diff --git a/hledger-lib/Hledger/Reports/MultiBalanceReport.hs b/hledger-lib/Hledger/Reports/MultiBalanceReport.hs
index 7bb2b0cd2..7a9d22aa5 100644
--- a/hledger-lib/Hledger/Reports/MultiBalanceReport.hs
+++ b/hledger-lib/Hledger/Reports/MultiBalanceReport.hs
@@ -50,7 +50,7 @@ import Data.Semigroup ((<>))
 #endif
 import Data.Semigroup (sconcat)
 import Data.Time.Calendar (Day, addDays, fromGregorian)
-import Safe (headMay, lastDef, lastMay)
+import Safe (headMay, lastDef, lastMay, minimumMay)
 
 import Hledger.Data
 import Hledger.Query
@@ -197,7 +197,9 @@ startingBalances rspec@ReportSpec{rsQuery=query,rsOpts=ropts} j priceoracle repo
     rspec' = rspec{rsQuery=startbalq,rsOpts=ropts'}
     -- If we're re-valuing every period, we need to have the unvalued start
     -- balance, so we can do it ourselves later.
-    ropts' = if changingValuation ropts then ropts''{value_=Nothing} else ropts''
+    ropts' = case value_ ropts of
+        Just (AtEnd _) -> ropts''{value_=Nothing}
+        _              -> ropts''
       where ropts'' = ropts{period_=precedingperiod, no_elide_=accountlistmode_ ropts == ALTree}
 
     -- q projected back before the report start date.
@@ -314,16 +316,18 @@ calculateReportMatrix rspec@ReportSpec{rsOpts=ropts} j priceoracle startbals col
     -- starting-balance-based historical balances.
     rowbals name changes = dbg5 "rowbals" $ case balancetype_ ropts of
         PeriodChange      -> changeamts
-        CumulativeChange  -> cumulative
+        CumulativeChange  -> cumulativeSum avalue nullacct changeamts
         HistoricalBalance -> historical
       where
+        -- changes to report on: usually just the changes itself, but use the
+        -- differences in the historical amount for ValueChangeReports.
+        changeamts = case reporttype_ ropts of
+            ChangeReport      -> M.mapWithKey avalue changes
+            BudgetReport      -> M.mapWithKey avalue changes
+            ValueChangeReport -> periodChanges valuedStart historical
         historical = cumulativeSum avalue startingBalance changes
-        cumulative = cumulativeSum avalue nullacct changes
-        changeamts = if changingValuation ropts
-                        then periodChanges nullacct cumulative
-                        else changes
-
         startingBalance = HM.lookupDefault nullacct name startbals
+        valuedStart = avalue (DateSpan Nothing historicalDate) startingBalance
 
     -- Transpose to get each account's balance changes across all columns, then
     -- pad with zeros
@@ -334,6 +338,7 @@ calculateReportMatrix rspec@ReportSpec{rsOpts=ropts} j priceoracle startbals col
 
     (pvalue, avalue) = postingAndAccountValuations rspec j priceoracle
     addElided = if queryDepth (rsQuery rspec) == Just 0 then HM.insert "..." zeros else id
+    historicalDate = minimumMay $ mapMaybe spanStart colspans
     zeros = M.fromList [(span, nullacct) | span <- colspans]
     colspans = M.keys colps
 
@@ -574,13 +579,13 @@ cumulativeSum value start = snd . M.mapAccumWithKey accumValued start
 -- MultiBalanceReport.
 postingAndAccountValuations :: ReportSpec -> Journal -> PriceOracle
                             -> (DateSpan -> Posting -> Posting, DateSpan -> Account -> Account)
-postingAndAccountValuations rspec@ReportSpec{rsOpts=ropts} j priceoracle
-    | changingValuation ropts = (const id, avalue' (cost_ ropts) (value_ ropts))
-    | otherwise               = (pvalue' (cost_ ropts) (value_ ropts), const id)
+postingAndAccountValuations ReportSpec{rsToday=today, rsOpts=ropts} j priceoracle = case value_ ropts of
+    Just (AtEnd _) -> (const id, avalue' (cost_ ropts) (value_ ropts))
+    _              -> (pvalue' (cost_ ropts) (value_ ropts), const id)
   where
     avalue' c v span a = a{aibalance = value (aibalance a), aebalance = value (aebalance a)}
-      where value = mixedAmountApplyCostValuation priceoracle styles (end span) (rsToday rspec) (error "multiBalanceReport: did not expect amount valuation to be called ") c v  -- PARTIAL: should not happen
-    pvalue' c v span = postingApplyCostValuation priceoracle styles (end span) (rsToday rspec) c v
+      where value = mixedAmountApplyCostValuation priceoracle styles (end span) today (error "multiBalanceReport: did not expect amount valuation to be called ") c v  -- PARTIAL: should not happen
+    pvalue' c v span = postingApplyCostValuation priceoracle styles (end span) today c v
     end = fromMaybe (error "multiBalanceReport: expected all spans to have an end date")  -- XXX should not happen
         . fmap (addDays (-1)) . spanEnd
     styles = journalCommodityStyles j
diff --git a/hledger-lib/Hledger/Reports/PostingsReport.hs b/hledger-lib/Hledger/Reports/PostingsReport.hs
index 715f62f4a..9e4e07760 100644
--- a/hledger-lib/Hledger/Reports/PostingsReport.hs
+++ b/hledger-lib/Hledger/Reports/PostingsReport.hs
@@ -80,9 +80,9 @@ postingsReport rspec@ReportSpec{rsOpts=ropts@ReportOpts{..}} j = items
 
       -- Postings, or summary postings with their subperiod's end date, to be displayed.
       displayps :: [(Posting, Maybe Day)]
-        | multiperiod && changingValuation ropts = [(pvalue lastday p, Just periodend) | (p, periodend) <- summariseps reportps, let lastday = addDays (-1) periodend]
-        | multiperiod                            = [(p, Just periodend) | (p, periodend) <- summariseps valuedps]
-        | otherwise                              = [(p, Nothing)        | p <- valuedps]
+        | multiperiod, Just (AtEnd _) <- value_ = [(pvalue lastday p, Just periodend) | (p, periodend) <- summariseps reportps, let lastday = addDays (-1) periodend]
+        | multiperiod = [(p, Just periodend) | (p, periodend) <- summariseps valuedps]
+        | otherwise   = [(p, Nothing) | p <- valuedps]
         where
           summariseps = summarisePostingsByInterval interval_ whichdate mdepth showempty reportspan
           valuedps = map (pvalue reportorjournallast) reportps
diff --git a/hledger-lib/Hledger/Reports/ReportOptions.hs b/hledger-lib/Hledger/Reports/ReportOptions.hs
index 4855ca76d..4443b3fc9 100644
--- a/hledger-lib/Hledger/Reports/ReportOptions.hs
+++ b/hledger-lib/Hledger/Reports/ReportOptions.hs
@@ -11,6 +11,7 @@ Options common to most hledger reports.
 module Hledger.Reports.ReportOptions (
   ReportOpts(..),
   ReportSpec(..),
+  ReportType(..),
   BalanceType(..),
   AccountListMode(..),
   ValuationType(..),
@@ -23,7 +24,6 @@ module Hledger.Reports.ReportOptions (
   rawOptsToReportSpec,
   flat_,
   tree_,
-  changingValuation,
   reportOptsToggleStatus,
   simplifyStatuses,
   whichDateFromOpts,
@@ -61,8 +61,16 @@ import Hledger.Query
 import Hledger.Utils
 
 
--- | Which "balance" is being shown in a balance report.
-data BalanceType = PeriodChange      -- ^ The change of balance in each period.
+-- | What is calculated and shown in each cell in a balance report.
+data ReportType = ChangeReport       -- ^ The sum of posting amounts.
+                | BudgetReport       -- ^ The sum of posting amounts and the goal.
+                | ValueChangeReport  -- ^ The change of value of period-end historical values.
+  deriving (Eq, Show)
+
+instance Default ReportType where def = ChangeReport
+
+-- | Which "accumulation method" is being shown in a balance report.
+data BalanceType = PeriodChange      -- ^ The accumulate change over a single period.
                  | CumulativeChange  -- ^ The accumulated change across multiple periods.
                  | HistoricalBalance -- ^ The historical ending balance, including the effect of
                                      --   all postings before the report period. Unless altered by,
@@ -102,6 +110,7 @@ data ReportOpts = ReportOpts {
     -- for account transactions reports (aregister)
     ,txn_dates_      :: Bool
     -- for balance reports (bal, bs, cf, is)
+    ,reporttype_     :: ReportType
     ,balancetype_    :: BalanceType
     ,accountlistmode_ :: AccountListMode
     ,drop_           :: Int
@@ -148,6 +157,7 @@ defreportopts = ReportOpts
     , average_         = False
     , related_         = False
     , txn_dates_       = False
+    , reporttype_      = def
     , balancetype_     = def
     , accountlistmode_ = ALFlat
     , drop_            = 0
@@ -196,6 +206,7 @@ rawOptsToReportOpts rawopts = do
           ,average_     = boolopt "average" rawopts
           ,related_     = boolopt "related" rawopts
           ,txn_dates_   = boolopt "txn-dates" rawopts
+          ,reporttype_  = reporttypeopt rawopts
           ,balancetype_ = balancetypeopt rawopts
           ,accountlistmode_ = accountlistmodeopt rawopts
           ,drop_        = posintopt "drop" rawopts
@@ -212,7 +223,16 @@ rawOptsToReportOpts rawopts = do
           ,forecast_    = forecastPeriodFromRawOpts d rawopts
           ,transpose_   = boolopt "transpose" rawopts
           }
-    return reportopts
+
+    adjustReportDefaults reportopts
+
+-- | Warn users about option combinations which produce uninteresting results.
+adjustReportDefaults :: ReportOpts -> IO ReportOpts
+adjustReportDefaults ropts = case reporttype_ ropts of
+    ValueChangeReport -> case fromMaybe (AtEnd Nothing) $ value_ ropts of
+        v@(AtEnd _)   -> return ropts{value_=Just v}  -- Set value_ to AtEnd by default, unless overridden
+        _             -> fail "--valuechange only produces sensible results with --value=end"
+    _                 -> return ropts
 
 -- | The result of successfully parsing a ReportOpts on a particular
 -- Day. Any ambiguous dates are completed and Queries are parsed,
@@ -275,6 +295,15 @@ accountlistmodeopt =
       "flat" -> Just ALFlat
       _      -> Nothing
 
+reporttypeopt :: RawOpts -> ReportType
+reporttypeopt =
+  fromMaybe ChangeReport . choiceopt parse where
+    parse = \case
+      "change"      -> Just ChangeReport
+      "valuechange" -> Just ValueChangeReport
+      "budget"      -> Just BudgetReport
+      _             -> Nothing
+
 balancetypeopt :: RawOpts -> BalanceType
 balancetypeopt =
   fromMaybe PeriodChange . choiceopt parse where
@@ -478,13 +507,6 @@ queryFromFlags ReportOpts{..} = simplifyQuery $ And flagsq
     consIf f b = if b then (f True:) else id
     consJust f = maybe id ((:) . f)
 
--- | Whether the market price for postings might change when reported in
--- different report periods.
-changingValuation :: ReportOpts -> Bool
-changingValuation ropts = case value_ ropts of
-    Just (AtEnd  _)        -> True
-    _                      -> False
-
 -- Report dates.
 
 -- | The effective report span is the start and end dates specified by
diff --git a/hledger/Hledger/Cli/Commands/Balance.hs b/hledger/Hledger/Cli/Commands/Balance.hs
index 83b856637..24d1555e3 100644
--- a/hledger/Hledger/Cli/Commands/Balance.hs
+++ b/hledger/Hledger/Cli/Commands/Balance.hs
@@ -280,7 +280,14 @@ import Hledger.Read.CsvReader (CSV, printCSV)
 -- | Command line options for this command.
 balancemode = hledgerCommandMode
   $(embedFileRelative "Hledger/Cli/Commands/Balance.txt")
-  ([flagNone ["periodic"] (setboolopt "periodic")
+  ([flagNone ["change"] (setboolopt "change")
+      "show sum of posting amounts (default)"
+   ,flagNone ["valuechange"] (setboolopt "valuechange")
+      "show change of value of period-end historical balances"
+   ,flagNone ["budget"] (setboolopt "budget")
+      "show sum of posting amounts compared to budget goals defined by periodic transactions\n "
+
+   ,flagNone ["periodic"] (setboolopt "periodic")
       "accumulate amounts from column start to column end (in multicolumn reports, default)"
    ,flagNone ["cumulative"] (setboolopt "cumulative")
       "accumulate amounts from report start (specified by e.g. -b/--begin) to column end"
@@ -299,7 +306,6 @@ balancemode = hledgerCommandMode
    ,flagNone ["percent", "%"] (setboolopt "percent") "express values in percentage of each column's total"
    ,flagNone ["invert"] (setboolopt "invert") "display all amounts with reversed sign"
    ,flagNone ["transpose"] (setboolopt "transpose") "transpose rows and columns"
-   ,flagNone ["budget"] (setboolopt "budget") "show performance compared to budget goals defined by periodic transactions"
    ,outputFormatFlag ["txt","html","csv","json"]
    ,outputFileFlag
    ]
@@ -310,13 +316,8 @@ balancemode = hledgerCommandMode
 
 -- | The balance command, prints a balance report.
 balance :: CliOpts -> Journal -> IO ()
-balance opts@CliOpts{rawopts_=rawopts,reportspec_=rspec} j = do
-    let ropts@ReportOpts{..} = rsOpts rspec
-        budget      = boolopt "budget" rawopts
-        multiperiod = interval_ /= NoInterval
-        fmt         = outputFormatFromOpts opts
-
-    if budget then do  -- single or multi period budget report
+balance opts@CliOpts{reportspec_=rspec} j = case reporttype_ of
+    BudgetReport -> do  -- single or multi period budget report
       let reportspan = reportSpan j rspec
           budgetreport = budgetReport rspec assrt reportspan j
             where
@@ -328,8 +329,7 @@ balance opts@CliOpts{rawopts_=rawopts,reportspec_=rspec} j = do
             _      -> error' $ unsupportedOutputFormatError fmt
       writeOutputLazyText opts $ render budgetreport
 
-    else
-      if multiperiod then do  -- multi period balance report
+    _ | multiperiod -> do  -- multi period balance report
         let report = multiBalanceReport rspec j
             render = case fmt of
               "txt"  -> multiBalanceReportAsText ropts
@@ -339,7 +339,7 @@ balance opts@CliOpts{rawopts_=rawopts,reportspec_=rspec} j = do
               _      -> const $ error' $ unsupportedOutputFormatError fmt  -- PARTIAL:
         writeOutputLazyText opts $ render report
 
-      else do  -- single period simple balance report
+    _ -> do  -- single period simple balance report
         let report = balanceReport rspec j -- simple Ledger-style balance report
             render = case fmt of
               "txt"  -> \ropts -> TB.toLazyText . balanceReportAsText ropts
@@ -348,6 +348,10 @@ balance opts@CliOpts{rawopts_=rawopts,reportspec_=rspec} j = do
               "json" -> const $ (<>"\n") . toJsonText
               _      -> error' $ unsupportedOutputFormatError fmt  -- PARTIAL:
         writeOutputLazyText opts $ render ropts report
+  where
+    ropts@ReportOpts{..} = rsOpts rspec
+    multiperiod = interval_ /= NoInterval
+    fmt         = outputFormatFromOpts opts
 
 -- XXX this allows rough HTML rendering of a flat BalanceReport, but it can't handle tree mode etc.
 -- -- | Convert a BalanceReport to a MultiBalanceReport.
@@ -594,11 +598,12 @@ multiBalanceReportAsText ropts@ReportOpts{..} r = TB.toLazyText $
   where
     title = mtitle <> " in " <> showDateSpan (periodicReportSpan r) <> valuationdesc <> ":"
 
-    mtitle = case balancetype_ of
-        PeriodChange | changingValuation -> "Period-end value changes"
-        PeriodChange                     -> "Balance changes"
-        CumulativeChange                 -> "Ending balances (cumulative)"
-        HistoricalBalance                -> "Ending balances (historical)"
+    mtitle = case (reporttype_, balancetype_) of
+        (ValueChangeReport, PeriodChange     ) -> "Period-end value changes"
+        (ValueChangeReport, CumulativeChange ) -> "Cumulative period-end value changes"
+        (_,                 PeriodChange     ) -> "Balance changes"
+        (_,                 CumulativeChange ) -> "Ending balances (cumulative)"
+        (_,                 HistoricalBalance) -> "Ending balances (historical)"
     valuationdesc =
         (case cost_ of
             Cost   -> ", converted to cost"
@@ -611,9 +616,10 @@ multiBalanceReportAsText ropts@ReportOpts{..} r = TB.toLazyText $
             Just (AtDate d _mc)  -> ", valued at " <> showDate d
             Nothing              -> "")
 
-    changingValuation = case (balancetype_, value_) of
-        (PeriodChange, Just (AtEnd _)) -> interval_ /= NoInterval
-        _                              -> False
+    changingValuation = case (reporttype_, balancetype_) of
+        (ValueChangeReport, PeriodChange)     -> True
+        (ValueChangeReport, CumulativeChange) -> True
+        _                                     -> False
 
 -- | Build a 'Table' from a multi-column balance report.
 balanceReportAsTable :: ReportOpts -> MultiBalanceReport -> Table T.Text T.Text MixedAmount
diff --git a/hledger/Hledger/Cli/CompoundBalanceCommand.hs b/hledger/Hledger/Cli/CompoundBalanceCommand.hs
index cfcf3b5a8..e18663aed 100644
--- a/hledger/Hledger/Cli/CompoundBalanceCommand.hs
+++ b/hledger/Hledger/Cli/CompoundBalanceCommand.hs
@@ -61,7 +61,14 @@ compoundBalanceCommandMode :: CompoundBalanceCommandSpec -> Mode RawOpts
 compoundBalanceCommandMode CompoundBalanceCommandSpec{..} =
   hledgerCommandMode
    cbcdoc
-   ([flagNone ["periodic"] (setboolopt "periodic")
+   ([flagNone ["change"] (setboolopt "change")
+      "show sum of posting amounts (default)"
+   ,flagNone ["valuechange"] (setboolopt "valuechange")
+      "show change of value of period-end historical balances"
+   ,flagNone ["budget"] (setboolopt "budget")
+      "show sum of posting amounts compared to budget goals defined by periodic transactions\n "
+
+   ,flagNone ["periodic"] (setboolopt "periodic")
        ("accumulate amounts from column start to column end (in multicolumn reports)"
            ++ defType PeriodChange)
     ,flagNone ["cumulative"] (setboolopt "cumulative")
@@ -132,6 +139,7 @@ compoundBalanceCommand CompoundBalanceCommandSpec{..} opts@CliOpts{reportspec_=r
                                 `spanDefaultsFrom` journalDateSpan date2_ j
 
         -- when user overrides, add an indication to the report title
+        -- Do we need to deal with overridden ReportType?
         mtitleclarification = flip fmap mBalanceTypeOverride $ \case
             PeriodChange | changingValuation -> "(Period-End Value Changes)"
             PeriodChange                     -> "(Balance Changes)"
@@ -150,9 +158,10 @@ compoundBalanceCommand CompoundBalanceCommandSpec{..} opts@CliOpts{reportspec_=r
                Just (AtDate today _mc) -> ", valued at " <> showDate today
                Nothing                 -> "")
 
-        changingValuation = case (balancetype_, value_) of
-            (PeriodChange, Just (AtEnd _)) -> interval_ /= NoInterval
-            _                              -> False
+        changingValuation = case (reporttype_, balancetype_) of
+            (ValueChangeReport, PeriodChange)     -> True
+            (ValueChangeReport, CumulativeChange) -> True
+            _                                     -> False
 
     -- make a CompoundBalanceReport.
     cbr' = compoundBalanceReport rspec{rsOpts=ropts'} j cbcqueries
diff --git a/hledger/test/journal/valuation.test b/hledger/test/journal/valuation.test
index 4088fae89..2112b267d 100644
--- a/hledger/test/journal/valuation.test
+++ b/hledger/test/journal/valuation.test
@@ -303,16 +303,12 @@ $ hledger -f- reg --value=cost -M
 
 # back to the original test journal:
 <
-P 1999/01/01 A  10 B
 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
 
-1999/01/01
-  (a)      2 A @ 4 B
-
 2000/01/01
   (a)      1 A @ 6 B
 
@@ -390,27 +386,17 @@ Balance changes in 2000-01-01..2000-04-30, valued at posting date:
 ---++--------------------
    || 1 B  2 B  3 B    0 
 
-# 36. multicolumn balance report showing changes in period-end values
-$ hledger -f- bal -M --value=end -b 2000
-Period-end value changes in 2000-01-01..2000-04-30:
-
-   || Jan   Feb  Mar  Apr 
-===++=====================
- a || 5 B  -1 B  5 B  3 B 
----++---------------------
-   || 5 B  -1 B  5 B  3 B 
-
-# 37. multicolumn balance report showing changes in period-end values with -T or -A
+# 36. multicolumn balance report showing changes in period-end values with -T or -A
 $ hledger -f- bal -MTA --value=end -b 2000
-Period-end value changes in 2000-01-01..2000-04-30:
+Balance changes in 2000-01-01..2000-04-30, valued at period ends:
 
-   || Jan   Feb  Mar  Apr    Total  Average 
-===++=======================================
- a || 5 B  -1 B  5 B  3 B     12 B      3 B 
----++---------------------------------------
-   || 5 B  -1 B  5 B  3 B     12 B      3 B 
+   || Jan  Feb  Mar  Apr    Total  Average 
+===++======================================
+ a || 5 B  2 B  3 B    0     10 B      2 B 
+---++--------------------------------------
+   || 5 B  2 B  3 B    0     10 B      2 B 
 
-# 38. multicolumn balance report valued at other date
+# 37. multicolumn balance report valued at other date
 $ hledger -f- bal -MTA --value=2000-01-15 -b 2000
 Balance changes in 2000-01-01..2000-04-30, valued at 2000-01-15:
 
@@ -420,7 +406,7 @@ Balance changes in 2000-01-01..2000-04-30, valued at 2000-01-15:
 ---++--------------------------------------
    || 5 B  5 B  5 B    0     15 B      4 B 
 
-# 39. multicolumn balance report valued today (with today >= 2000-04-01)
+# 38. multicolumn balance report valued today (with today >= 2000-04-01)
 $ hledger -f- bal -M --value=now -b 2000
 Balance changes in 2000-01-01..2000-04-30, current value:
 
@@ -430,19 +416,19 @@ Balance changes in 2000-01-01..2000-04-30, current value:
 ---++--------------------
    || 4 B  4 B  4 B    0 
 
-# 40. multicolumn balance report showing changes in period-end values (same as --value=end)
+# 39. multicolumn balance report showing changes in period-end values (same as --value=end)
 $ hledger -f- bal -M -V -b 2000
-Period-end value changes in 2000-01-01..2000-04-30:
+Balance changes in 2000-01-01..2000-04-30, valued at period ends:
 
-   || Jan   Feb  Mar  Apr 
-===++=====================
- a || 5 B  -1 B  5 B  3 B 
----++---------------------
-   || 5 B  -1 B  5 B  3 B 
+   || Jan  Feb  Mar  Apr 
+===++====================
+ a || 5 B  2 B  3 B    0 
+---++--------------------
+   || 5 B  2 B  3 B    0 
 
 # balance, periodic, with -H (starting balance and accumulating across periods)
 
-# 41. multicolumn balance report with -H, valued at cost.
+# 40. multicolumn balance report with -H, valued at cost.
 # The starting balance on 2000/01/01 is 14 B (cost of the first 8A).
 # February adds 1 A costing 7 B, making 21 B.
 # March adds 1 A costing 8 B, making 29 B.
@@ -451,36 +437,36 @@ Ending balances (historical) in 2000-02-01..2000-04-30, converted to cost:
 
    || 2000-02-29  2000-03-31  2000-04-30 
 ===++====================================
- a ||       21 B        29 B        29 B 
+ a ||       13 B        21 B        21 B 
 ---++------------------------------------
-   ||       21 B        29 B        29 B 
+   ||       13 B        21 B        21 B 
 
-# 42. multicolumn balance report with -H valued at period end.
-# The starting balance is 3 A.
-# February adds 1 A making 4 A, which is valued at 2000/02/29 as 8 B.
-# March adds 1 A making 5 A, which is valued at 2000/03/31 as 15 B.
-# April adds 0 A making 5 A, which is valued at 2000/04/31 as 20 B.
+# 41. multicolumn balance report with -H valued at period end.
+# The starting balance is 1 A.
+# February adds 1 A making 2 A, which is valued at 2000/02/29 as  4 B.
+# March    adds 1 A making 3 A, which is valued at 2000/03/31 as  9 B.
+# April    adds 0 A making 3 A, which is valued at 2000/04/30 as 12 B.
 $ hledger -f- bal -MA -H -b 200002 --value=end
 Ending balances (historical) in 2000-02-01..2000-04-30, valued at period ends:
 
    || 2000-02-29  2000-03-31  2000-04-30  Average 
 ===++=============================================
- a ||        8 B        15 B        20 B     14 B 
+ a ||        4 B         9 B        12 B      8 B 
 ---++---------------------------------------------
-   ||        8 B        15 B        20 B     14 B 
+   ||        4 B         9 B        12 B      8 B 
 
-# 43. multicolumn balance report with -H valued at other date.
+# 42. multicolumn balance report with -H valued at other date.
 # The starting balance is 15 B (3 A valued at 2000/1/15).
 $ hledger -f- bal -M -H -b 200002 --value=2000-01-15
 Ending balances (historical) in 2000-02-01..2000-04-30, valued at 2000-01-15:
 
    || 2000-02-29  2000-03-31  2000-04-30 
 ===++====================================
- a ||       20 B        25 B        25 B 
+ a ||       10 B        15 B        15 B 
 ---++------------------------------------
-   ||       20 B        25 B        25 B 
+   ||       10 B        15 B        15 B 
 
-# 44. multicolumn balance report with -H, valuing each period's carried-over balances at cost.
+# 43. multicolumn balance report with -H, valuing each period's carried-over balances at cost.
 <
 P 2000/01/01 A  1 B
 P 2000/01/15 A  5 B
@@ -500,7 +486,7 @@ Ending balances (historical) in 2000Q1, converted to cost:
 ---++------------------------------------
    ||        6 B         6 B         6 B 
 
-# 45. multicolumn balance report with -H, valuing each period's carried-over balances at period end.
+# 44. multicolumn balance report with -H, valuing each period's carried-over balances at period end.
 # Unrelated, also -H always disables -T.
 $ hledger -f- bal -META -H -p200001-200004 --value=e
 Ending balances (historical) in 2000Q1, valued at period ends:
@@ -511,7 +497,7 @@ Ending balances (historical) in 2000Q1, valued at period ends:
 ---++---------------------------------------------
    ||        5 B         2 B         3 B      3 B 
 
-# 46. multicolumn balance report with -H, valuing each period's carried-over balances at other date.
+# 45. multicolumn balance report with -H, valuing each period's carried-over balances at other date.
 $ hledger -f- bal -ME -H -p200001-200004 --value=2000-01-15
 Ending balances (historical) in 2000Q1, valued at 2000-01-15:
 
@@ -543,7 +529,7 @@ P 2000/04/01 A  4 B
 2000/03/01
   (a)      1 A @ 8 B
 
-# 47. budget report, unvalued (for reference).
+# 46. budget report, unvalued (for reference).
 $ hledger -f- bal -M --budget
 Budget performance in 2000-01-01..2000-04-30:
 
@@ -553,7 +539,7 @@ Budget performance in 2000-01-01..2000-04-30:
 ---++---------------------------------------------------------------------
    || 1 A [50% of 2 A]  1 A [50% of 2 A]  1 A [50% of 2 A]  0 [0% of 2 A] 
 
-# 48. budget report, valued at cost.
+# 47. budget report, valued at cost.
 $ hledger -f- bal -MTA --budget --value=c
 Budget performance in 2000-01-01..2000-04-30, converted to cost:
 
@@ -563,17 +549,17 @@ Budget performance in 2000-01-01..2000-04-30, converted to cost:
 ---++---------------------------------------------------------------------------------------------------------------
    || 6 B [300% of 2 B]  7 B [350% of 2 B]  8 B [400% of 2 B]  0 [0% of 2 B]  21 B [262% of 8 B]  5 B [262% of 2 B] 
 
-# 49. budget report, showing changes in period-end values.
+# 48. budget report, showing changes in period-end values.
 $ hledger -f- bal -MTA --budget --value=e
 Budget performance in 2000-01-01..2000-04-30, valued at period ends:
 
-   ||               Jan                 Feb                Mar                Apr               Total           Average 
-===++===================================================================================================================
- a || 5 B [50% of 10 B]  -1 B [50% of -2 B]  5 B [50% of 10 B]  3 B [21% of 14 B]  12 B [38% of 32 B]  3 B [38% of 8 B] 
----++-------------------------------------------------------------------------------------------------------------------
-   || 5 B [50% of 10 B]  -1 B [50% of -2 B]  5 B [50% of 10 B]  3 B [21% of 14 B]  12 B [38% of 32 B]  3 B [38% of 8 B] 
+   ||               Jan               Feb               Mar            Apr               Total           Average 
+===++============================================================================================================
+ a || 5 B [50% of 10 B]  2 B [50% of 4 B]  3 B [50% of 6 B]  0 [0% of 8 B]  10 B [36% of 28 B]  2 B [36% of 7 B] 
+---++------------------------------------------------------------------------------------------------------------
+   || 5 B [50% of 10 B]  2 B [50% of 4 B]  3 B [50% of 6 B]  0 [0% of 8 B]  10 B [36% of 28 B]  2 B [36% of 7 B] 
 
-# 50. budget report, valued at other date.
+# 49. budget report, valued at other date.
 $ hledger -f- bal -MTA --budget --value=2000-01-15
 Budget performance in 2000-01-01..2000-04-30, valued at 2000-01-15:
 
@@ -583,7 +569,7 @@ Budget performance in 2000-01-01..2000-04-30, valued at 2000-01-15:
 ---++----------------------------------------------------------------------------------------------------------------
    || 5 B [50% of 10 B]  5 B [50% of 10 B]  5 B [50% of 10 B]  0 [0% of 10 B]  15 B [38% of 40 B]  4 B [38% of 10 B] 
 
-# 51. --value=then with --historical. The starting total is valued individually for each posting at its posting time.
+# 50. --value=then with --historical. The starting total is valued individually for each posting at its posting time.
 <
 P 2020-01-01 A 1 B
 P 2020-02-01 A 2 B
@@ -607,7 +593,7 @@ $ hledger -f- reg --value=then -b 2020-03 -H
 2020-04-01                      (a)                            4 B          10 B
 >=0
 
-# 52. --value=then with a report interval. Summary amounts are the sums of the
+# 51. --value=then with a report interval. Summary amounts are the sums of the
 # values of each posting at their posting date.
 <
 P 2020-01-01 A 1 B
@@ -632,7 +618,7 @@ $ hledger -f- reg --value=then -Q
 2020Q2                  a                                      4 B          10 B
 >=0
 
-# 53. print --value should affect all postings, including when there's an implicit transaction price
+# 52. print --value should affect all postings, including when there's an implicit transaction price
 <
 P 2020-01-01 A 1 C
 P 2020-01-01 B 1 C
diff --git a/hledger/test/journal/valuechange.test b/hledger/test/journal/valuechange.test
new file mode 100644
index 000000000..2c76dd2e5
--- /dev/null
+++ b/hledger/test/journal/valuechange.test
@@ -0,0 +1,55 @@
+<
+P 1999/01/01 A  10 B
+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
+
+1999/01/01
+  (a)      2 A @ 4 B
+
+2000/01/01
+  (a)      1 A @ 6 B
+
+2000/02/01
+  (a)      1 A @ 7 B
+
+2000/03/01
+  (a)      1 A @ 8 B
+
+# 1. multicolumn balance report showing changes in period-end values
+# Initial balance 2 A, valued at 10 B each, total 20 B
+# 1 A added in Jan, total 3 A, valued at 5 B, total 15 B, change -5 B
+# 1 A added in Feb, total 4 A, valued at 2 B, total  8 B, change -7 B
+# 1 A added in Mar, total 5 A, valued at 3 B, total 15 B, change  7 B
+# 0 A added in Apr, total 5 A, valued at 4 B, total 20 B, change  5 B
+$ hledger -f- bal -M --valuechange -b 2000
+Period-end value changes in 2000-01-01..2000-04-30:
+
+   ||  Jan   Feb  Mar  Apr 
+===++======================
+ a || -5 B  -7 B  7 B  5 B 
+---++----------------------
+   || -5 B  -7 B  7 B  5 B 
+
+# 2. Cumulative multicolumn balance report showing changes in period-end values
+$ hledger -f- bal -M --valuechange --cumulative -b 2000
+Cumulative period-end value changes in 2000-01-01..2000-04-30:
+
+   || 2000-01-31  2000-02-29  2000-03-31  2000-04-30 
+===++================================================
+ a ||       -5 B       -12 B        -5 B           0 
+---++------------------------------------------------
+   ||       -5 B       -12 B        -5 B           0 
+
+# 3. Historical multicolumn balance report showing changes in period-end values is
+# the same as a historical report
+$ hledger -f- bal -M --valuechange --historical -b 2000
+Ending balances (historical) in 2000-01-01..2000-04-30, valued at period ends:
+
+   || 2000-01-31  2000-02-29  2000-03-31  2000-04-30 
+===++================================================
+ a ||       15 B         8 B        15 B        20 B 
+---++------------------------------------------------
+   ||       15 B         8 B        15 B        20 B