] (setboolopt "close") "old spelling of --close"
-    ,flagNone ["opening"] (setboolopt "open") "old spelling of --open"
-    ,flagReq  ["close-to"]  (\s opts -> Right $ setopt "close-acct" s opts) "ACCT" ("old spelling of --close-acct")
-    ,flagReq  ["open-from"] (\s opts -> Right $ setopt "open-acct" s opts) "ACCT" ("old spelling of --open-acct")
-    ])
+  (hiddenflags
+    -- any old command flags for compatibility, hidden
+    -- ++ []
+  )
   ([], Just $ argsFlag "[QUERY]")
 
--- debugger, beware: close is incredibly devious. simple rules combine to make a horrid maze.
--- tests are in hledger/test/close.test.
-close copts@CliOpts{rawopts_=rawopts, reportspec_=rspec'} j = do
+-- Debugger, beware: close is incredibly devious; simple rules combine to make a horrid maze.
+-- Tests are in hledger/test/close.test.
+-- This code is also used by the close command.
+close copts@CliOpts{rawopts_=rawopts, reportspec_=rspec0} j = do
   let
-    -- show opening entry, closing entry, or (default) both ?
-    (opening, closing) =
-      case (boolopt "open" rawopts, boolopt "close" rawopts) of
-        (False, False) -> (True, True)
-        (o, c)         -> (o, c)
+    (close_, open_, defclosedesc_, defopendesc_, defcloseacct_, defacctsq_) = if
+      | boolopt "retain"  rawopts -> (True,  False, defretaindesc, undefined,   defretainacct, Type [Revenue, Expense])
+      | boolopt "migrate" rawopts -> (True,  True,  defclosedesc,  defopendesc, defcloseacct,  Type [Asset, Liability, Equity])
+      | boolopt "open"    rawopts -> (False, True,  undefined,     defopendesc, defcloseacct,  Type [Asset, Liability, Equity])
+      | otherwise                 -> (True,  False, defclosedesc,  undefined,   defcloseacct,  Any)
 
     -- descriptions to use for the closing/opening transactions
-    closingdesc = maybe (T.pack defclosingdesc) T.pack $ maybestringopt "close-desc" rawopts
-    openingdesc = maybe (T.pack defopeningdesc) T.pack $ maybestringopt "open-desc" rawopts
+    closedesc = T.pack $ fromMaybe defclosedesc_ $ maybestringopt "close-desc" rawopts
+    opendesc  = T.pack $ fromMaybe defopendesc_  $ maybestringopt "open-desc"  rawopts
+    closeacct = T.pack $ fromMaybe defcloseacct_ $ maybestringopt "close-acct" rawopts
+    openacct  = closeacct
 
-    -- accounts to close to and open from
-    -- if only one is specified, it is used for both
-    (closingacct, openingacct) =
-      let (mc, mo) =
-            (T.pack <$> maybestringopt "close-acct" rawopts, T.pack <$> maybestringopt "open-acct" rawopts)
-      in case (mc, mo) of
-        (Just c, Just o)   -> (c, o)
-        (Just c, Nothing)  -> (c, c)
-        (Nothing, Just o)  -> (o, o)
-        (Nothing, Nothing) -> (T.pack defclosingacct, T.pack defopeningacct)
-
-    ropts = (_rsReportOpts rspec'){balanceaccum_=Historical, accountlistmode_=ALFlat}
-    rspec = setDefaultConversionOp NoConversionOp rspec'{_rsReportOpts=ropts}
+    ropts = (_rsReportOpts rspec0){balanceaccum_=Historical, accountlistmode_=ALFlat}
+    rspec1 = setDefaultConversionOp NoConversionOp rspec0{_rsReportOpts=ropts}
 
     -- dates of the closing and opening transactions
-    --
     -- Close.md:
     -- "The default closing date is yesterday, or the journal's end date, whichever is later.
-    --
-    -- Unless you are running `close` on exactly the first day of the new period, 
-    -- you'll want to override the closing date. 
-    -- This is done by specifying a [report period](#report-start--end-date), 
+    -- You can change this by specifying a [report end date](#report-start--end-date),
     -- where "last day of the report period" will be the closing date.
-    -- The opening date is always the following day.
-    -- So to close on 2020-12-31 and open on 2021-01-01, any of these work
-    --
-    -- - `-p 2020`
-    -- - `date:2020`
-    -- - `-e 2021-01-01`  (remember `-e` specifies an exclusive report end date)
-    -- - `-e 2021`"
-    --
-    q = _rsQuery rspec
-    yesterday = addDays (-1) $ _rsDay rspec
+    -- (Only the end date matters; a report start date will be ignored.)
+    -- The opening date is always the day after the closing date."
+    argsq = _rsQuery rspec1
+    yesterday = addDays (-1) $ _rsDay rspec1
     yesterdayorjournalend = case journalLastDay False j of
       Just journalend -> max yesterday journalend
       Nothing         -> yesterday
-    mreportlastday = addDays (-1) <$> queryEndDate False q
-    closingdate = fromMaybe yesterdayorjournalend  mreportlastday
-    openingdate = addDays 1 closingdate
+    mreportlastday = addDays (-1) <$> queryEndDate False argsq
+    closedate = fromMaybe yesterdayorjournalend  mreportlastday
+    opendate = addDays 1 closedate
 
     -- should we show the amount(s) on the equity posting(s) ?
     explicit = boolopt "explicit" rawopts || copts ^. infer_costs
 
     -- the balances to close
-    (acctbals',_) = balanceReport rspec j
+    argsacctq = filterQuery (\q -> queryIsAcct q || queryIsType q) argsq
+    q2 = if queryIsNull argsacctq then And [argsq, defacctsq_] else argsq
+    rspec2 = rspec1{_rsQuery=q2}
+    (acctbals',_) = balanceReport rspec2 j
     acctbals = map (\(a,_,_,b) -> (a, if show_costs_ ropts then b else mixedAmountStripPrices b)) acctbals'
     totalamt = maSum $ map snd acctbals
 
@@ -117,8 +101,8 @@ close copts@CliOpts{rawopts_=rawopts, reportspec_=rspec'} j = do
     interleaved = boolopt "interleaved" rawopts
 
     -- the closing transaction
-    closingtxn = nulltransaction{tdate=closingdate, tdescription=closingdesc, tpostings=closingps}
-    closingps =
+    closetxn = nulltransaction{tdate=closedate, tdescription=closedesc, tpostings=closeps}
+    closeps =
       concat [
         posting{paccount          = a
                ,pamount           = mixedAmount . precise $ negate b
@@ -131,7 +115,7 @@ close copts@CliOpts{rawopts_=rawopts, reportspec_=rspec'} j = do
                }
 
         -- maybe an interleaved posting transferring this balance to equity
-        : [posting{paccount=closingacct, pamount=mixedAmount $ precise b} | interleaved]
+        : [posting{paccount=closeacct, pamount=mixedAmount $ precise b} | interleaved]
 
         | -- get the balances for each commodity and transaction price
           (a,mb) <- acctbals
@@ -144,11 +128,11 @@ close copts@CliOpts{rawopts_=rawopts, reportspec_=rspec'} j = do
 
       -- or a final multicommodity posting transferring all balances to equity
       -- (print will show this as multiple single-commodity postings)
-      ++ [posting{paccount=closingacct, pamount=if explicit then mixedAmountSetFullPrecision totalamt else missingmixedamt} | not interleaved]
+      ++ [posting{paccount=closeacct, pamount=if explicit then mixedAmountSetFullPrecision totalamt else missingmixedamt} | not interleaved]
 
     -- the opening transaction
-    openingtxn = nulltransaction{tdate=openingdate, tdescription=openingdesc, tpostings=openingps}
-    openingps =
+    opentxn = nulltransaction{tdate=opendate, tdescription=opendesc, tpostings=openps}
+    openps =
       concat [
         posting{paccount          = a
                ,pamount           = mixedAmount $ precise b
@@ -157,7 +141,7 @@ close copts@CliOpts{rawopts_=rawopts, reportspec_=rspec'} j = do
                      Just s  -> Just nullassertion{baamount=precise s{aprice=Nothing}}
                      Nothing -> Nothing
                }
-        : [posting{paccount=openingacct, pamount=mixedAmount . precise $ negate b} | interleaved]
+        : [posting{paccount=openacct, pamount=mixedAmount . precise $ negate b} | interleaved]
 
         | (a,mb) <- acctbals
         , let bs0 = amounts mb
@@ -167,8 +151,8 @@ close copts@CliOpts{rawopts_=rawopts, reportspec_=rspec'} j = do
                            , let commoditysum = (sum bs1)]
         , (b, mcommoditysum) <- bs2
         ]
-      ++ [posting{paccount=openingacct, pamount=if explicit then mixedAmountSetFullPrecision (maNegate totalamt) else missingmixedamt} | not interleaved]
+      ++ [posting{paccount=openacct, pamount=if explicit then mixedAmountSetFullPrecision (maNegate totalamt) else missingmixedamt} | not interleaved]
 
   -- print them
-  when closing . T.putStr $ showTransaction closingtxn
-  when opening . T.putStr $ showTransaction openingtxn
+  when close_ . T.putStr $ showTransaction closetxn
+  when open_  . T.putStr $ showTransaction opentxn
diff --git a/hledger/Hledger/Cli/Commands/Close.md b/hledger/Hledger/Cli/Commands/Close.md
index 46e05fe1d..bfc2fdcbc 100644
--- a/hledger/Hledger/Cli/Commands/Close.md
+++ b/hledger/Hledger/Cli/Commands/Close.md
@@ -1,211 +1,195 @@
 ## close
 
-(equity)
+`close [--retain | --migrate | --open] [QUERY]`
 
-Prints a sample "closing" transaction bringing specified account balances to zero,
-and an inverse "opening" transaction restoring the same account balances.
+By default:
+prints a transaction that zeroes out ("closes") all accounts,
+transferring their balances to an equity account.
+Query arguments can be added to override the accounts selection.
+Three other modes are supported:
 
-If like most people you split your journal files by time, eg by year:
-at the end of the year you can use this command to "close out" your 
-asset and liability (and perhaps equity) balances in the old file, and reinitialise them in the new file.
-This helps ensure that report balances remain correct whether you are including old files or not.
-(Because all closing/opening transactions except the very first will cancel out - see example below.)
+`--retain`:
+prints a transaction closing revenue and expense balances.
+This is traditionally done by businesses at the end of each accounting period;
+it is less necessary in personal and computer-based accounting,
+but it can help balance the accounting equation A=L+E.
 
-Some people also use this command to close out revenue and expense balances at the end of an accounting period.
-This properly records the period's profit/loss as "retained earnings" (part of equity),
-and allows the accounting equation (A-L=E) to balance, 
-which you could then check by the [bse](#balancesheetequity) report's zero total.
+`--migrate`:
+prints a transaction to close asset, liability and most equity balances,
+and another transaction to re-open them.
+This can be useful when starting a new file (for performance or data protection).
+Adding the closing transaction to the old file allows old and new files to be combined.
+
+`--open`:
+as above, but prints just the opening transaction.
+This can be useful for starting a new file, leaving the old file unchanged.
+Similar to Ledger's equity command.
 
 _FLAGS
 
-You can print just the closing transaction by using the `--close` flag,
-or just the opening transaction with the `--open` flag.
+You can change the equity account name with `--close-acct ACCT`.
+It defaults to `equity:retained earnings` with `--retain`,
+or `equity:opening/closing balances` otherwise.
 
-Their descriptions are `closing balances` and `opening balances` by default;
-you can customise these with the `--close-desc` and `--open-desc` options.
+You can change the transaction description(s) 
+with `--close-desc 'DESC'` and `--open-desc 'DESC'`.
+It defaults to `retain earnings` with `--retain`,
+or `closing balances` and `opening balances` otherwise.
 
-Just one balancing equity posting is used by default, with the amount left implicit.
-The default account name is `equity:opening/closing balances`.
-You can customise the account name(s) with `--close-acct` and `--open-acct`.
-(If you specify only one of these, it will be used for both.)
+Just one posting to the equity account will be used by default,
+with an implicit amount.
 
-With `--x/--explicit`, the equity posting's amount will be shown explicitly,
-and if it involves multiple commodities, there will be a separate equity posting for each commodity
-(as in the print command).
+With `--x/--explicit` the amount will be shown explicitly,
+and if it involves multiple commodities, a separate posting
+will be generated for each commodity.
 
-With `--interleaved`, each equity posting is shown next to the posting it balances 
-(good for troubleshooting).
+With `--interleaved`, each equity posting is shown next to the 
+corresponding source/destination posting.
+
+The default closing date is yesterday or the journal's end date, whichever is later.
+You can change this by specifying a [report end date](#report-start--end-date);
+the last day of the report period will be the closing date.
+Eg `-e 2022` means "close on 2022-12-31".
+
+The default closing date is yesterday, or the journal's end date, whichever is later.
+You can change this by specifying a [report end date](#report-start--end-date);
+(The report start date does not matter.)
+The last day of the report period will be the closing date;
+eg `-e 2022` means "close on 2022-12-31".
+The opening date is always the day after the closing date.
 
 ### close and costs
 
-Costs are ignored (and discarded) by closing/opening transactions, by default.
-With `--show-costs`, they are preserved;
-there will be a separate equity posting for each cost in each commodity.
-This means `balance -B` reports will look the same after the transition.
-Note if you have many foreign currency or investment transactions,
-this will generate very large journal entries.
-
-### close date
-
-The default closing date is yesterday, or the journal's end date, whichever is later.
-
-Unless you are running `close` on exactly the first day of the new period, 
-you'll want to override the closing date. 
-This is done by specifying a [report end date](#report-start--end-date),
-where "last day of the report period" will be the closing date.
-The opening date is always the following day.
-So to close on (end of) 2020-12-31 and open on (start of) 2021-01-01, any of these will work:
-
-| end date argument | explanation
-|-------------------|----------------------------------------------------------------------
-| `-e 2021-01-01`   | [end dates](#report-start--end-date) are exclusive
-| `-e 2021`         | equivalent, per [smart dates](#smart-dates) 
-| `-p 2020`         | equivalent, the [period's](#period-expressions) begin date is ignored 
-| `date:2020`       | equivalent [query](#queries)
-
-### Example: close asset/liability accounts for file transition
-
-Carrying asset/liability balances from 2020.journal into a new file for 2021:
-
-```shell
-$ hledger close -f 2020.journal -p 2020 assets liabilities
-# copy/paste the closing transaction to the end of 2020.journal
-# copy/paste the opening transaction to the start of 2021.journal
-```
-
-Or:
-
-```shell
-$ hledger close -f 2020.journal -p 2020 assets liabilities --open  >> 2021.journal  # add 2021's first transaction
-$ hledger close -f 2020.journal -p 2020 assets liabilities --close >> 2020.journal  # add 2020's last transaction
-```
-
-Now,
-
-```shell
-$ hledger bs -f 2021.journal                   # just new file - balances correct
-$ hledger bs -f 2020.journal -f 2021.journal   # old and new files - balances correct
-$ hledger bs -f 2020.journal                   # just old files - balances are zero ?
-                                               # (exclude final closing txn, see below)
-```
-
-### Hiding opening/closing transactions
-
-Although the closing/opening transactions cancel out, they will be visible in reports like `print` and `register`, 
-creating some visual clutter. You can exclude them all with a query, like:
-
-```shell
-$ hledger print not:desc:'opening|closing'             # less typing
-$ hledger print not:'equity:opening/closing balances'  # more precise
-```
-
-But when reporting on multiple files, this can get a bit tricky;
-you may need to keep the earliest opening balances, for a historical register report;
-or you may need to suppress a closing transaction, to see year-end balances.
-If you find yourself needing more precise [queries](#queries), here's one solution:
-add more easily-matched tags to opening/closing transactions, like this:
-
-```journal
-; 2019.journal
-2019-01-01 opening balances  ; earliest opening txn, no tag here
-...
-2019-12-31 closing balances  ; clopen:2020
-...
-```
-```journal
-; 2020.journal
-2020-01-01 opening balances  ; clopen:2020
-...
-2020-12-31 closing balances  ; clopen:2021
-...
-```
-```journal
-; 2021.journal
-2021-01-01 opening balances  ; clopen:2021
-...
-```
-
-Now with
-```journal
-; all.journal
-include 2019.journal
-include 2020.journal
-include 2021.journal
-```
-you could do eg:
-```shell
-$ hledger -f all.journal reg -H checking not:tag:clopen
-    # all years checking register, hiding non-essential opening/closing txns
-
-$ hledger -f all.journal bs -p 2020 not:tag:clopen=2020
-    # 2020 year end balances, suppressing 2020 closing txn
-
-```
+With `--show-costs`, any amount costs are shown, with separate postings for each cost.
+(This currently the best way to view investment assets, showing lots and cost bases.)
+If you have many currency conversion or investment transactions, it can generate very large journal entries.
 
 ### close and balance assertions
 
-The closing and opening transactions will include balance assertions, 
-verifying that the accounts have first been reset to zero and then restored to their previous balance.
-These provide valuable error checking, alerting you when things get out of line,
-but you can ignore them temporarily with `-I` or just remove them if you prefer.
+Balance assertions will be generated, verifying that the accounts have been reset to zero
+(and then restored to their previous balances, if there is an opening transaction).
 
-You probably shouldn't use status or realness filters (like -C or -R or `status:`) with `close`, 
-or the generated balance assertions will depend on these flags.
-Likewise, if you run this command with `--auto`, the balance assertions would probably always require `--auto`.
+These provide useful error checking, but you can ignore them temporarily with `-I`,
+or remove them if you prefer.
 
-Multi-day transactions (where some postings have a different date) break the balance assertions,
-because the money is temporarily "invisible" while in transit:
+You probably should avoid filtering transactions by status or realness
+(`-C`, `-R`, `status:`), or generating postings (`--auto`),
+with this command, since the balance assertions would depend on these.
+
+Note custom posting dates spanning the file boundary will disrupt the balance assertions:
 
 ```journal
-2020/12/30 a purchase made in december, cleared in the next year
+2023-12-30 a purchase made in december, cleared in january
     expenses:food          5
-    assets:bank:checking  -5  ; date: 2021/1/2
+    assets:bank:checking  -5  ; date: 2023-01-02
 ```
 
-To fix the assertions, you can add a temporary account to track such in-transit money
-(splitting the multi-day transaction into two single-day transactions):
+To solve that you can transfer the money to and from a temporary account,
+in effect splitting the multi-day transaction into two single-day transactions:
 
 ```journal
-; in 2020.journal:
-2020/12/30 a purchase made in december, cleared in the next year
+; in 2022.journal:
+2022-12-30 a purchase made in december, cleared in january
     expenses:food          5
-    liabilities:pending
+    equity:pending        -5
 
-; in 2021.journal:
-2021/1/2 clearance of last year's pending transactions
-    liabilities:pending    5 = 0
-    assets:bank:checking
+; in 2023.journal:
+2023-01-02 last year's transaction cleared
+    equity:pending         5 = 0
+    assets:bank:checking  -5
 ```
 
-### Example: close revenue/expense accounts to retained earnings
+### Example: retain earnings
 
-For this, use `--close` to suppress the opening transaction, as it's not needed.
-Also you'll want to change the equity account name to your equivalent of 
-"equity:retained earnings".
+<!-- XXX update -->
 
-Closing 2021's first quarter revenues/expenses:
+Record 2022's revenues/expenses as retained earnings on 2022-12-31,
+appending the generated transaction to the journal:
  
 ```shell
-$ hledger close -f 2021.journal --close revenues expenses -p 2021Q1 \
-    --close-acct='equity:retained earnings' >> 2021.journal
+$ hledger close --retain -f 2022.journal -p 2022 >> 2022.journal
 ```
 
-The same, using the default journal and current year:
+Now 2022's income statement will show only zeroes.
+To see it again, exclude the retain transaction. Eg:
+```shell
+$ hledger -f 2022.journal is not:desc:'retain earnings'
+```
+
+### Example: migrate balances to a new file
+
+Close assets/liabilities/equity on 2022-12-31 and re-open them on 2023-01-01:
 
 ```shell
-$ hledger close --close revenues expenses -p Q1 \
-    --close-acct='equity:retained earnings' >> $LEDGER_FILE
+$ hledger close --migrate -f 2022.journal -p 2022
+# copy/paste the closing transaction to the end of 2022.journal
+# copy/paste the opening transaction to the start of 2023.journal
 ```
 
-Now, the first quarter's balance sheet should show a zero
-(unless you are using @/@@ notation without [equity postings](/investments.html#a-more-correct-entry)):
+<!--
+Or, you can automate more by generating one transaction at a time:
 
 ```shell
-$ hledger bse -p Q1
+$ hledger close --close -f 2022.journal -p 2022 >> 2023.journal  # do this one first
+$ hledger close --open  -f 2022.journal -p 2022 >> 2022.journal
+```
+-->
+
+Now 2022's balance sheet will show only zeroes, indicating a balanced accounting equation.
+([Unless](/investments.html#a-more-correct-entry) you are using @/@@ notation - in that case, try adding --infer-equity.)
+To see it again, exclude the closing transaction. Eg:
+```shell
+$ hledger -f 2022.journal bs not:desc:'closing balances'
 ```
 
-And we must suppress the closing transaction to see the first quarter's income statement
-(using the description; `not:'retained earnings'` won't work here):
-```shell
-$ hledger is -p Q1 not:desc:'closing balances'
+### Example: excluding closing/opening transactions
+
+When combining many files for multi-year reports, 
+the closing/opening transactions cause some noise in reports like `print` and `register`.
+You can exclude them as shown above, but `not:desc:...` could be fragile,
+and also you will need to avoid excluding the very first opening transaction,
+which can be awkward. Here is a way to do it, using tags:
+add `clopen:` tags to all opening/closing balances transactions except the first,
+like this:
+
+```journal
+; 2021.journal
+2021-06-01 first opening balances
+...
+2021-12-31 closing balances  ; clopen:2022
+...
+```
+
+```journal
+; 2022.journal
+2022-01-01 opening balances  ; clopen:2022
+...
+2022-12-31 closing balances  ; clopen:2023
+...
+```
+```journal
+; 2023.journal
+2023-01-01 opening balances  ; clopen:2023
+...
+```
+
+Now, assuming a combined journal like:
+
+```journal
+; all.journal
+include 2021.journal
+include 2022.journal
+include 2023.journal
+```
+
+The `clopen:` tag can exclude all but the first opening transaction.
+To show a clean multi-year checking register:
+```shell
+$ hledger -f all.journal areg checking not:tag:clopen
+```
+
+And the year values allow more precision.
+To show 2022's year-end balance sheet:
+```shell
+$ hledger -f all.journal bs -e2023 not:tag:clopen=2023
 ```
diff --git a/hledger/test/close.test b/hledger/test/close.test
index 9587dbc22..f7e89b937 100644
--- a/hledger/test/close.test
+++ b/hledger/test/close.test
@@ -1,5 +1,4 @@
 
-# 1. Simple case
 <
 2016/1/1 open
     assets:bank         $100
@@ -18,89 +17,64 @@
     liabilities         $25
     assets:cash
 
-$ hledger close -f- -e 2017-01-01 assets liabilities
+# 1. By default, closes all accounts, on the last day of the report period.
+$ hledger close -f- -e 2017
 2016-12-31 closing balances
     assets:bank                                $-80 = $0
     assets:cash                                $-10 = $0
+    equity:opening                             $120 = $0
+    expenses:sweets                             $-5 = $0
+    liabilities                                $-25 = $0
+    equity:opening/closing balances
+
+>=0
+
+# 2. With --retain, closes RX.
+$ hledger close -f- -e 2017 --retain
+2016-12-31 retain earnings
+    expenses:sweets                      $-5 = $0
+    equity:retained earnings
+
+>=0
+
+# 3. With --migrate, opens and closes ALE.
+$ hledger close -f- -p 2016 --migrate
+2016-12-31 closing balances
+    assets:bank                                $-80 = $0
+    assets:cash                                $-10 = $0
+    equity:opening                             $120 = $0
     liabilities                                $-25 = $0
     equity:opening/closing balances
 
 2017-01-01 opening balances
     assets:bank                                 $80 = $80
     assets:cash                                 $10 = $10
+    equity:opening                            $-120 = $-120
     liabilities                                 $25 = $25
     equity:opening/closing balances
 
 >=0
 
-# 2. A begin date should be ignored
-$ hledger close -f- -e 2017-01-01 assets liabilities -b 2016-12-01
-2016-12-31 closing balances
-    assets:bank                                $-80 = $0
-    assets:cash                                $-10 = $0
-    liabilities                                $-25 = $0
-    equity:opening/closing balances
-
+# 4. With --open, opens ALE.
+$ hledger close -f- -p 2016 --open
 2017-01-01 opening balances
     assets:bank                                 $80 = $80
     assets:cash                                 $10 = $10
+    equity:opening                            $-120 = $-120
     liabilities                                 $25 = $25
     equity:opening/closing balances
 
 >=0
 
-# 3. Print just the opening transaction
-<
-2016/1/1 open
-    assets:bank         $100
-    assets:cash         $20
-    equity:opening
-
-2016/1/15 spend
-    expenses:sweets     $5
-    assets:cash
-
-2016/1/19 withdraw
-    assets:cash         $20
-    assets:bank
-
-2016/1/20 lend
-    liabilities         $25
-    assets:cash
-
-$ hledger close -f- -p 2016 assets liabilities --open
-2017-01-01 opening balances
-    assets:bank                                 $80 = $80
-    assets:cash                                 $10 = $10
-    liabilities                                 $25 = $25
-    equity:opening/closing balances
-
->=0
-
-# 4. Print just the closing transaction. 
-$ hledger close -f- -p 2016 assets liabilities --close
+# 5. -x makes all amounts explicit.
+$ hledger close -f- -p 2016 -x
 2016-12-31 closing balances
     assets:bank                                $-80 = $0
     assets:cash                                $-10 = $0
+    equity:opening                             $120 = $0
+    expenses:sweets                             $-5 = $0
     liabilities                                $-25 = $0
-    equity:opening/closing balances
-
->=0
-
-# 5. Supplying --open --close is the same as just "close"
-# Also -x makes it show the equity amounts.
-$ hledger close -f- -p 2016 assets liabilities --open --close -x
-2016-12-31 closing balances
-    assets:bank                                $-80 = $0
-    assets:cash                                $-10 = $0
-    liabilities                                $-25 = $0
-    equity:opening/closing balances            $115
-
-2017-01-01 opening balances
-    assets:bank                                 $80 = $80
-    assets:cash                                 $10 = $10
-    liabilities                                 $25 = $25
-    equity:opening/closing balances           $-115
+    equity:opening/closing balances               0
 
 >=0
 
@@ -116,10 +90,6 @@ $ hledger -f- close assets -p 2019 -x
     assets                                      -2A = 0A
     equity:opening/closing balances              2A
 
-2020-01-01 opening balances
-    assets                                       2A = 2A
-    equity:opening/closing balances             -2A
-
 >=0
 
 # 7. With --show-costs, the transaction prices are preserved.
@@ -132,16 +102,11 @@ $ hledger -f- close assets -p 2019 --show-costs -x
     equity:opening/closing balances         1A @ 1B
     equity:opening/closing balances         1A @ 1C
 
-2020-01-01 opening balances
-    assets                                  1A @ 1B
-    assets                                  1A @ 1C = 2A
-    equity:opening/closing balances        -1A @ 1B
-    equity:opening/closing balances        -1A @ 1C
-
 >=0
 
 # 8. Closing a multi-priced balance, slightly more complex
 # (different price in each transaction).
+# XXX account parentheses should be preserved here
 <
 2019/01/01
     (assets)                        1A @ 1B
@@ -154,13 +119,9 @@ $ hledger -f- close assets -p 2019 -x
     assets                                      -2A = 0A
     equity:opening/closing balances              2A
 
-2020-01-01 opening balances
-    assets                                       2A = 2A
-    equity:opening/closing balances             -2A
-
 >=0
 
-# 9. The same, with costs.
+# 9. The same with costs preserved.
 $ hledger -f- close assets -p 2019 --show-costs -x
 2019-12-31 closing balances
     assets                                 -1A @ 1B
@@ -168,12 +129,6 @@ $ hledger -f- close assets -p 2019 --show-costs -x
     equity:opening/closing balances         1A @ 1B
     equity:opening/closing balances         1A @ 2B
 
-2020-01-01 opening balances
-    assets                                  1A @ 1B
-    assets                                  1A @ 2B = 2A
-    equity:opening/closing balances        -1A @ 1B
-    equity:opening/closing balances        -1A @ 2B
-
 >=0
 
 # 10. Closing a multi-priced balance, a more complex example.
@@ -212,17 +167,6 @@ $ hledger -f- close -p 2016 assets liabilities --show-costs -x
     equity:opening/closing balances    $-5,000.00 @ 0.95 EUR
     equity:opening/closing balances             5,734.00 EUR
 
-2017-01-01 opening balances
-    assets:bank                                 5,733.00 EUR = 5,733.00 EUR
-    liabilities:employer                          $10,000.00
-    liabilities:employer               $-5,000.00 @ 0.93 EUR
-    liabilities:employer               $-5,000.00 @ 0.95 EUR = $0.00
-    liabilities:employer                            1.00 EUR = 1.00 EUR
-    equity:opening/closing balances              $-10,000.00
-    equity:opening/closing balances     $5,000.00 @ 0.93 EUR
-    equity:opening/closing balances     $5,000.00 @ 0.95 EUR
-    equity:opening/closing balances            -5,734.00 EUR
-
 >=0
 
 # 11. With --interleaved, each transfer's postings are adjacent.
@@ -241,18 +185,6 @@ $ hledger -f- close -p 2016 assets liabilities --interleaved --show-costs -x
     liabilities:employer                           -1.00 EUR = 0.00 EUR
     equity:opening/closing balances                 1.00 EUR
 
-2017-01-01 opening balances
-    assets:bank                                 5,733.00 EUR = 5,733.00 EUR
-    equity:opening/closing balances            -5,733.00 EUR
-    liabilities:employer                          $10,000.00
-    equity:opening/closing balances              $-10,000.00
-    liabilities:employer               $-5,000.00 @ 0.93 EUR
-    equity:opening/closing balances     $5,000.00 @ 0.93 EUR
-    liabilities:employer               $-5,000.00 @ 0.95 EUR = $0.00
-    equity:opening/closing balances     $5,000.00 @ 0.95 EUR
-    liabilities:employer                            1.00 EUR = 1.00 EUR
-    equity:opening/closing balances                -1.00 EUR
-
 >=0
 
 # 12. A tricky case where a closing posting was rounded and failed to balance (#1164)
@@ -278,14 +210,6 @@ $ hledger -f- close -p 2019 assets --show-costs -x
     equity:opening/closing balances    $-49.390001 @ AAA 10.3528242505
     equity:opening/closing balances                   AAA 510.00000000
 
-2020-01-01 opening balances
-    assets:aaa                                        AAA 510.00000000 = AAA 510.00000000
-    assets:usd                                                  $49.50
-    assets:usd                         $-49.390001 @ AAA 10.3528242505 = $0.109999
-    equity:opening/closing balances                            $-49.50
-    equity:opening/closing balances     $49.390001 @ AAA 10.3528242505
-    equity:opening/closing balances                  AAA -510.00000000
-
 >=0
 
 # 13. The same, without costs and with --interleaved.
@@ -296,12 +220,6 @@ $ hledger -f- close -p 2019 assets --interleaved -x
     assets:usd                                $-0.109999 = $0.00
     equity:opening/closing balances            $0.109999
 
-2020-01-01 opening balances
-    assets:aaa                          AAA 510.00000000 = AAA 510.00000000
-    equity:opening/closing balances    AAA -510.00000000
-    assets:usd                                 $0.109999 = $0.109999
-    equity:opening/closing balances           $-0.109999
-
 >=0
 
 # 14. "The default closing date is yesterday, or the journal's end date, whichever is later."