diff --git a/tests/journal/valuation2.test b/tests/journal/valuation2.test
index 94494d3c5..cc92048ad 100644
--- a/tests/journal/valuation2.test
+++ b/tests/journal/valuation2.test
@@ -207,3 +207,17 @@ $ hledger -f- bal -N -V
 $ hledger -f- bal -N -V -e 2001
                  2 B  a
 
+#
+<
+P 2001/01/01 A  1 B
+P 2002/01/01 A  2 B
+
+2000-01-01
+  (a)  1 A
+
+# 21. The valuation date is the last day of the report period. In
+# other words, the report end date is exclusive with respect to price
+# directives. This is a change from older hledger and Ledger, where it
+# was inclusive.
+$ hledger -f- bal -N -V -e 2002-01-01
+                 1 B  a