diff --git a/hledger/hledger_options.m4.md b/hledger/hledger_options.m4.md
index f27e41b8f..bb0bde58d 100644
--- a/hledger/hledger_options.m4.md
+++ b/hledger/hledger_options.m4.md
@@ -487,11 +487,11 @@ A note for Ledger users: Ledger's -V also infers market prices from journal entr
but we don't do that. hledger's -V uses only market prices declared explicitly, with P directives.
(Mnemonic: -B/--cost uses transaction prices, -V/--value uses market prices.)
-### Value at another date
+### Valuation date
*(experimental, added 201904)*
-You can select other valuation dates with the `--value-at` option. (This implies `-V`):
+You can select valuation dates other than today, with the `--value-at` option. (This implies `-V`):
--value-at=VALUEDATE as of which date should market values be calculated ?
transaction|period|now|YYYY-MM-DD (default: now)
@@ -500,20 +500,24 @@ The argument must be one of the keywords shown, or their first letter, or a cust
The precise effect of the keywords is command-specific, but here is their general meaning:
`--value-at=transaction` (or `t`)
-: Use the prices as of each transaction date (more precisely, each [posting date](/journal.html#posting-dates)).
+: Use the prices as of each transaction date (more precisely, each [posting's date](/journal.html#posting-dates)).
+ Balance reports will show the sum of amount values.
`--value-at=period` (or `p`)
-: Use the prices as of the last day of the report period (or each subperiod).
-: When no report period is specified, this will be the journal's last transaction date.
+: Use the prices as of the last day of the report period (or each subperiod in a multiperiod report).
+ When no report period is specified, uses the journal's last transaction date.
+ Balance reports will show the period-end value of summed amounts.
`--value-at=now` (or `n`)
: Use the prices as of today's date when the report is generated. This is the default.
+ Balance reports will show the current value of summed amounts.
`--value-at=YYYY-MM-DD`
: Use the prices as of the given date (8 digits with `-` or `/` or `.` separators).
-: Eg `--value-at=2019-04-25`.
+ Eg `--value-at=2019-04-25`.
+ Balance reports will show the value on the given date of summed amounts.
-Here are some examples to show its effect:
+Here are the effects of `--value-at` as seen with `print`:
```journal
P 2000-01-01 A 1 B
@@ -556,7 +560,7 @@ $ hledger -f- print --value-at=period date:2000/01-2000/03
```
-Or with no report period specified, show the value as of the last day of the journal (2000-03-01):
+With no report period specified, that shows the value as of the last day of the journal (2000-03-01):
```shell
$ hledger -f- print --value-at=period
2000/01/01
@@ -570,7 +574,7 @@ $ hledger -f- print --value-at=period
```
-Show the current value (the last declared price is still in effect today):
+Show the current value (the 2000-04-01 price is still in effect today):
```shell
$ hledger -f- print --value-at=now
2000-01-01
@@ -600,36 +604,43 @@ $ hledger -f- print --value-at=2000-01-15
### Effect of --value-at on reports
-There are many possible combinations of --value-at and hledger's various reports.
-Below is what we currently (aim to) do in each case.
-You're not expected to remember all this - probably only a few of these will be useful in practice -
-but when troubleshooting a report, look here.
+Below is how `--value-at` affects each of hledger's reports, currently.
+You're not expected to remember all this, but when troubleshooting a report, look here.
If you find problems - useless reports, misbehaving reports, or error
messages being printed - please report them (with reproducible examples) eg at
[#329](https://github.com/simonmichael/hledger/issues/329).
-| Report type | `--value-at` `transaction` | `--value-at` `period` | `--value-at` `DATE`/`now` |
-|------------------------------------------|-----------------------------------------------------------|--------------------------------------------------------------|-------------------------------------------|
-|
**print** | | | |
-| posting amounts | value at posting date | value at report end | value at DATE |
-| balance assertions/assignments | show unvalued | show unvalued | show unvalued |
-|
**register** | | | |
-| starting balance with -H | value at day before report start | value at day before report start | value at DATE |
-| posting amounts | value at posting date | value at report end | value at DATE |
-| posting amounts, multiperiod | value each posting at posting date then summarise | value each summary posting at period end | value each summary posting at DATE |
-|
**balance (bs, cf, is..)** | | | |
-| starting balances with -H | sum of values of previous postings at their posting dates | value at day before report start of sum of previous postings | value at DATE of sum of previous postings |
-| balances, simple balance report | sum of values of each posting at posting date | value at period end of sum of postings | value at DATE of sum of postings |
-| balances, multiperiod report | sum of values of each posting at posting date | value at period end of sum of postings | value at DATE of sum of postings |
-| column totals | sum/average of the displayed balances | value at period end of sum of postings | value at DATE of sum of postings |
-| row totals/averages, grand total/average | sum/average of the displayed balances | value at period end of sum/average of postings | value at DATE of sum/average of postings |
-| budget amounts in --budget reports | ? | ? | ? |
+| Report type | `--value-at` `transaction` | `--value-at` `period` | `--value-at` `DATE`/`now` |
+|------------------------------------|-----------------------------------------------------------|--------------------------------------------------------------|-------------------------------------------|
+|
**print** | | | |
+| posting amounts | value at posting date | value at report end | value at DATE |
+| balance assertions/assignments | show unvalued | show unvalued | show unvalued |
+|
**register** | | | |
+| starting balance with -H | value at day before report start | value at day before report start | value at DATE |
+| posting amounts | value at posting date | value at report end | value at DATE |
+| posting amounts, multiperiod | value each posting at posting date then summarise | value each summary posting at period end | value each summary posting at DATE |
+| running total/average | sum/average of the displayed values | sum/average of the displayed values | sum/average of the displayed values |
+|
**balance (bs, cf, is..)** | | | |
+| starting balances with -H | sum of values of previous postings at their posting dates | value at day before report start of sum of previous postings | value at DATE of sum of previous postings |
+| balances, simple balance report | sum of values of each posting at posting date | value at period end of sum of postings | value at DATE of sum of postings |
+| balances, multiperiod report | sum of values of each posting at posting date | value at period end of sum of postings | value at DATE of sum of postings |
+| column/row/grand totals/averages | sum/average of the displayed values | value at period end of sum/average of postings | value at DATE of sum/average of postings |
+| budget amounts in --budget reports | ? | ? | ? |
+### Some useful value reports
+
+Here are some probably useful reports - please send suggestions if you find out more:
+
+| Command: | Description of report: | Could answer: |
+|------------------------------|----------------------------------------------------|--------------------------------------------------|
+| `hledger bs -M --value-at=p` | Monthly historical value of assets/liabilities | How are my investments performing ? |
+| `hledger is -M --value-at=t` | Monthly contemporaneous value of revenues/expenses | How much foreign currency have I been spending ? |
+
## Combining -B and -V
-Using -B/--cost and -V/--value together is currently allowed, but the
-results are probably not meaningful. Let us know if you find a use for this.
+Using -B/--cost together with -V/--value or --value-at is allowed.
+Let us know if you find a use for this.
## Output destination