diff --git a/hledger-lib/Hledger/Reports/PostingsReport.hs b/hledger-lib/Hledger/Reports/PostingsReport.hs
index c1ed28082..d1e38a6f2 100644
--- a/hledger-lib/Hledger/Reports/PostingsReport.hs
+++ b/hledger-lib/Hledger/Reports/PostingsReport.hs
@@ -95,11 +95,12 @@ postingsReport ropts@ReportOpts{..} q j =
           if multiperiod then
             let
               showempty = empty_ || average_
-              summaryps = summarisePostingsByInterval interval_ whichdate depth showempty reportspan reportps
+              -- for --value-at=transaction, need to value the postings before summarising them
+              maybevaluedreportps
+                | mvalueat==Just AtTransaction = [postingValueAtDate j (postingDate p) p | p <- reportps]
+                | otherwise                    = reportps
+              summaryps = summarisePostingsByInterval interval_ whichdate depth showempty reportspan maybevaluedreportps
             in case mvalueat of
-              Nothing            -> [(p                                       , periodend) | (p,periodend) <- summaryps]
-              Just AtTransaction -> [(postingValueAtDate j (postingDate p) p  , periodend) | (p,periodend) <- summaryps]
-                --   ^ XXX shouldn't this value the individual ps at postingdate before summarising
               Just AtPeriod      -> [(postingValueAtDate j periodlastday p    , periodend) | (p,periodend) <- summaryps
                                     ,let periodlastday = maybe
                                            (error' "postingsReport: expected a subperiod end date") -- XXX shouldn't happen
@@ -108,6 +109,7 @@ postingsReport ropts@ReportOpts{..} q j =
                                     ]
               Just AtNow         -> [(postingValueAtDate j today p            , periodend) | (p,periodend) <- summaryps]
               Just (AtDate d)    -> [(postingValueAtDate j d p                , periodend) | (p,periodend) <- summaryps]
+              _                  -> summaryps
           else
             let reportperiodlastday =
                   fromMaybe (error' "postingsReport: expected a non-empty journal") -- XXX shouldn't happen
@@ -119,8 +121,6 @@ postingsReport ropts@ReportOpts{..} q j =
               Just AtNow         -> [(postingValueAtDate j today p              , Nothing) | p <- reportps]
               Just (AtDate d)    -> [(postingValueAtDate j d p                  , Nothing) | p <- reportps]
 
-      -- For -H: postings preceding the report period, to calculate the initial running total/average.
-
       -- posting report items ready for display
       items = dbg1 "postingsReport items" $ postingsReportItems displayps (nullposting,Nothing) whichdate depth valuedstartbal runningcalc startnum
         where
diff --git a/hledger/hledger_options.m4.md b/hledger/hledger_options.m4.md
index af1ed74f5..954e72da4 100644
--- a/hledger/hledger_options.m4.md
+++ b/hledger/hledger_options.m4.md
@@ -611,7 +611,7 @@ types, "-M" means any report interval, "Y" means supported):
 |-----------------------|:--------------------------------:|:---------------------------:|:-------------------------------:|
 | print                 | Y                                | Y                           | Y                               |
 | register              | Y                                | Y                           | Y                               |
-| register&nbsp;-M      | *retest*                         | Y                           | Y                               |
+| register&nbsp;-M      | Y                                | Y                           | Y                               |
 | register&nbsp;-H      | Y                                | Y                           | Y                               |
 | balance               | Y                                | Y                           | Y                               |
 | balance&nbsp;-MTA     | Y                                | Y                           | Y                               |
diff --git a/tests/journal/market-prices.test b/tests/journal/market-prices.test
index e0f876ce1..2ca049753 100644
--- a/tests/journal/market-prices.test
+++ b/tests/journal/market-prices.test
@@ -255,12 +255,51 @@ $ hledger -f- reg --value-at=2000-01-15 -b 200002 -H
 
 # register, periodic
 
-# 22. periodic register report valued at transaction
+# 22. periodic register report valued at transaction.
+# The total for january is 6 B (1 A valued at 1/1, price 1 B, and 1 A
+# valued at 1/20, price 5 B).
+# Need an extra transaction for this test:
+<
+P 2000/01/01 A  1 B
+P 2000/01/15 A  5 B
+P 2000/02/01 A  2 B
+P 2000/03/01 A  3 B
+P 2000/04/01 A  4 B
+
+2000/01/01
+  (a)      1 A
+
+2000/01/20
+  (a)      1 A
+
+2000/02/01
+  (a)      1 A
+
+2000/03/01
+  (a)      1 A
+
 $ hledger -f- reg --value-at=transaction -M
-2000/01                 a                                      1 B           1 B
-2000/02                 a                                      2 B           3 B
-2000/03                 a                                      3 B           6 B
+2000/01                 a                                      6 B           6 B
+2000/02                 a                                      2 B           8 B
+2000/03                 a                                      3 B          11 B
  
+# back to the original test journal:
+<
+P 2000/01/01 A  1 B
+P 2000/01/15 A  5 B
+P 2000/02/01 A  2 B
+P 2000/03/01 A  3 B
+P 2000/04/01 A  4 B
+
+2000/01/01
+  (a)      1 A
+
+2000/02/01
+  (a)      1 A
+
+2000/03/01
+  (a)      1 A
+
 # 23. periodic register report valued at period end
 $ hledger -f- reg --value-at=period -M
 2000/01                 a                                      5 B           5 B