diff --git a/hledger-lib/Hledger/Reports/MultiBalanceReport.hs b/hledger-lib/Hledger/Reports/MultiBalanceReport.hs
index edb409480..7c5810091 100644
--- a/hledger-lib/Hledger/Reports/MultiBalanceReport.hs
+++ b/hledger-lib/Hledger/Reports/MultiBalanceReport.hs
@@ -426,7 +426,7 @@ displayedAccounts ropts q valuedaccts
     | otherwise  = HM.mapWithKey (\a _ -> displayedName a) displayedAccts
   where
     -- Accounts which are to be displayed
-    displayedAccts = HM.filterWithKey keep valuedaccts
+    displayedAccts = (if depth == 0 then id else HM.filterWithKey keep) valuedaccts
       where
         keep name amts = isInteresting name amts || name `HM.member` interestingParents
 
@@ -445,24 +445,25 @@ displayedAccounts ropts q valuedaccts
 
     -- Accounts interesting for their own sake
     isInteresting name amts =
-        d <= depth                                                       -- Throw out anything too deep
-        && (empty_ ropts || depth == 0 || not (isZeroRow balance amts))  -- Boring because has only zero entries
+        d <= depth                                     -- Throw out anything too deep
+        && ((empty_ ropts && all (null . asubs) amts)  -- Keep all leaves when using empty_
+           || not (isZeroRow balance amts))            -- Throw out anything with zero balance
       where
         d = accountNameLevel name
         balance | ALTree <- accountlistmode_ ropts, d == depth = aibalance
                 | otherwise = aebalance
 
     -- Accounts interesting because they are a fork for interesting subaccounts
-    interestingParents = dbg'' "interestingParents" $ HM.filterWithKey keepParent tallies
+    interestingParents = dbg'' "interestingParents" $ case accountlistmode_ ropts of
+        ALTree -> HM.filterWithKey hasEnoughSubs numSubs
+        ALFlat -> mempty
       where
-        keepParent name subaccts
-            | ALFlat <- accountlistmode_ ropts = False
-            | no_elide_ ropts = subaccts > 0 && accountNameLevel name > drop_ ropts
-            | otherwise       = subaccts > 1 && accountNameLevel name > drop_ ropts
-        tallies = subaccountTallies . HM.keys $ HM.filterWithKey isInteresting valuedaccts
+        hasEnoughSubs name nsubs = nsubs >= minSubs && accountNameLevel name > drop_ ropts
+        minSubs = if no_elide_ ropts then 1 else 2
 
     isZeroRow balance = all (mixedAmountLooksZero . balance)
     depth = fromMaybe maxBound $ queryDepth q
+    numSubs = subaccountTallies . HM.keys $ HM.filterWithKey isInteresting valuedaccts
 
 -- | Sort the rows by amount or by account declaration order.
 sortRows :: ReportOpts -> Journal -> [MultiBalanceReportRow] -> [MultiBalanceReportRow]
@@ -560,9 +561,8 @@ sortRowsLike sortedas rows = mapMaybe (`HM.lookup` rowMap) sortedas
 -- | Given a list of account names, find all forking parent accounts, i.e.
 -- those which fork between different branches
 subaccountTallies :: [AccountName] -> HashMap AccountName Int
-subaccountTallies as = foldr incrementParent mempty allaccts
+subaccountTallies = foldr incrementParent mempty . expandAccountNames
   where
-    allaccts = expandAccountNames as
     incrementParent a = HM.insertWith (+) (parentAccountName a) 1
 
 -- | A helper: what percentage is the second mixed amount of the first ?
diff --git a/tests/balance/budget-sorting.test b/tests/balance/budget-sorting.test
index b9e39ae7e..4e5d8b4a7 100644
--- a/tests/balance/budget-sorting.test
+++ b/tests/balance/budget-sorting.test
@@ -40,7 +40,6 @@ Budget performance in 2016-12-01..2016-12-03:
 
                   ||           2016-12-01            2016-12-02            2016-12-03                 Total 
 ==================++========================================================================================
- assets           || $-10 [  40% of $-25]  $-14 [  56% of $-25]  $-51 [ 204% of $-25]  $-75 [ 100% of $-75] 
  assets:cash      || $-10 [  40% of $-25]  $-14 [  56% of $-25]  $-51 [ 204% of $-25]  $-75 [ 100% of $-75] 
  expenses         ||  $10 [  40% of  $25]   $14 [  56% of  $25]   $51 [ 204% of  $25]   $75 [ 100% of  $75] 
  expenses:food    ||  $10 [ 100% of  $10]    $9 [  90% of  $10]   $11 [ 110% of  $10]   $30 [ 100% of  $30] 
@@ -89,7 +88,6 @@ Budget performance in 2016-12-01..2016-12-03:
  expenses         ||  $10 [  40% of  $25]   $14 [  56% of  $25]   $51 [ 204% of  $25]   $75 [ 100% of  $75] 
  expenses:leisure ||    0 [   0% of  $15]    $5 [  33% of  $15]     0 [   0% of  $15]    $5 [  11% of  $45] 
  expenses:food    ||  $10 [ 100% of  $10]    $9 [  90% of  $10]   $11 [ 110% of  $10]   $30 [ 100% of  $30] 
- assets           || $-10 [  40% of $-25]  $-14 [  56% of $-25]  $-51 [ 204% of $-25]  $-75 [ 100% of $-75] 
  assets:cash      || $-10 [  40% of $-25]  $-14 [  56% of $-25]  $-51 [ 204% of $-25]  $-75 [ 100% of $-75] 
 
 # # 2. -E
@@ -163,7 +161,6 @@ Budget performance in 2016-12-01..2016-12-03:
  expenses         ||  $10 [  40% of  $25]   $14 [  56% of  $25]   $51 [ 204% of  $25]   $75 [ 100% of  $75] 
  expenses:food    ||  $10 [ 100% of  $10]    $9 [  90% of  $10]   $11 [ 110% of  $10]   $30 [ 100% of  $30] 
  expenses:leisure ||    0 [   0% of  $15]    $5 [  33% of  $15]     0 [   0% of  $15]    $5 [  11% of  $45] 
- assets           || $-10 [  40% of $-25]  $-14 [  56% of $-25]  $-51 [ 204% of $-25]  $-75 [ 100% of $-75] 
  assets:cash      || $-10 [  40% of $-25]  $-14 [  56% of $-25]  $-51 [ 204% of $-25]  $-75 [ 100% of $-75] 
 
 #** Sort by actual amount, tree mode.
@@ -171,13 +168,12 @@ Budget performance in 2016-12-01..2016-12-03:
 $ hledger -f- bal --budget -DTNS --tree
 Budget performance in 2016-12-01..2016-12-03:
 
-           ||           2016-12-01            2016-12-02            2016-12-03                 Total 
-===========++========================================================================================
- expenses  ||  $10 [  40% of  $25]   $14 [  56% of  $25]   $51 [ 204% of  $25]   $75 [ 100% of  $75] 
-   food    ||  $10 [ 100% of  $10]    $9 [  90% of  $10]   $11 [ 110% of  $10]   $30 [ 100% of  $30] 
-   leisure ||    0 [   0% of  $15]    $5 [  33% of  $15]     0 [   0% of  $15]    $5 [  11% of  $45] 
- assets    || $-10 [  40% of $-25]  $-14 [  56% of $-25]  $-51 [ 204% of $-25]  $-75 [ 100% of $-75] 
-   cash    || $-10 [  40% of $-25]  $-14 [  56% of $-25]  $-51 [ 204% of $-25]  $-75 [ 100% of $-75] 
+             ||           2016-12-01            2016-12-02            2016-12-03                 Total 
+=============++========================================================================================
+ expenses    ||  $10 [  40% of  $25]   $14 [  56% of  $25]   $51 [ 204% of  $25]   $75 [ 100% of  $75] 
+   food      ||  $10 [ 100% of  $10]    $9 [  90% of  $10]   $11 [ 110% of  $10]   $30 [ 100% of  $30] 
+   leisure   ||    0 [   0% of  $15]    $5 [  33% of  $15]     0 [   0% of  $15]    $5 [  11% of  $45] 
+ assets:cash || $-10 [  40% of $-25]  $-14 [  56% of $-25]  $-51 [ 204% of $-25]  $-75 [ 100% of $-75] 
 
 #** other ?
 # with -E
diff --git a/tests/balance/budget.test b/tests/balance/budget.test
index 9448fc157..37fa83468 100644
--- a/tests/balance/budget.test
+++ b/tests/balance/budget.test
@@ -36,7 +36,6 @@ Budget performance in 2016-12-01..2016-12-03:
 
                   ||           2016-12-01            2016-12-02            2016-12-03 
 ==================++==================================================================
- assets           || $-10 [  40% of $-25]  $-14 [  56% of $-25]  $-51 [ 204% of $-25] 
  assets:cash      || $-10 [  40% of $-25]  $-14 [  56% of $-25]  $-51 [ 204% of $-25] 
  expenses         ||  $10 [  40% of  $25]   $14 [  56% of  $25]   $51 [ 204% of  $25] 
  expenses:food    ||  $10 [ 100% of  $10]    $9 [  90% of  $10]   $11 [ 110% of  $10] 
@@ -50,7 +49,6 @@ Budget performance in 2016-12-01..2016-12-03:
 
                   ||           2016-12-01            2016-12-02            2016-12-03 
 ==================++==================================================================
- assets           || $-10 [  40% of $-25]  $-14 [  56% of $-25]  $-51 [ 204% of $-25] 
  assets:cash      || $-10 [  40% of $-25]  $-14 [  56% of $-25]  $-51 [ 204% of $-25] 
  expenses         ||  $10 [  40% of  $25]   $14 [  56% of  $25]   $51 [ 204% of  $25] 
  expenses:cab     ||    0                     0                   $15                 
@@ -100,7 +98,6 @@ Budget performance in 2016-12-01..2016-12-03:
 
                   ||                 2016-12-01                    2016-12-02                  2016-12-03 
 ==================++======================================================================================
- assets           ||       $-15 [  60% of $-25]          $-26 [ 104% of $-25]        $-51 [ 204% of $-25] 
  assets:cash      ||       $-15 [  60% of $-25]          $-26 [ 104% of $-25]        $-51 [ 204% of $-25] 
  expenses         ||        £10 [          $25]    $5, 20 CAD [          $25]         $51 [ 204% of  $25] 
  expenses:food    ||        £10 [          $10]        20 CAD [          $10]         $11 [ 110% of  $10] 
@@ -300,7 +297,6 @@ Budget performance in 2018-01-01:
        ||       2018-01-01 
 =======++==================
  a     || 2 [   2% of 101] 
- a:b   || 1 [ 100% of   1] 
  a:b:c || 1 [ 100% of   1] 
 -------++------------------
        || 2 [   2% of 101] 
@@ -312,8 +308,7 @@ Budget performance in 2018-01-01:
        ||       2018-01-01 
 =======++==================
  a     || 2 [   2% of 101] 
-   b   || 1 [ 100% of   1] 
-     c || 1 [ 100% of   1] 
+   b:c || 1 [ 100% of   1] 
 -------++------------------
        || 2 [   2% of 101] 
 
@@ -372,7 +367,6 @@ Budget performance in 2019-01-01..2019-01-03:
 
                    ||       2019-01-01..2019-01-03 
 ===================++==============================
- expenses          ||  $50.00 [   5% of $1,000.00] 
  expenses:personal ||  $50.00 [   5% of $1,000.00] 
  liabilities       || $-50.00 [   5% of $-1000.00] 
 -------------------++------------------------------
@@ -384,7 +378,6 @@ Budget performance in 2019-01-01..2019-01-03:
 
                                         ||       2019-01-01..2019-01-03 
 ========================================++==============================
- expenses                               ||  $50.00 [   5% of $1,000.00] 
  expenses:personal                      ||  $50.00 [   5% of $1,000.00] 
  expenses:personal:electronics          ||  $20.00                      
  expenses:personal:electronics:upgrades ||  $10.00                      
@@ -396,27 +389,25 @@ Budget performance in 2019-01-01..2019-01-03:
 $ hledger -f- bal --budget --tree
 Budget performance in 2019-01-01..2019-01-03:
 
-             ||       2019-01-01..2019-01-03 
-=============++==============================
- expenses    ||  $50.00 [   5% of $1,000.00] 
-   personal  ||  $50.00 [   5% of $1,000.00] 
- liabilities || $-50.00 [   5% of $-1000.00] 
--------------++------------------------------
-             ||       0 [                 0] 
+                   ||       2019-01-01..2019-01-03 
+===================++==============================
+ expenses:personal ||  $50.00 [   5% of $1,000.00] 
+ liabilities       || $-50.00 [   5% of $-1000.00] 
+-------------------++------------------------------
+                   ||       0 [                 0] 
 
 # 19.
 $ hledger -f- bal --budget --tree -E
 Budget performance in 2019-01-01..2019-01-03:
 
-                 ||       2019-01-01..2019-01-03 
-=================++==============================
- expenses        ||  $50.00 [   5% of $1,000.00] 
-   personal      ||  $50.00 [   5% of $1,000.00] 
-     electronics ||  $20.00                      
-       upgrades  ||  $10.00                      
- liabilities     || $-50.00 [   5% of $-1000.00] 
------------------++------------------------------
-                 ||       0 [                 0] 
+                   ||       2019-01-01..2019-01-03 
+===================++==============================
+ expenses:personal ||  $50.00 [   5% of $1,000.00] 
+   electronics     ||  $20.00                      
+     upgrades      ||  $10.00                      
+ liabilities       || $-50.00 [   5% of $-1000.00] 
+-------------------++------------------------------
+                   ||       0 [                 0] 
 
 # 20. Subaccounts + nested budgets
 <
@@ -442,7 +433,6 @@ Budget performance in 2019-01-01..2019-01-03:
 
                                ||       2019-01-01..2019-01-03 
 ===============================++==============================
- expenses                      ||  $50.00 [   5% of  $1100.00] 
  expenses:personal             ||  $50.00 [   5% of  $1100.00] 
  expenses:personal:electronics ||  $20.00 [  20% of   $100.00] 
  liabilities                   || $-50.00 [   5% of $-1100.00] 
@@ -455,7 +445,6 @@ Budget performance in 2019-01-01..2019-01-03:
 
                                         ||       2019-01-01..2019-01-03 
 ========================================++==============================
- expenses                               ||  $50.00 [   5% of  $1100.00] 
  expenses:personal                      ||  $50.00 [   5% of  $1100.00] 
  expenses:personal:electronics          ||  $20.00 [  20% of   $100.00] 
  expenses:personal:electronics:upgrades ||  $10.00                      
@@ -467,28 +456,26 @@ Budget performance in 2019-01-01..2019-01-03:
 $ hledger -f- bal --budget --tree
 Budget performance in 2019-01-01..2019-01-03:
 
-                 ||       2019-01-01..2019-01-03 
-=================++==============================
- expenses        ||  $50.00 [   5% of  $1100.00] 
-   personal      ||  $50.00 [   5% of  $1100.00] 
-     electronics ||  $20.00 [  20% of   $100.00] 
- liabilities     || $-50.00 [   5% of $-1100.00] 
------------------++------------------------------
-                 ||       0 [                 0] 
+                   ||       2019-01-01..2019-01-03 
+===================++==============================
+ expenses:personal ||  $50.00 [   5% of  $1100.00] 
+   electronics     ||  $20.00 [  20% of   $100.00] 
+ liabilities       || $-50.00 [   5% of $-1100.00] 
+-------------------++------------------------------
+                   ||       0 [                 0] 
 
 # 23.
 $ hledger -f- bal --budget --tree -E
 Budget performance in 2019-01-01..2019-01-03:
 
-                 ||       2019-01-01..2019-01-03 
-=================++==============================
- expenses        ||  $50.00 [   5% of  $1100.00] 
-   personal      ||  $50.00 [   5% of  $1100.00] 
-     electronics ||  $20.00 [  20% of   $100.00] 
-       upgrades  ||  $10.00                      
- liabilities     || $-50.00 [   5% of $-1100.00] 
------------------++------------------------------
-                 ||       0 [                 0] 
+                   ||       2019-01-01..2019-01-03 
+===================++==============================
+ expenses:personal ||  $50.00 [   5% of  $1100.00] 
+   electronics     ||  $20.00 [  20% of   $100.00] 
+     upgrades      ||  $10.00                      
+ liabilities       || $-50.00 [   5% of $-1100.00] 
+-------------------++------------------------------
+                   ||       0 [                 0] 
 
 ## 24. Zero budget == no budget
 <
@@ -519,13 +506,11 @@ Budget performance in 2019-01-01..2019-01-02:
 
                   || 2019-01-01..2019-01-02 
 ==================++========================
- expenses         ||   $80 [  22% of  $370] 
  expenses:bills   ||   $80 [  22% of  $370] 
  expenses:bills:a ||   $10 [  50% of   $20] 
  expenses:bills:b ||   $40 [  20% of  $200] 
  expenses:bills:c ||     0 [   0% of   $50] 
  expenses:bills:f ||   $10 [             0] 
- income           ||  $-80 [  22% of $-370] 
  income:cash      ||  $-80 [  22% of $-370] 
 ------------------++------------------------
                   ||     0 [             0] 
@@ -536,7 +521,6 @@ Budget performance in 2019-01-01..2019-01-02:
 
                   || 2019-01-01..2019-01-02 
 ==================++========================
- expenses         ||   $80 [  22% of  $370] 
  expenses:bills   ||   $80 [  22% of  $370] 
  expenses:bills:a ||   $10 [  50% of   $20] 
  expenses:bills:b ||   $40 [  20% of  $200] 
@@ -544,7 +528,6 @@ Budget performance in 2019-01-01..2019-01-02:
  expenses:bills:d ||   $20                  
  expenses:bills:e ||     0                  
  expenses:bills:f ||   $10 [             0] 
- income           ||  $-80 [  22% of $-370] 
  income:cash      ||  $-80 [  22% of $-370] 
 ------------------++------------------------
                   ||     0 [             0] 
diff --git a/tests/balance/no-total-no-elide.test b/tests/balance/no-total-no-elide.test
index 0bd79a26f..6ee628e9f 100644
--- a/tests/balance/no-total-no-elide.test
+++ b/tests/balance/no-total-no-elide.test
@@ -1,7 +1,6 @@
 #!/usr/bin/env shelltest
-# 1. One commodity. Zero accounts should be elided but the final total should not.
-hledger -f - balance
-<<<
+#
+<
 2010/04/01 tr1
   a   16$
   b   -16$
@@ -9,52 +8,93 @@ hledger -f - balance
 2010/04/02 tr2
   a   -16$
   b   16$
->>>
+
+# 1. One commodity. Zero accounts should be elided but the final total should not.
+$ hledger -f - balance
+>
 --------------------
                    0
->>>=0
+>=0
+
+<
+1/1
+  (a:b)   1
 
 # 2. An uninteresting parent account (with same balance as its single subaccount) is elided by default, like ledger
-hledger -f - balance --no-total
-<<<
-1/1
-  (a:b)   1
->>>
+$ hledger -f - balance --no-total
+>
                    1  a:b
->>>=0
+>=0
 
 # 3. But not with --no-elide
-hledger -f - balance --no-total --tree --no-elide
-<<<
-1/1
-  (a:b)   1
->>>
+$ hledger -f - balance --no-total --tree --no-elide
+>
                    1  a
                    1    b
->>>=0
+>=0
 
-# 4. Nor when it has more than one subaccount
-hledger -f - balance --tree --no-total
-<<<
+<
 1/1
   (a:b)    1
   (a:c)   -1
->>>
+
+# 4. Nor when it has more than one subaccount
+$ hledger -f - balance --tree --no-total
+>
                    0  a
                    1    b
                   -1    c
->>>2
->>>=0
+>2
+>=0
 
-# 5. Zero-balance leaves should also be hidden by default.
-hledger -f - balance --no-total
-<<<
+<
 1/1
  (a)          1
  (a:aa)       1
  (a:aa)      -1
  (a:aa:aaa)   1
  (a:aa:aaa)  -1
->>>
+
+# 5. Zero-balance leaves should also be hidden by default.
+$ hledger -f - balance --tree --no-total
                    1  a
->>>=0
+
+# 6. Zero-balance leaves should be displayed in tree mode when --empty
+# is called, but zero-balance uninteresting parent accounts are elided
+# by default.
+$ hledger -f - balance --tree --no-total --empty
+                   1  a
+                   0    aa:aaa
+
+# 7. But displayed with --no-elide
+$ hledger -f - balance --tree --no-total --empty --no-elide
+                   1  a
+                   0    aa
+                   0      aaa
+
+# 8. Same as 5 for multiperiod
+$ hledger -f - balance --tree --no-total -Y
+Balance changes in 2020:
+
+   || 2020 
+===++======
+ a ||    1 
+
+# 9. Same as 6 for mulitperiod
+$ hledger -f - balance --tree --no-total -Y --empty
+Balance changes in 2020:
+
+          || 2020 
+==========++======
+ a        ||    1 
+   aa:aaa ||    0 
+
+# 10. Same as 7 for multiperiod
+$ hledger -f - balance --tree --no-total -Y --empty --no-elide
+Balance changes in 2020:
+
+         || 2020 
+=========++======
+ a       ||    1 
+   aa    ||    0 
+     aaa ||    0 
diff --git a/tests/balance/transpose.test b/tests/balance/transpose.test
index 58b5f7870..f1a450650 100644
--- a/tests/balance/transpose.test
+++ b/tests/balance/transpose.test
@@ -57,7 +57,6 @@ Budget performance in 2016-12-01..2016-12-03:
 
                   ||           2016-12-01            2016-12-02            2016-12-03 
 ==================++==================================================================
- assets           || $-10 [  40% of $-25]  $-14 [  56% of $-25]  $-51 [ 204% of $-25] 
  assets:cash      || $-10 [  40% of $-25]  $-14 [  56% of $-25]  $-51 [ 204% of $-25] 
  expenses         ||  $10 [  40% of  $25]   $14 [  56% of  $25]   $51 [ 204% of  $25] 
  expenses:food    ||  $10 [ 100% of  $10]    $9 [  90% of  $10]   $11 [ 110% of  $10]