diff --git a/bin/hledger-budget.hs b/bin/hledger-budget.hs
index cf599787a..6fe4251db 100755
--- a/bin/hledger-budget.hs
+++ b/bin/hledger-budget.hs
@@ -13,7 +13,6 @@ import Data.List
 import Data.String.Here
 import System.Console.CmdArgs
 import Hledger.Cli
-import Hledger.Data.AutoTransaction
 
 -- hledger-budget REPORT-COMMAND [--no-offset] [--no-buckets] [OPTIONS...]
 
diff --git a/examples/budget.journal b/examples/budget.journal
new file mode 100644
index 000000000..f8d33d672
--- /dev/null
+++ b/examples/budget.journal
@@ -0,0 +1,16 @@
+~ monthly from 2013/01
+  Expenses:Food    500 USD
+  Expenses:Health  200 USD
+  Expenses:Home    2545 USD
+  Expenses:Transport   120 USD
+  Expenses:Taxes   4300 USD ;; Taken from monthly average report
+  Income:US        -10700 USD
+  Assets:US
+
+~ every Dec 20th from 2014
+  Expenses:Food   500 USD ; Prize turkey, the biggest of the big
+  Assets:US
+
+~ 2014/11/17
+  Assets:US
+  Expenses:Food   6000 USD ; Birthday, lots of guests 
diff --git a/hledger-lib/Hledger/Data.hs b/hledger-lib/Hledger/Data.hs
index 4f3e83696..cfd4bef73 100644
--- a/hledger-lib/Hledger/Data.hs
+++ b/hledger-lib/Hledger/Data.hs
@@ -22,6 +22,7 @@ module Hledger.Data (
                module Hledger.Data.StringFormat,
                module Hledger.Data.Timeclock,
                module Hledger.Data.Transaction,
+               module Hledger.Data.AutoTransaction,
                module Hledger.Data.Types,
                tests_Hledger_Data
               )
@@ -42,6 +43,7 @@ import Hledger.Data.RawOptions
 import Hledger.Data.StringFormat
 import Hledger.Data.Timeclock
 import Hledger.Data.Transaction
+import Hledger.Data.AutoTransaction
 import Hledger.Data.Types
 
 tests_Hledger_Data :: Test
diff --git a/hledger-lib/Hledger/Data/AutoTransaction.hs b/hledger-lib/Hledger/Data/AutoTransaction.hs
index d9ed91280..67c6abb8f 100644
--- a/hledger-lib/Hledger/Data/AutoTransaction.hs
+++ b/hledger-lib/Hledger/Data/AutoTransaction.hs
@@ -136,7 +136,8 @@ renderPostingCommentDates p = p { pcomment = comment' }
 --
 -- Note that new transactions require 'txnTieKnot' post-processing.
 --
--- >>> mapM_ (putStr . show) $ runPeriodicTransaction (PeriodicTransaction "monthly from 2017/1 to 2017/4" ["hi" `post` usd 1]) nulldatespan
+-- >>> let gen str = mapM_ (putStr . show) $ runPeriodicTransaction (PeriodicTransaction str ["hi" `post` usd 1]) nulldatespan
+-- >>> gen "monthly from 2017/1 to 2017/4"
 -- 2017/01/01
 --     hi           $1.00
 -- <BLANKLINE>
@@ -146,6 +147,86 @@ renderPostingCommentDates p = p { pcomment = comment' }
 -- 2017/03/01
 --     hi           $1.00
 -- <BLANKLINE>
+-- >>> gen "monthly from 2017/1 to 2017/5"
+-- 2017/01/01
+--     hi           $1.00
+-- <BLANKLINE>
+-- 2017/02/01
+--     hi           $1.00
+-- <BLANKLINE>
+-- 2017/03/01
+--     hi           $1.00
+-- <BLANKLINE>
+-- 2017/04/01
+--     hi           $1.00
+-- <BLANKLINE>
+-- >>> gen "every 2nd day of month from 2017/02 to 2017/04"
+-- 2017/01/02
+--     hi           $1.00
+-- <BLANKLINE>
+-- 2017/02/02
+--     hi           $1.00
+-- <BLANKLINE>
+-- 2017/03/02
+--     hi           $1.00
+-- <BLANKLINE>
+-- >>> gen "monthly from 2017/1 to 2017/4"
+-- 2017/01/01
+--     hi           $1.00
+-- <BLANKLINE>
+-- 2017/02/01
+--     hi           $1.00
+-- <BLANKLINE>
+-- 2017/03/01
+--     hi           $1.00
+-- <BLANKLINE>
+-- >>> gen "every 30th day of month from 2017/1 to 2017/5"
+-- 2016/12/30
+--     hi           $1.00
+-- <BLANKLINE>
+-- 2017/01/30
+--     hi           $1.00
+-- <BLANKLINE>
+-- 2017/02/28
+--     hi           $1.00
+-- <BLANKLINE>
+-- 2017/03/30
+--     hi           $1.00
+-- <BLANKLINE>
+-- 2017/04/30
+--     hi           $1.00
+-- <BLANKLINE>
+-- >>> gen "every 2nd Thursday of month from 2017/1 to 2017/4"
+-- 2016/12/08
+--     hi           $1.00
+-- <BLANKLINE>
+-- 2017/01/12
+--     hi           $1.00
+-- <BLANKLINE>
+-- 2017/02/09
+--     hi           $1.00
+-- <BLANKLINE>
+-- 2017/03/09
+--     hi           $1.00
+-- <BLANKLINE>
+-- >>> gen "every nov 29th from 2017 to 2019"
+-- 2016/11/29
+--     hi           $1.00
+-- <BLANKLINE>
+-- 2017/11/29
+--     hi           $1.00
+-- <BLANKLINE>
+-- 2018/11/29
+--     hi           $1.00
+-- <BLANKLINE>
+-- >>> gen "weekly from 2017"
+-- *** Exception: Unable to generate transactions according to "weekly from 2017" as 2017-01-01 is not a first day of the week
+-- >>> gen "monthly from 2017/5/4"
+-- *** Exception: Unable to generate transactions according to "monthly from 2017/5/4" as 2017-05-04 is not a first day of the month        
+-- >>> gen "every quarter from 2017/1/2"
+-- *** Exception: Unable to generate transactions according to "every quarter from 2017/1/2" as 2017-01-02 is not a first day of the quarter        
+-- >>> gen "yearly from 2017/1/14"
+-- *** Exception: Unable to generate transactions according to "yearly from 2017/1/14" as 2017-01-14 is not a first day of the year        
 runPeriodicTransaction :: PeriodicTransaction -> (DateSpan -> [Transaction])
 runPeriodicTransaction pt = generate where
     base = nulltransaction { tpostings = ptpostings pt }
@@ -154,5 +235,18 @@ runPeriodicTransaction pt = generate where
     (interval, effectspan) =
         case parsePeriodExpr errCurrent periodExpr of
             Left e -> error' $ "Failed to parse " ++ show (T.unpack periodExpr) ++ ": " ++ showDateParseError e
-            Right x -> x
+            Right x -> checkProperStartDate x
     generate jspan = [base {tdate=date} | span <- interval `splitSpan` spanIntersect effectspan jspan, let Just date = spanStart span]
+    checkProperStartDate (i,s) = 
+      case (i,spanStart s) of
+        (Weeks _,    Just d) -> checkStart d "week"
+        (Months _,   Just d) -> checkStart d "month"
+        (Quarters _, Just d) -> checkStart d "quarter"
+        (Years _,    Just d) -> checkStart d "year"
+        _                    -> (i,s) 
+        where
+          checkStart d x =
+            let firstDate = fixSmartDate d ("","this",x) 
+            in   
+             if d == firstDate then (i,s)
+             else error' $ "Unable to generate transactions according to "++(show periodExpr)++" as "++(show d)++" is not a first day of the "++x
diff --git a/hledger-lib/Hledger/Data/Dates.hs b/hledger-lib/Hledger/Data/Dates.hs
index 6ce584654..14500963a 100644
--- a/hledger-lib/Hledger/Data/Dates.hs
+++ b/hledger-lib/Hledger/Data/Dates.hs
@@ -88,6 +88,7 @@ import Data.Time.Clock
 import Data.Time.LocalTime
 import Safe (headMay, lastMay, readMay)
 import Text.Megaparsec.Compat
+import Text.Megaparsec.Perm
 import Text.Printf
 
 import Hledger.Data.Types
@@ -165,9 +166,15 @@ spansSpan spans = DateSpan (maybe Nothing spanStart $ headMay spans) (maybe Noth
 -- >>> t (Weeks 2) "2008/01/01" "2008/01/15"
 -- [DateSpan 2007/12/31-2008/01/13,DateSpan 2008/01/14-2008/01/27]
 -- >>> t (DayOfMonth 2) "2008/01/01" "2008/04/01"
--- [DateSpan 2008/01/02-2008/02/01,DateSpan 2008/02/02-2008/03/01,DateSpan 2008/03/02-2008/04/01]
+-- [DateSpan 2007/12/02-2008/01/01,DateSpan 2008/01/02-2008/02/01,DateSpan 2008/02/02-2008/03/01,DateSpan 2008/03/02-2008/04/01]
+-- >>> t (WeekdayOfMonth 2 4) "2011/01/01" "2011/02/15"
+-- [DateSpan 2010/12/09-2011/01/12,DateSpan 2011/01/13-2011/02/09,DateSpan 2011/02/10-2011/03/09]
 -- >>> t (DayOfWeek 2) "2011/01/01" "2011/01/15"
--- [DateSpan 2011/01/04-2011/01/10,DateSpan 2011/01/11-2011/01/17]
+-- [DateSpan 2010/12/28-2011/01/03,DateSpan 2011/01/04-2011/01/10,DateSpan 2011/01/11-2011/01/17]
+-- >>> t (DayOfYear 11 29) "2011/10/01" "2011/10/15"
+-- [DateSpan 2010/11/29-2011/11/28]
+-- >>> t (DayOfYear 11 29) "2011/12/01" "2012/12/15"
+-- [DateSpan 2011/11/29-2012/11/28,DateSpan 2012/11/29-2013/11/28]
 --
 splitSpan :: Interval -> DateSpan -> [DateSpan]
 splitSpan _ (DateSpan Nothing Nothing) = [DateSpan Nothing Nothing]
@@ -177,8 +184,10 @@ splitSpan (Weeks n)      s = splitspan startofweek    (applyN n nextweek)    s
 splitSpan (Months n)     s = splitspan startofmonth   (applyN n nextmonth)   s
 splitSpan (Quarters n)   s = splitspan startofquarter (applyN n nextquarter) s
 splitSpan (Years n)      s = splitspan startofyear    (applyN n nextyear)    s
-splitSpan (DayOfMonth n) s = splitspan (nthdayofmonthcontaining n) (applyN (n-1) nextday . nextmonth) s
+splitSpan (DayOfMonth n) s = splitspan (nthdayofmonthcontaining n) (nthdayofmonth n . nextmonth) s
+splitSpan (WeekdayOfMonth n wd) s = splitspan (nthweekdayofmonthcontaining n wd) (advancetonthweekday n wd . nextmonth) s
 splitSpan (DayOfWeek n)  s = splitspan (nthdayofweekcontaining n)  (applyN (n-1) nextday . nextweek)  s
+splitSpan (DayOfYear m n) s= splitspan (nthdayofyearcontaining m n) (applyN (n-1) nextday . applyN (m-1) nextmonth . nextyear) s
 -- splitSpan (WeekOfYear n)    s = splitspan startofweek    (applyN n nextweek)    s
 -- splitSpan (MonthOfYear n)   s = splitspan startofmonth   (applyN n nextmonth)   s
 -- splitSpan (QuarterOfYear n) s = splitspan startofquarter (applyN n nextquarter) s
@@ -257,7 +266,7 @@ earliest (Just d1) (Just d2) = Just $ min d1 d2
 -- | Parse a period expression to an Interval and overall DateSpan using
 -- the provided reference date, or return a parse error.
 parsePeriodExpr :: Day -> Text -> Either (ParseError Char MPErr) (Interval, DateSpan)
-parsePeriodExpr refdate = parsewith (periodexpr refdate <* eof)
+parsePeriodExpr refdate s = parsewith (periodexpr refdate <* eof) (T.toLower s)
 
 maybePeriod :: Day -> Text -> Maybe (Interval,DateSpan)
 maybePeriod refdate = either (const Nothing) Just . parsePeriodExpr refdate
@@ -447,6 +456,7 @@ thismonth = startofmonth
 prevmonth = startofmonth . addGregorianMonthsClip (-1)
 nextmonth = startofmonth . addGregorianMonthsClip 1
 startofmonth day = fromGregorian y m 1 where (y,m,_) = toGregorian day
+nthdayofmonth d day = fromGregorian y m d where (y,m,_) = toGregorian day
 
 thisquarter = startofquarter
 prevquarter = startofquarter . addGregorianMonthsClip (-3)
@@ -461,18 +471,106 @@ prevyear = startofyear . addGregorianYearsClip (-1)
 nextyear = startofyear . addGregorianYearsClip 1
 startofyear day = fromGregorian y 1 1 where (y,_,_) = toGregorian day
 
-nthdayofmonthcontaining n d | d1 >= d    = d1
-                            | otherwise = d2
-    where d1 = addDays (fromIntegral n-1) s
-          d2 = addDays (fromIntegral n-1) $ nextmonth s
+-- | For given date d find year-long interval that starts on given MM/DD of year
+-- and covers it. 
+--
+-- Examples: lets take 2017-11-22. Year-long intervals covering it that
+-- starts before Nov 22 will start in 2017. However
+-- intervals that start after Nov 23rd should start in 2016:
+-- >>> let wed22nd = parsedate "2017-11-22"          
+-- >>> nthdayofyearcontaining 11 21 wed22nd
+-- 2017-11-21          
+-- >>> nthdayofyearcontaining 11 22 wed22nd
+-- 2017-11-22          
+-- >>> nthdayofyearcontaining 11 23 wed22nd
+-- 2016-11-23          
+-- >>> nthdayofyearcontaining 12 02 wed22nd
+-- 2016-12-02          
+-- >>> nthdayofyearcontaining 12 31 wed22nd
+-- 2016-12-31          
+-- >>> nthdayofyearcontaining 1 1 wed22nd
+-- 2017-01-01          
+nthdayofyearcontaining m n d | mmddOfSameYear <= d = mmddOfSameYear
+                             | otherwise = mmddOfPrevYear
+    where mmddOfSameYear = addDays (fromIntegral n-1) $ applyN (m-1) nextmonth s
+          mmddOfPrevYear = addDays (fromIntegral n-1) $ applyN (m-1) nextmonth $ prevyear s
+          s = startofyear d
+
+-- | For given date d find month-long interval that starts on nth day of month
+-- and covers it. 
+--
+-- Examples: lets take 2017-11-22. Month-long intervals covering it that
+-- start on 1st-22nd of month will start in Nov. However
+-- intervals that start on 23rd-30th of month should start in Oct:
+-- >>> let wed22nd = parsedate "2017-11-22"          
+-- >>> nthdayofmonthcontaining 1 wed22nd
+-- 2017-11-01          
+-- >>> nthdayofmonthcontaining 12 wed22nd
+-- 2017-11-12          
+-- >>> nthdayofmonthcontaining 22 wed22nd
+-- 2017-11-22          
+-- >>> nthdayofmonthcontaining 23 wed22nd
+-- 2017-10-23          
+-- >>> nthdayofmonthcontaining 30 wed22nd
+-- 2017-10-30          
+nthdayofmonthcontaining n d | nthOfSameMonth <= d = nthOfSameMonth
+                            | otherwise = nthOfPrevMonth
+    where nthOfSameMonth = nthdayofmonth n s
+          nthOfPrevMonth = nthdayofmonth n $ prevmonth s
           s = startofmonth d
 
-nthdayofweekcontaining n d | d1 >= d    = d1
-                           | otherwise = d2
-    where d1 = addDays (fromIntegral n-1) s
-          d2 = addDays (fromIntegral n-1) $ nextweek s
+-- | For given date d find week-long interval that starts on nth day of week
+-- and covers it. 
+--
+-- Examples: 2017-11-22 is Wed. Week-long intervals that cover it and
+-- start on Mon, Tue or Wed will start in the same week. However
+-- intervals that start on Thu or Fri should start in prev week:          
+-- >>> let wed22nd = parsedate "2017-11-22"          
+-- >>> nthdayofweekcontaining 1 wed22nd
+-- 2017-11-20          
+-- >>> nthdayofweekcontaining 2 wed22nd
+-- 2017-11-21
+-- >>> nthdayofweekcontaining 3 wed22nd
+-- 2017-11-22          
+-- >>> nthdayofweekcontaining 4 wed22nd
+-- 2017-11-16          
+-- >>> nthdayofweekcontaining 5 wed22nd
+-- 2017-11-17          
+nthdayofweekcontaining n d | nthOfSameWeek <= d = nthOfSameWeek
+                           | otherwise = nthOfPrevWeek
+    where nthOfSameWeek = addDays (fromIntegral n-1) s
+          nthOfPrevWeek = addDays (fromIntegral n-1) $ prevweek s
           s = startofweek d
 
+-- | For given date d find month-long interval that starts on nth weekday of month
+-- and covers it. 
+--
+-- Examples: 2017-11-22 is 3rd Wed of Nov. Month-long intervals that cover it and
+-- start on 1st-4th Wed will start in Nov. However
+-- intervals that start on 4th Thu or Fri or later should start in Oct:          
+-- >>> let wed22nd = parsedate "2017-11-22"          
+-- >>> nthweekdayofmonthcontaining 1 3 wed22nd
+-- 2017-11-01
+-- >>> nthweekdayofmonthcontaining 3 2 wed22nd
+-- 2017-11-21
+-- >>> nthweekdayofmonthcontaining 4 3 wed22nd
+-- 2017-11-22
+-- >>> nthweekdayofmonthcontaining 4 4 wed22nd
+-- 2017-10-26
+-- >>> nthweekdayofmonthcontaining 4 5 wed22nd
+-- 2017-10-27
+nthweekdayofmonthcontaining n wd d | nthWeekdaySameMonth <= d  = nthWeekdaySameMonth
+                                   | otherwise = nthWeekdayPrevMonth
+    where nthWeekdaySameMonth = advancetonthweekday n wd $ startofmonth d
+          nthWeekdayPrevMonth = advancetonthweekday n wd $ prevmonth d
+          
+-- | Advance to nth weekday wd after given start day s
+advancetonthweekday n wd s = addWeeks (n-1) . firstMatch (>=s) . iterate (addWeeks 1) $ firstweekday s
+  where          
+    addWeeks k = addDays (7 * fromIntegral k)
+    firstMatch p = head . dropWhile (not . p)
+    firstweekday = addDays (fromIntegral wd-1) . startofweek
+
 ----------------------------------------------------------------------
 -- parsing
 
@@ -633,17 +731,11 @@ md = do
 months         = ["january","february","march","april","may","june",
                   "july","august","september","october","november","december"]
 monthabbrevs   = ["jan","feb","mar","apr","may","jun","jul","aug","sep","oct","nov","dec"]
--- weekdays       = ["monday","tuesday","wednesday","thursday","friday","saturday","sunday"]
--- weekdayabbrevs = ["mon","tue","wed","thu","fri","sat","sun"]
+weekdays       = ["monday","tuesday","wednesday","thursday","friday","saturday","sunday"]
+weekdayabbrevs = ["mon","tue","wed","thu","fri","sat","sun"]
 
-#if MIN_VERSION_megaparsec(6,0,0)
-lc = T.toLower
-#else
-lc = lowercase
-#endif
-
-monthIndex t = maybe 0 (+1) $ lc t `elemIndex` months
-monIndex t   = maybe 0 (+1) $ lc t `elemIndex` monthabbrevs
+monthIndex t = maybe 0 (+1) $ t `elemIndex` months
+monIndex t   = maybe 0 (+1) $ t `elemIndex` monthabbrevs
 
 month :: SimpleTextParser SmartDate
 month = do
@@ -657,6 +749,12 @@ mon = do
   let i = monIndex m
   return ("",show i,"")
 
+weekday :: SimpleTextParser Int
+weekday = do
+  wday <- choice . map string' $ weekdays ++ weekdayabbrevs
+  let i = head . catMaybes $ [wday `elemIndex` weekdays, wday `elemIndex` weekdayabbrevs]
+  return (i+1)
+
 today,yesterday,tomorrow :: SimpleTextParser SmartDate
 today     = string "today"     >> return ("","","today")
 yesterday = string "yesterday" >> return ("","","yesterday")
@@ -683,17 +781,43 @@ lastthisnextthing = do
   return ("", T.unpack r, T.unpack p)
 
 -- |
--- >>> let p = parsewith (periodexpr (parsedate "2008/11/26")) :: T.Text -> Either (ParseError Char MPErr) (Interval, DateSpan)
--- >>> p "from aug to oct"
+-- >>> let p s = parsewith (periodexpr (parsedate "2008/11/26") <* eof) (T.toLower s) :: Either (ParseError Char MPErr) (Interval, DateSpan)
+-- >>> p "from Aug to Oct"
 -- Right (NoInterval,DateSpan 2008/08/01-2008/09/30)
 -- >>> p "aug to oct"
 -- Right (NoInterval,DateSpan 2008/08/01-2008/09/30)
--- >>> p "every 3 days in aug"
+-- >>> p "every 3 days in Aug"
 -- Right (Days 3,DateSpan 2008/08)
 -- >>> p "daily from aug"
 -- Right (Days 1,DateSpan 2008/08/01-)
 -- >>> p "every week to 2009"
 -- Right (Weeks 1,DateSpan -2008/12/31)
+-- >>> p "every 2nd day of month"
+-- Right (DayOfMonth 2,DateSpan -)
+-- >>> p "every 2nd day"
+-- Right (DayOfMonth 2,DateSpan -)
+-- >>> p "every 2nd day 2009-"
+-- Right (DayOfMonth 2,DateSpan 2009/01/01-)  
+-- >>> p "every 29th Nov"
+-- Right (DayOfYear 11 29,DateSpan -)
+-- >>> p "every 29th nov -2009"
+-- Right (DayOfYear 11 29,DateSpan -2008/12/31)
+-- >>> p "every nov 29th"
+-- Right (DayOfYear 11 29,DateSpan -)
+-- >>> p "every Nov 29th 2009-"
+-- Right (DayOfYear 11 29,DateSpan 2009/01/01-)
+-- >>> p "every 11/29 from 2009"
+-- Right (DayOfYear 11 29,DateSpan 2009/01/01-)
+-- >>> p "every 2nd Thursday of month to 2009"
+-- Right (WeekdayOfMonth 2 4,DateSpan -2008/12/31)
+-- >>> p "every 1st monday of month to 2009"
+-- Right (WeekdayOfMonth 1 1,DateSpan -2008/12/31)
+-- >>> p "every tue"
+-- Right (DayOfWeek 2,DateSpan -)
+-- >>> p "every 2nd day of week"
+-- Right (DayOfWeek 2,DateSpan -)
+-- >>> p "every 2nd day 2009-"
+-- Right (DayOfMonth 2,DateSpan 2009/01/01-)
 periodexpr :: Day -> SimpleTextParser (Interval, DateSpan)
 periodexpr rdate = choice $ map try [
                     intervalanddateperiodexpr rdate,
@@ -736,31 +860,53 @@ reportinginterval = choice' [
                           return $ Months 2,
                        do string "every"
                           many spacenonewline
-                          n <- fmap read $ some digitChar
-                          thsuffix
+                          n <- nth
                           many spacenonewline
                           string "day"
-                          many spacenonewline
-                          string "of"
-                          many spacenonewline
-                          string "week"
+                          of_ "week"
                           return $ DayOfWeek n,
                        do string "every"
                           many spacenonewline
-                          n <- fmap read $ some digitChar
-                          thsuffix
+                          n <- weekday
+                          return $ DayOfWeek n,
+                       do string "every"
+                          many spacenonewline
+                          n <- nth
                           many spacenonewline
                           string "day"
-                          optional $ do
-                            many spacenonewline
-                            string "of"
-                            many spacenonewline
-                            string "month"
-                          return $ DayOfMonth n
+                          optOf_ "month"
+                          return $ DayOfMonth n,
+                       do string "every"
+                          many spacenonewline
+                          let mnth = choice' [month, mon] >>= \(_,m,_) -> return (read m)
+                          d_o_y <- makePermParser $ DayOfYear <$$> (mnth <* many spacenonewline) <||> (nth <* many spacenonewline)
+                          optOf_ "year"
+                          return d_o_y,
+                       do string "every"
+                          many spacenonewline
+                          ("",m,d) <- md
+                          optOf_ "year"
+                          return $ DayOfYear (read m) (read d),
+                       do string "every"
+                          many spacenonewline
+                          n <- nth
+                          many spacenonewline
+                          wd <- weekday
+                          optOf_ "month"
+                          return $ WeekdayOfMonth n wd
                     ]
     where
-
-      thsuffix = choice' $ map string ["st","nd","rd","th"]
+      of_ period = do
+        many spacenonewline
+        string "of"
+        many spacenonewline
+        string period
+        
+      optOf_ period = optional $ try $ of_ period
+      
+      nth = do n <- some digitChar
+               choice' $ map string ["st","nd","rd","th"]
+               return $ read n
 
       -- Parse any of several variants of a basic interval, eg "daily", "every day", "every N days".
       tryinterval :: String -> String -> (Int -> Interval) -> SimpleTextParser Interval
diff --git a/hledger-lib/Hledger/Data/Types.hs b/hledger-lib/Hledger/Data/Types.hs
index 77d22e2ea..34e5999a0 100644
--- a/hledger-lib/Hledger/Data/Types.hs
+++ b/hledger-lib/Hledger/Data/Types.hs
@@ -89,7 +89,9 @@ data Interval =
   | Quarters Int
   | Years Int
   | DayOfMonth Int
+  | WeekdayOfMonth Int Int
   | DayOfWeek Int
+  | DayOfYear Int Int -- Month, Day
   -- WeekOfYear Int
   -- MonthOfYear Int
   -- QuarterOfYear Int
diff --git a/hledger-lib/Hledger/Reports/ReportOptions.hs b/hledger-lib/Hledger/Reports/ReportOptions.hs
index cd02e35c3..8f18c535d 100644
--- a/hledger-lib/Hledger/Reports/ReportOptions.hs
+++ b/hledger-lib/Hledger/Reports/ReportOptions.hs
@@ -104,6 +104,8 @@ data ReportOpts = ReportOpts {
       -- eg in the income section of an income statement, this helps --sort-amount know
       -- how to sort negative numbers.
     ,color_          :: Bool
+    ,forecast_       :: Bool
+    ,auto_           :: Bool
  } deriving (Show, Data, Typeable)
 
 instance Default ReportOpts where def = defreportopts
@@ -134,6 +136,8 @@ defreportopts = ReportOpts
     def
     def
     def
+    def
+    def
 
 rawOptsToReportOpts :: RawOpts -> IO ReportOpts
 rawOptsToReportOpts rawopts = checkReportOpts <$> do
@@ -164,6 +168,8 @@ rawOptsToReportOpts rawopts = checkReportOpts <$> do
     ,sort_amount_ = boolopt "sort-amount" rawopts'
     ,pretty_tables_ = boolopt "pretty-tables" rawopts'
     ,color_       = color
+    ,forecast_    = boolopt "forecast" rawopts'
+    ,auto_        = boolopt "auto" rawopts'
     }
 
 -- | Do extra validation of raw option values, raising an error if there's a problem.
diff --git a/hledger/Hledger/Cli/CliOptions.hs b/hledger/Hledger/Cli/CliOptions.hs
index 35c6537c3..fb05d0687 100644
--- a/hledger/Hledger/Cli/CliOptions.hs
+++ b/hledger/Hledger/Cli/CliOptions.hs
@@ -155,6 +155,8 @@ reportflags = [
  ,flagNone ["empty","E"]     (setboolopt "empty") "show items with zero amount, normally hidden"
  ,flagNone ["cost","B"]      (setboolopt "cost") "convert amounts to their cost at transaction time (using the transaction price, if any)"
  ,flagNone ["value","V"]     (setboolopt "value") "convert amounts to their market value on the report end date (using the most recent applicable market price, if any)"
+ ,flagNone ["forecast"]      (setboolopt "forecast") "generate forecast transactions"
+ ,flagNone ["auto"]          (setboolopt "auto") "generate automated postings"
  ]
 
 -- | Common output-related flags: --output-file, --output-format...
diff --git a/hledger/Hledger/Cli/Commands/Balance.hs b/hledger/Hledger/Cli/Commands/Balance.hs
index 896987f1f..3e4af3743 100644
--- a/hledger/Hledger/Cli/Commands/Balance.hs
+++ b/hledger/Hledger/Cli/Commands/Balance.hs
@@ -246,11 +246,13 @@ module Hledger.Cli.Commands.Balance (
  ,tests_Hledger_Cli_Commands_Balance
 ) where
 
-import Data.List (intercalate)
+import Data.List (intercalate, nub)
 import Data.Maybe
+import qualified Data.Map as Map
 -- import Data.Monoid
 import qualified Data.Text as T
 import System.Console.CmdArgs.Explicit as C
+import Data.Decimal (roundTo)
 import Text.CSV
 import Test.HUnit
 import Text.Printf (printf)
@@ -283,6 +285,8 @@ balancemode = (defCommandMode $ ["balance"] ++ aliases) { -- also accept but don
      ,flagReq  ["format"] (\s opts -> Right $ setopt "format" s opts) "FORMATSTR" "use this custom line format (in simple reports)"
      ,flagNone ["pretty-tables"] (\opts -> setboolopt "pretty-tables" opts) "use unicode when displaying tables"
      ,flagNone ["sort-amount","S"] (\opts -> setboolopt "sort-amount" opts) "sort by amount instead of account name"
+     ,flagNone ["budget"] (setboolopt "budget") "compute budget from periodic transactions and compare real balances to it"
+     ,flagNone ["show-unbudgeted"] (setboolopt "show-unbudgeted") "show full names of accounts not mentioned in budget"
      ]
      ++ outputflags
     ,groupHidden = []
@@ -293,7 +297,7 @@ balancemode = (defCommandMode $ ["balance"] ++ aliases) { -- also accept but don
 
 -- | The balance command, prints a balance report.
 balance :: CliOpts -> Journal -> IO ()
-balance opts@CliOpts{reportopts_=ropts} j = do
+balance opts@CliOpts{rawopts_=rawopts,reportopts_=ropts} j = do
   d <- getCurrentDay
   case lineFormatFromOpts ropts of
     Left err -> error' $ unlines [err]
@@ -319,12 +323,58 @@ balance opts@CliOpts{reportopts_=ropts} j = do
                 "csv" -> \ropts r -> (++ "\n") $ printCSV $ balanceReportAsCsv ropts r
                 _     -> balanceReportAsText
           writeOutput opts $ render ropts report
-        _ -> do
+          
+        _ | boolopt "budget" rawopts -> do
+          let budget = budgetJournal opts j
+              j' = budgetRollUp opts budget j
+              report = multiBalanceReport ropts (queryFromOpts d ropts) j'
+              budgetReport = multiBalanceReport ropts (queryFromOpts d ropts) budget
+              render = case format of
+                -- XXX: implement csv rendering
+                "csv" -> (++ "\n") . printCSV . multiBalanceReportAsCsv ropts
+                _     -> multiBalanceReportWithBudgetAsText ropts budgetReport
+          writeOutput opts $ render report
+          
+          | otherwise -> do
           let report = multiBalanceReport ropts (queryFromOpts d ropts) j
               render = case format of
-                "csv" -> \ropts r -> (++ "\n") $ printCSV $ multiBalanceReportAsCsv ropts r
-                _     -> multiBalanceReportAsText
-          writeOutput opts $ render ropts report
+                "csv" -> (++ "\n") . printCSV . multiBalanceReportAsCsv ropts
+                _     -> multiBalanceReportAsText ropts
+          writeOutput opts $ render report
+
+-- | Re-map account names to closet parent with periodic transaction from budget.
+-- Accounts that dont have suitable parent are either remapped to "<unbudgeted>:topAccount" 
+-- or left as-is if --show-unbudgeted is provided 
+budgetRollUp :: CliOpts -> Journal -> Journal -> Journal
+budgetRollUp CliOpts{rawopts_=rawopts} budget j = j { jtxns = remapTxn <$> jtxns j }
+    where
+        budgetAccounts = nub $ concatMap (map paccount . ptpostings) $ jperiodictxns budget
+        remapAccount origAcctName = remapAccount' origAcctName
+          where 
+            remapAccount' acctName
+              | acctName `elem` budgetAccounts = acctName
+              | otherwise = 
+                case parentAccountName acctName of
+                  "" | boolopt "show-unbudgeted" rawopts -> origAcctName
+                     | otherwise              -> T.append (T.pack "<unbudgeted>:") acctName
+                  parent -> remapAccount' parent
+        remapPosting p = p { paccount = remapAccount $ paccount p, porigin = Just . fromMaybe p $ porigin p }
+        remapTxn = mapPostings (map remapPosting)
+        mapPostings f t = txnTieKnot $ t { tpostings = f $ tpostings t }
+
+-- | Generate journal of all periodic transactions in the given journal for the
+-- entireity of its history or reporting period, whatever is smaller
+budgetJournal :: CliOpts -> Journal -> Journal
+budgetJournal opts j = journalBalanceTransactions' opts j { jtxns = budget }
+  where 
+    dates = spanIntersect (jdatespan j) (periodAsDateSpan $ period_ $ reportopts_ opts)
+    budget = [makeBudget t | pt <- jperiodictxns j, t <- runPeriodicTransaction pt dates]
+    makeBudget t = txnTieKnot $ t { tdescription = T.pack "Budget transaction" }
+    journalBalanceTransactions' opts j =
+      let assrt = not . ignore_assertions_ $ inputopts_ opts
+      in
+       either error' id $ journalBalanceTransactions assrt j
+
 
 -- single-column balance reports
 
@@ -494,16 +544,73 @@ multiBalanceReportAsText opts r =
         CumulativeChange -> "Ending balances (cumulative)"
         HistoricalBalance -> "Ending balances (historical)"
 
+-- | Render two multi-column balance reports as plain text suitable for console output.
+-- They are assumed to have same number of columns, one of them representing
+-- a budget
+multiBalanceReportWithBudgetAsText :: ReportOpts -> MultiBalanceReport -> MultiBalanceReport -> String
+multiBalanceReportWithBudgetAsText opts budget r =
+    printf "%s in %s:\n\n" typeStr (showDateSpan $ multiBalanceReportSpan r)
+      ++ renderBalanceReportTable' opts showcell tabl
+  where
+    tabl = combine (balanceReportAsTable opts r) (balanceReportAsTable opts budget)
+    typeStr :: String
+    typeStr = case balancetype_ opts of
+        PeriodChange -> "Balance changes"
+        CumulativeChange -> "Ending balances (cumulative)"
+        HistoricalBalance -> "Ending balances (historical)"
+    showcell (real, Nothing)     = showamt real
+    showcell (real, Just budget) = 
+      case percentage real budget of
+        Just pct -> printf "%s [%s%% of %s]" (showamt real) (show $ roundTo 0 pct) (showamt budget)
+        Nothing  -> printf "%s [%s]" (showamt real) (showamt budget)
+    percentage real budget =
+      case (real, budget) of
+        (Mixed [a1], Mixed [a2]) | acommodity a1 == acommodity a2 && aquantity a2 /= 0 -> 
+          Just $ 100 * aquantity a1 / aquantity a2
+        _ -> Nothing
+    showamt | color_ opts  = cshowMixedAmountOneLineWithoutPrice
+            | otherwise    = showMixedAmountOneLineWithoutPrice
+    -- combine reportTable budgetTable will combine them into a single table where cells
+    -- are tuples of (actual, Maybe budget) numbers. Main assumptions is that
+    -- row/column titles of budgetTable are subset of row/column titles or reportTable,
+    -- and there are now row/column titles in budgetTable that are not mentioned in reporTable.
+    -- Both of these are satisfied by construction of budget report and process of rolling up
+    -- account names.
+    combine (Table l t d) (Table l' t' d') = Table l t combinedRows
+      where 
+        -- For all accounts that are present in the budget, zip real amounts with budget amounts
+        combinedRows = [ combineRow row budgetRow 
+                       | (acct, row) <- zip (headerContents l) d
+                       , let budgetRow = 
+                               if acct == "" then [] -- "" is totals row
+                               else fromMaybe [] $ Map.lookup acct budgetAccts
+                       ]
+        -- Budget could cover smaller interval of time than the whole journal.
+        -- Headers for budget row will always be a sublist of headers of row
+        combineRow r br =
+          let reportRow = zip (headerContents t) r
+              budgetRow = Map.fromList $ zip (headerContents t') br 
+              findBudgetVal hdr = Map.lookup hdr budgetRow 
+          in map (\(hdr, val) -> (val, findBudgetVal hdr)) reportRow
+        budgetAccts = Map.fromList $ zip (headerContents l') d'
+                                                           
 -- | Given a table representing a multi-column balance report (for example,
 -- made using 'balanceReportAsTable'), render it in a format suitable for
 -- console output.
 renderBalanceReportTable :: ReportOpts -> Table String String MixedAmount -> String
-renderBalanceReportTable (ReportOpts { pretty_tables_ = pretty, color_=usecolor }) = 
+renderBalanceReportTable ropts = 
+  renderBalanceReportTable' ropts showamt
+  where
+    showamt | color_ ropts = cshowMixedAmountOneLineWithoutPrice
+            | otherwise    = showMixedAmountOneLineWithoutPrice
+  
+renderBalanceReportTable' :: ReportOpts -> (a -> String) -> Table String String a -> String
+renderBalanceReportTable' (ReportOpts { pretty_tables_ = pretty}) showCell = 
   unlines
   . addtrailingblank
   . trimborder 
   . lines
-  . render pretty id id showamt
+  . render pretty id id showCell
   . align
   where
     addtrailingblank = (++[""])
@@ -512,8 +619,6 @@ renderBalanceReportTable (ReportOpts { pretty_tables_ = pretty, color_=usecolor
       where
         acctswidth = maximum' $ map strWidth (headerContents l)
         l'         = padRightWide acctswidth <$> l
-    showamt | usecolor  = cshowMixedAmountOneLineWithoutPrice
-            | otherwise = showMixedAmountOneLineWithoutPrice
 
 -- | Build a 'Table' from a multi-column balance report.
 balanceReportAsTable :: ReportOpts -> MultiBalanceReport -> Table String String MixedAmount
diff --git a/hledger/Hledger/Cli/Utils.hs b/hledger/Hledger/Cli/Utils.hs
index 1934b3f71..9a272ad04 100644
--- a/hledger/Hledger/Cli/Utils.hs
+++ b/hledger/Hledger/Cli/Utils.hs
@@ -31,7 +31,7 @@ import Data.List
 import Data.Maybe
 import qualified Data.Text as T
 import qualified Data.Text.IO as T
-import Data.Time (Day)
+import Data.Time (Day, addDays)
 import Data.Word
 import Numeric
 import Safe (readMay)
@@ -54,6 +54,7 @@ import Hledger.Data
 import Hledger.Read
 import Hledger.Reports
 import Hledger.Utils
+import Hledger.Query (Query(Any))
 
 
 -- | Parse the user's specified journal file, maybe apply some transformations
@@ -70,6 +71,8 @@ withJournalDo opts cmd = do
           . anonymiseByOpts opts
           . journalApplyAliases (aliasesFromOpts opts)
         <=< journalApplyValue (reportopts_ opts)
+        <=< journalAddForecast opts
+          . generateAutomaticPostings (reportopts_ opts)
   either error' f ej
 
 -- | Apply the pivot transformation on a journal, if option is present.
@@ -117,6 +120,38 @@ journalApplyValue ropts j = do
                 = id
     return $ convert j
 
+-- | Run PeriodicTransactions from journal from today or journal end to requested end day.
+-- Add generated transactions to the journal
+journalAddForecast :: CliOpts -> Journal -> IO Journal
+journalAddForecast opts j = do
+  today <- getCurrentDay
+  -- Create forecast starting from end of journal + 1 day, and until the end of requested reporting period
+  -- If end is not provided, do 180 days of forecast.
+  -- Note that jdatespan already returns last day + 1
+  let startDate = fromMaybe today $ spanEnd (jdatespan j) 
+      endDate = fromMaybe (addDays 180 today) $ periodEnd (period_ ropts)
+      dates = DateSpan (Just startDate) (Just endDate)
+      withForecast = [makeForecast t | pt <- jperiodictxns j, t <- runPeriodicTransaction pt dates, spanContainsDate dates (tdate t) ] ++ (jtxns j)
+      makeForecast t = txnTieKnot $ t { tdescription = T.pack "Forecast transaction" }
+      ropts = reportopts_ opts
+  if forecast_ ropts 
+    then return $ journalBalanceTransactions' opts j { jtxns = withForecast }
+    else return j
+  where      
+    journalBalanceTransactions' opts j =
+      let assrt = not . ignore_assertions_ $ inputopts_ opts
+      in
+       either error' id $ journalBalanceTransactions assrt j
+
+-- | Generate Automatic postings and add them to the current journal.
+generateAutomaticPostings :: ReportOpts -> Journal -> Journal
+generateAutomaticPostings ropts j = 
+  if auto_ ropts then j { jtxns = map modifier $ jtxns j } else j
+  where
+    modifier = foldr (flip (.) . runModifierTransaction') id mtxns
+    runModifierTransaction' = fmap txnTieKnot . runModifierTransaction Any
+    mtxns = jmodifiertxns j
+
 -- | Write some output to stdout or to a file selected by --output-file.
 -- If the file exists it will be overwritten.
 writeOutput :: CliOpts -> String -> IO ()
diff --git a/hledger/doc/options.m4.md b/hledger/doc/options.m4.md
index bd7add548..3bd6bc242 100644
--- a/hledger/doc/options.m4.md
+++ b/hledger/doc/options.m4.md
@@ -239,21 +239,59 @@ Examples:
 `-p "quarterly"`
 ------------------------------------------
 
+Note that `weekly`, `monthly`, `quarterly` and `yearly` intervals will
+always start on the first day on week, month, quarter or year
+accordingly, and will end on the last day of same period, even if
+associated period expression specifies different explicit start and end date.
+
+For example:
+------------------------------------------
+`-p "weekly from 2009/1/1 to 2009/4/1"` -- starts on 2008/12/29, closest preceeding Monday
+`-p "monthly in 2008/11/25"` -- starts on 2018/11/01                  
+`-p "quarterly from 2009-05-05 to 2009-06-01"` - starts on 2009/04/01, ends on 2009/06/30, which are first and last days of Q2 2009 
+`-p "yearly from 2009-12-29"` - starts on 2009/01/01, first day of 2009
+------------------------------------------
+
 The following more complex report intervals are also supported:
 `biweekly`, 
 `bimonthly`,
-`every N days|weeks|months|quarters|years`,
-`every Nth day [of month]`,
-`every Nth day of week`.
+`every day|week|month|quarter|year`,
+`every N days|weeks|months|quarters|years`.
+
+
+All of these will start on the first day of the requested period and end on the last one, as described above.
 
 Examples:
 
 ------------------------------------------
-`-p "bimonthly from 2008"`
-`-p "every 2 weeks"`
-`-p "every 5 days from 1/3"`
+`-p "bimonthly from 2008"` -- periods will have boundaries on 2008/01/01, 2008/03/01, ...
+`-p "every 2 weeks"`  -- starts on closest preceeding Monday
+`-p "every 5 month from 2009/03"` -- periods will have boundaries on 2009/03/01, 2009/08/01, ...
 ------------------------------------------
 
+If you want intervals that start on arbitrary day of your choosing and span a week, month or year, you need to use any of the following:
+
+`every Nth day of week`,
+`every <weekday>`,
+`every Nth day [of month]`,
+`every Nth weekday [of month]`,
+`every MM/DD [of year]`,
+`every Nth MMM [of year]`,
+`every MMM Nth [of year]`.
+
+Examples:
+
+------------------------------------------
+`-p "every 2nd day of week"` -- periods will go from Tue to Tue
+`-p "every Tue"` -- same
+`-p "every 15th day"` -- period boundaries will be on 15th of each month
+`-p "every 2nd Monday"` -- period boundaries will be on second Monday of each month
+`-p "every 11/05"` -- yearly periods with boundaries on 5th of Nov
+`-p "every 5th Nov"` -- same
+`-p "every Nov 5th"` -- same
+------------------------------------------
+
+
 Show historical balances at end of 15th each month (N is exclusive end date):
 
 `hledger balance -H -p "every 16th day"`
diff --git a/hledger/hledger.cabal b/hledger/hledger.cabal
index 2b6f4a957..eadc13ec6 100644
--- a/hledger/hledger.cabal
+++ b/hledger/hledger.cabal
@@ -113,6 +113,7 @@ library
     , text >=0.11
     , utf8-string >=0.3.5 && <1.1
     , wizards ==1.0.*
+    , Decimal
   if (!(os(windows))) && (flag(terminfo))
     build-depends:
         terminfo
@@ -192,6 +193,7 @@ executable hledger
     , text >=0.11
     , utf8-string >=0.3.5 && <1.1
     , wizards ==1.0.*
+    , Decimal
   if (!(os(windows))) && (flag(terminfo))
     build-depends:
         terminfo
@@ -241,6 +243,7 @@ test-suite test
     , text >=0.11
     , utf8-string >=0.3.5 && <1.1
     , wizards ==1.0.*
+    , Decimal
     , test-framework
     , test-framework-hunit
   if (!(os(windows))) && (flag(terminfo))
diff --git a/hledger/package.yaml b/hledger/package.yaml
index f32e18c1e..9560ab69e 100644
--- a/hledger/package.yaml
+++ b/hledger/package.yaml
@@ -149,6 +149,7 @@ library:
   - text >=0.11
   - utf8-string >=0.3.5 && <1.1
   - wizards ==1.0.*
+  - Decimal
 
 executables:
   hledger:
@@ -178,6 +179,7 @@ executables:
     - text >=0.11
     - utf8-string >=0.3.5 && <1.1
     - wizards ==1.0.*
+    - Decimal
 
 tests:
   test:
@@ -204,6 +206,7 @@ tests:
     - text >=0.11
     - utf8-string >=0.3.5 && <1.1
     - wizards ==1.0.*
+    - Decimal
     - test-framework
     - test-framework-hunit
 
diff --git a/site/budgeting-and-forecasting.md b/site/budgeting-and-forecasting.md
new file mode 100644
index 000000000..f1d964abd
--- /dev/null
+++ b/site/budgeting-and-forecasting.md
@@ -0,0 +1,323 @@
+# Budgeting and forecasting
+
+Budgeting and forecasting allows you to keep better track of your expenses and future financial situation.
+If you write down your expectations of what your income/expenses/investment yields/etc should be, you can use them to:
+- check how far off are your expectations from reality (budgeting)
+- project your future account activity or balances (forecasting)
+
+(This section uses examples/bcexample.hledger from hledger source repository).
+
+## Periodic budget
+To start budgeting, you need to know what your average yearly or weekly expenditures are. Hledger could help you with that.
+Usually the interval for which you compute budget figures will be the same as the interval between
+your paychecks -- monthly or weekly.
+
+Lets create monthly (-M) report for years 2013-2014 (-b 2013) of all
+top-level expense categories (--depth 2 Expenses), looking for average
+figures (-A) in the cost at the time of transaction (-B), limiting
+ourselves to USD transactions only, to save screen space:
+
+```shell
+$ hledger balance -f bcexample.hledger -MBA -b 2013 --depth 2 Expenses cur:USD
+Balance changes in 2013/01/01-2014/10/31:
+
+                    ||     2013/01      2013/02      2013/03  ...      2014/07      2014/08      2014/09      2014/10      Average 
+====================++========================================...==================================================================
+ Expenses:Financial ||    4.00 USD    12.95 USD    39.80 USD  ...    30.85 USD    21.90 USD    12.95 USD     4.00 USD    17.83 USD 
+ Expenses:Food      ||  396.46 USD   481.48 USD   603.32 USD  ...   871.20 USD   768.23 USD   466.72 USD    83.00 USD   562.10 USD 
+ Expenses:Health    ||  290.70 USD   193.80 USD   193.80 USD  ...   290.70 USD   193.80 USD   193.80 USD    96.90 USD   207.01 USD 
+ Expenses:Home      || 2544.98 USD  2545.02 USD  2544.97 USD  ...  2545.12 USD  2545.01 USD  2545.10 USD            0  2429.33 USD 
+ Expenses:Taxes     || 5976.60 USD  3984.40 USD  4901.83 USD  ...  5976.60 USD  3984.40 USD  3984.40 USD  1992.20 USD  4322.27 USD 
+ Expenses:Transport ||  120.00 USD   120.00 USD   120.00 USD  ...            0   120.00 USD   120.00 USD   120.00 USD   109.09 USD 
+--------------------++----------------------------------------...------------------------------------------------------------------
+                    || 9332.74 USD  7337.65 USD  8403.72 USD  ...  9714.47 USD  7633.34 USD  7322.97 USD  2296.10 USD  7647.64 USD 
+```
+
+This report is rather wide and portion of it had been cut out for
+brevity. Most interesting column is the last one, it shows average
+monthly expenses for each category. Expenses in Food, Health, Home and
+Transport categories seem to roughly similar month to month, so lets
+create a budget for them.
+
+Budgets are described with periodic transactions. Periodic transaction
+has `~` instead of date and period expression instead of description. In this case
+we want to create a monthly budget that will come into effect starting from January 2013,
+which will include income of 10000 USD that is partically spent on Food, Health, Home and Transport
+and the rest becomes our Assets:
+
+```journal
+~ monthly from 2013/01
+  Expenses:Food    500 USD
+  Expenses:Health  200 USD
+  Expenses:Home    2545 USD
+  Expenses:Transport   120 USD
+  Income:US        -10700 USD ;; Taken as monthy average of Income account group
+  Assets:US
+```
+
+This transaction could be put into separate file (budget.journal) or
+could be kept in the main journal. Normally hledger will ignore it and
+will not include it in any computations or reports.
+
+To put it into action, you need to add `--budget` switch to your balance invocation. If you do that,
+you would be able to see how your past expenses aligned with the budget that you just created. This
+time, lets not limit accounts in any way:
+```shell
+$ hledger balance -f bcexample.hledger -f budget.journal -MB -b 2013 --budget cur:USD
+Balance changes in 2013/01/01-2014/10/31:
+
+                          ||                            2013/01                            2013/02                             2013/03 
+==========================++===========================================================================================================
+ <unbudgeted>:Expenses    ||                        5980.60 USD                        3997.35 USD                         4941.63 USD 
+ <unbudgeted>:Liabilities ||                         293.09 USD                        -147.51 USD                          -66.01 USD 
+ Assets:US                ||      1893.32 USD [26% of 7335 USD]      2929.77 USD [40% of 7335 USD]     -3898.89 USD [-53% of 7335 USD] 
+ Expenses:Food            ||        396.46 USD [79% of 500 USD]        481.48 USD [96% of 500 USD]        603.32 USD [121% of 500 USD] 
+ Expenses:Health          ||       290.70 USD [145% of 200 USD]        193.80 USD [97% of 200 USD]         193.80 USD [97% of 200 USD] 
+ Expenses:Home            ||     2544.98 USD [100% of 2545 USD]     2545.02 USD [100% of 2545 USD]      2544.97 USD [100% of 2545 USD] 
+ Expenses:Transport       ||       120.00 USD [100% of 120 USD]       120.00 USD [100% of 120 USD]        120.00 USD [100% of 120 USD] 
+ Income:US                || -15119.10 USD [141% of -10700 USD]  -10331.21 USD [97% of -10700 USD]  -11079.40 USD [104% of -10700 USD] 
+--------------------------++-----------------------------------------------------------------------------------------------------------
+                          ||                       -3599.95 USD                        -211.30 USD                        -6640.58 USD 
+
+```
+
+Numbers in square brackets give you your budget estimate and percentage of it used by your real expenses. Numbers below 100% mean
+that you have some of your budget left, numbers over 100% mean that you went over your budget.
+
+You can notice that actual numbers for Assets:US seem to be well below computed budget of 7335 USD. Why? Answer to this is in the first
+row of the report: we have quite a lot of unbudgeted Expenses!
+
+Notice that even though we have not limited accounts in any way, report includes just those mentioned in the budget. This is on purpose,
+assumption is that when you are checking your budgets you probably do not want unbudgeted accounts getting in your way. Another thing to
+note is that budget numbers have been allocated to top-level expense subcategories (like Expenses:Food). Journal has subaccounts under
+Food, but to compute budget report they have all been rolled up into a nearest parent with budget number associated with it. Accounts that
+do not have such parent went into `<unbudgeted>` row.
+
+Allright, it seems that for Jan 2013 we have ~3000 USD of budgeted expenses and almost twice as much unbudgeted. Lets figure out what they are.
+We can see more details if we add `--show-unbudgeted` switch:
+```shell
+$ hledger balance -f bcexample.hledger -f budget.journal -M -b 2013-01 -e 2013-02 --budget cur:USD --show-unbudgeted
+Balance changes in 2013/01:
+
+                                  ||                            2013/01 
+==================================++====================================
+ Assets:US                        ||      1893.32 USD [26% of 7335 USD] 
+ Expenses:Financial:Fees          ||                           4.00 USD 
+ Expenses:Food                    ||        396.46 USD [79% of 500 USD] 
+ Expenses:Health                  ||       290.70 USD [145% of 200 USD] 
+ Expenses:Home                    ||     2544.98 USD [100% of 2545 USD] 
+ Expenses:Taxes:Y2013:US:CityNYC  ||                         524.76 USD 
+ Expenses:Taxes:Y2013:US:Federal  ||                        3188.76 USD 
+ Expenses:Taxes:Y2013:US:Medicare ||                         319.86 USD 
+ Expenses:Taxes:Y2013:US:SDI      ||                           3.36 USD 
+ Expenses:Taxes:Y2013:US:SocSec   ||                         844.62 USD 
+ Expenses:Taxes:Y2013:US:State    ||                        1095.24 USD 
+ Expenses:Transport               ||       120.00 USD [100% of 120 USD] 
+ Income:US                        || -15119.10 USD [141% of -10700 USD] 
+ Liabilities:US:Chase:Slate       ||                         293.09 USD 
+----------------------------------++------------------------------------
+                                  ||                       -3599.95 USD 
+
+```
+
+All the accounts that were rolled up into `<unbudgeted>` category are now shown with their original name, but budgeted accounts are still rolled up. It
+is easy to see now that we forgot taxes. Lets add them to our budget:
+```journal
+~ monthly from 2013/01
+  Expenses:Food    500 USD
+  Expenses:Health  200 USD
+  Expenses:Home    2545 USD
+  Expenses:Transport   120 USD
+  Expenses:Taxes   4300 USD ;; Taken from monthly average report
+  Income:US        -10700 USD
+  Assets:US
+```
+
+Lets try again for a couple of month with this updated budget:
+```shell
+$ hledger balance -f bcexample.hledger -f budget.journal -M -b 2013-01 -e 2013-04 --budget cur:USD 
+Balance changes in 2013q1:
+
+                          ||                            2013/01                            2013/02                             2013/03 
+==========================++===========================================================================================================
+ <unbudgeted>:Expenses    ||                           4.00 USD                          12.95 USD                           39.80 USD 
+ <unbudgeted>:Liabilities ||                         293.09 USD                        -147.51 USD                          -66.01 USD 
+ Assets:US                ||      1893.32 USD [62% of 3035 USD]      2929.77 USD [97% of 3035 USD]    -3898.89 USD [-128% of 3035 USD] 
+ Expenses:Food            ||        396.46 USD [79% of 500 USD]        481.48 USD [96% of 500 USD]        603.32 USD [121% of 500 USD] 
+ Expenses:Health          ||       290.70 USD [145% of 200 USD]        193.80 USD [97% of 200 USD]         193.80 USD [97% of 200 USD] 
+ Expenses:Home            ||     2544.98 USD [100% of 2545 USD]     2545.02 USD [100% of 2545 USD]      2544.97 USD [100% of 2545 USD] 
+ Expenses:Taxes           ||     5976.60 USD [139% of 4300 USD]      3984.40 USD [93% of 4300 USD]      4901.83 USD [114% of 4300 USD] 
+ Expenses:Transport       ||       120.00 USD [100% of 120 USD]       120.00 USD [100% of 120 USD]        120.00 USD [100% of 120 USD] 
+ Income:US                || -15119.10 USD [141% of -10700 USD]  -10331.21 USD [97% of -10700 USD]  -11079.40 USD [104% of -10700 USD] 
+--------------------------++-----------------------------------------------------------------------------------------------------------
+                          ||                       -3599.95 USD                        -211.30 USD                        -6640.58 USD 
+
+```
+
+Now unbudgeted amounts are much smaller and some of them could be dismissed as noise, and we can see that budget created is actually
+close enough to the real numbers, meaning that they are usually close to average that we put in our budget.
+
+## Envelope budget
+
+Budget report that we have used so far assumes that any unused budget amount for a given (monthly) period will not contribute to the
+budget of the next period. Alternative popular "envelope budget" strategy assumes that you put a certain amount of money into an envelope
+each month, and any unused amount stays there for future expenses. This is easy to simulate by adding --cumulative switch. Lets redo
+the last report with it:
+```shell
+$ hledger balance -f bcexample.hledger -f budget.journal -M -b 2013-01 -e 2013-04 --cumulative --budget cur:USD
+Ending balances (cumulative) in 2013q1:
+
+                          ||                         2013/01/31                          2013/02/28                          2013/03/31 
+==========================++============================================================================================================
+ <unbudgeted>:Expenses    ||                           4.00 USD                           16.95 USD                           56.75 USD 
+ <unbudgeted>:Liabilities ||                         293.09 USD                          145.58 USD                           79.57 USD 
+ Assets:US                ||      1893.32 USD [62% of 3035 USD]       4823.09 USD [79% of 6070 USD]        924.20 USD [10% of 9105 USD] 
+ Expenses:Food            ||        396.46 USD [79% of 500 USD]        877.94 USD [88% of 1000 USD]       1481.26 USD [99% of 1500 USD] 
+ Expenses:Health          ||       290.70 USD [145% of 200 USD]        484.50 USD [121% of 400 USD]        678.30 USD [113% of 600 USD] 
+ Expenses:Home            ||     2544.98 USD [100% of 2545 USD]      5090.00 USD [100% of 5090 USD]      7634.97 USD [100% of 7635 USD] 
+ Expenses:Taxes           ||     5976.60 USD [139% of 4300 USD]      9961.00 USD [116% of 8600 USD]    14862.83 USD [115% of 12900 USD] 
+ Expenses:Transport       ||       120.00 USD [100% of 120 USD]        240.00 USD [100% of 240 USD]        360.00 USD [100% of 360 USD] 
+ Income:US                || -15119.10 USD [141% of -10700 USD]  -25450.31 USD [119% of -21400 USD]  -36529.71 USD [114% of -32100 USD] 
+--------------------------++------------------------------------------------------------------------------------------------------------
+                          ||                       -3599.95 USD                        -3811.25 USD                       -10451.83 USD 
+
+```
+
+If you look at Expenses:Food category, you will see that every month budget is increased by 500 USD, and by March total amount budgeted
+is 1500 USD, of which 1481.26 USD is spent. If you look back at the previous non-cumulative monthly budget report, you will see that in March food expenses
+were 121% of the budgeted amount, but cumulative report shows that taking into account budget carry-over from Jan and Feb we are well withing planned numbers.
+
+# Forecasting
+
+Budget transaction that was created could be used to predict what would be our financial situation in the future. If you add `--forecast` switch, you will
+see how budgeted income and expense affects you past the last transaction in the journal. Since journal ends in Oct 2014, lets see next two month:
+
+```shell
+$ hledger balance -f bcexample.hledger -f budget.journal -M -b 2014-10 -e 2015 --forecast cur:USD
+Balance changes in 2014q4:
+
+                                    ||      2014/10     2014/11     2014/12 
+====================================++======================================
+ Assets:US                          ||            0    3035 USD    3035 USD 
+ Assets:US:BofA:Checking            || -2453.40 USD           0           0 
+ Assets:US:ETrade:Cash              ||  5000.00 USD           0           0 
+ Expenses:Financial:Fees            ||     4.00 USD           0           0 
+ Expenses:Food                      ||            0     500 USD     500 USD 
+ Expenses:Food:Restaurant           ||    83.00 USD           0           0 
+ Expenses:Health                    ||            0     200 USD     200 USD 
+ Expenses:Health:Dental:Insurance   ||     2.90 USD           0           0 
+ Expenses:Health:Life:GroupTermLife ||    24.32 USD           0           0 
+ Expenses:Health:Medical:Insurance  ||    27.38 USD           0           0 
+ Expenses:Health:Vision:Insurance   ||    42.30 USD           0           0 
+ Expenses:Home                      ||            0    2545 USD    2545 USD 
+ Expenses:Taxes                     ||            0    4300 USD    4300 USD 
+ Expenses:Taxes:Y2014:US:CityNYC    ||   174.92 USD           0           0 
+ Expenses:Taxes:Y2014:US:Federal    ||  1062.92 USD           0           0 
+ Expenses:Taxes:Y2014:US:Medicare   ||   106.62 USD           0           0 
+ Expenses:Taxes:Y2014:US:SDI        ||     1.12 USD           0           0 
+ Expenses:Taxes:Y2014:US:SocSec     ||   281.54 USD           0           0 
+ Expenses:Taxes:Y2014:US:State      ||   365.08 USD           0           0 
+ Expenses:Transport                 ||            0     120 USD     120 USD 
+ Expenses:Transport:Tram            ||   120.00 USD           0           0 
+ Income:US                          ||            0  -10700 USD  -10700 USD 
+ Income:US:Hoogle:GroupTermLife     ||   -24.32 USD           0           0 
+ Income:US:Hoogle:Salary            || -4615.38 USD           0           0 
+ Liabilities:US:Chase:Slate         ||  -203.00 USD           0           0 
+------------------------------------++--------------------------------------
+                                    ||            0           0           0 
+```
+
+Note that this time there is no roll-up of accounts. Unlike `--budget`, which could be used with `balance` command only, `--forecast`
+could be used with any report. Forecast transactions would be added to your real journal and would appear in the report you requested as
+if you have entered them on the scheduled dates.
+
+Since quite a lot of accounts do not have any budgeted transactions, lets limit the depth of the report to avoid seeing lots of zeroes:
+```shell
+$ hledger balance -f bcexample.hledger -f budget.journal -M -b 2014-10 -e 2015 --forecast cur:USD --depth 2
+Balance changes in 2014q4:
+
+                    ||      2014/10     2014/11     2014/12 
+====================++======================================
+ Assets:US          ||  2546.60 USD    3035 USD    3035 USD 
+ Expenses:Financial ||     4.00 USD           0           0 
+ Expenses:Food      ||    83.00 USD     500 USD     500 USD 
+ Expenses:Health    ||    96.90 USD     200 USD     200 USD 
+ Expenses:Home      ||            0    2545 USD    2545 USD 
+ Expenses:Taxes     ||  1992.20 USD    4300 USD    4300 USD 
+ Expenses:Transport ||   120.00 USD     120 USD     120 USD 
+ Income:US          || -4639.70 USD  -10700 USD  -10700 USD 
+ Liabilities:US     ||  -203.00 USD           0           0 
+--------------------++--------------------------------------
+                    ||            0           0           0 
+```
+
+As you can see, we should expect 3035 USD to be added into Assets:US each month. It is quite easy to see how overal amount of Assets will change with time if you use
+`--cumulative` switch:
+```shell
+$ hledger balance -f bcexample.hledger -f budget.journal -M -b 2014-10 -e 2015 --forecast cur:USD --depth 2 --cumulative
+Ending balances (cumulative) in 2014q4:
+
+                    ||   2014/10/31     2014/11/30     2014/12/31 
+====================++============================================
+ Assets:US          ||  2546.60 USD    5581.60 USD    8616.60 USD 
+ Expenses:Financial ||     4.00 USD       4.00 USD       4.00 USD 
+ Expenses:Food      ||    83.00 USD     583.00 USD    1083.00 USD 
+ Expenses:Health    ||    96.90 USD     296.90 USD     496.90 USD 
+ Expenses:Home      ||            0       2545 USD       5090 USD 
+ Expenses:Taxes     ||  1992.20 USD    6292.20 USD   10592.20 USD 
+ Expenses:Transport ||   120.00 USD     240.00 USD     360.00 USD 
+ Income:US          || -4639.70 USD  -15339.70 USD  -26039.70 USD 
+ Liabilities:US     ||  -203.00 USD    -203.00 USD    -203.00 USD 
+--------------------++--------------------------------------------
+                    ||            0              0              0 
+```
+
+According to forecast, assets are expected to grow to 8600+ USD by the end of 2014. However, our forecast does not include a couple
+of big one-off year end expenses. First, we plan to buy prize turkey for the Christmas table every year from 2014, spending up to 500 USD on it.
+And on 17th Nov 2014 we would celebrate birthday of significant other, spending up to 6000 USD in a fancy restaurant:
+```journal
+~ every 20th Dec from 2014
+  Expenses:Food   500 USD ; Prize turkey, the biggest of the big
+  Assets:US
+
+~ 2014/11/17
+  Assets:US
+  Expenses:Food   6000 USD ; Birthday, lots of guests 
+```
+
+Note that turkey transaction is not entered as "yearly from 2014/12/20", since yearly/quarterly/monthy/weekly periodic expressions always generate
+entries at the first day of the calendar year/quarter/month/week. Thus "monthly from 2014/12" will occur on 2014/12/01, 2015/01/01, ..., whereas
+"every 20th of month from 2014/12" will happen on 2014/12/20, 2015/12/20, etc.
+
+With latest additions forecast now looks like this:
+```shell
+hledger balance -f bcexample.hledger -f budget.journal -M -b 2014-10 -e 2015 --forecast cur:USD --depth 2 --cumulative
+Ending balances (cumulative) in 2014q4:
+
+                    ||   2014/10/31     2014/11/30     2014/12/31 
+====================++============================================
+ Assets:US          ||  2546.60 USD    -418.40 USD    2116.60 USD 
+ Expenses:Financial ||     4.00 USD       4.00 USD       4.00 USD 
+ Expenses:Food      ||    83.00 USD    6583.00 USD    7583.00 USD 
+ Expenses:Health    ||    96.90 USD     296.90 USD     496.90 USD 
+ Expenses:Home      ||            0       2545 USD       5090 USD 
+ Expenses:Taxes     ||  1992.20 USD    6292.20 USD   10592.20 USD 
+ Expenses:Transport ||   120.00 USD     240.00 USD     360.00 USD 
+ Income:US          || -4639.70 USD  -15339.70 USD  -26039.70 USD 
+ Liabilities:US     ||  -203.00 USD    -203.00 USD    -203.00 USD 
+--------------------++--------------------------------------------
+                    ||            0              0              0 
+```
+
+It is easy to see that in Nov 2014 we will run out of Assets. Using `register` we can figure out when or why it would happen:
+```shell
+$ hledger register -f bcexample.hledger -f budget.journal -b 2014-10 -e 2014-12 --forecast cur:USD Assets
+2014/10/04 "BANK FEES" | "Monthly bank fee"         Assets:US:BofA:Checking                      -4.00 USD     -4.00 USD
+2014/10/09 "Hoogle" | "Payroll"                     Assets:US:BofA:Checking                    2550.60 USD   2546.60 USD
+2014/10/10 "Transfering accumulated savings to o..  Assets:US:BofA:Checking                   -5000.00 USD  -2453.40 USD
+                                                    Assets:US:ETrade:Cash                      5000.00 USD   2546.60 USD
+2014/11/01 Forecast transaction                     Assets:US                                     3035 USD   5581.60 USD
+2014/11/17 Forecast transaction                     Assets:US                                    -6000 USD   -418.40 USD
+```
+
+It is 6000 USD planned for birthday! Something will have to be done about the birthday plans.
diff --git a/tests/budget/auto.test b/tests/budget/auto.test
new file mode 100644
index 000000000..daf1c07ca
--- /dev/null
+++ b/tests/budget/auto.test
@@ -0,0 +1,78 @@
+# Add proportional income tax (from documentation)
+hledger print -f- --auto
+<<<
+2016/1/1 paycheck
+    income:remuneration     $-100
+    income:donations         $-15
+    assets:bank
+
+2016/1/1 withdraw
+    assets:cash             $20
+    assets:bank
+
+= ^income
+  (liabilities:tax)  *.33  ; income tax
+>>>
+2016/01/01 paycheck
+    income:remuneration           $-100
+    income:donations               $-15
+    assets:bank
+    (liabilities:tax)              $-33    ; income tax
+    (liabilities:tax)               $-5    ; income tax
+
+2016/01/01 withdraw
+    assets:cash             $20
+    assets:bank
+
+>>>2
+>>>=0
+
+hledger register -f- --auto
+<<<
+2016/1/1 paycheck
+    income:remuneration     $-100
+    income:donations         $-15
+    assets:bank
+
+2016/1/1 withdraw
+    assets:cash             $20
+    assets:bank
+
+= ^income
+  (liabilities:tax)  *.33  ; income tax
+>>>
+2016/01/01 paycheck             income:remuneration          $-100         $-100
+                                income:donations              $-15         $-115
+                                assets:bank                   $115             0
+                                (liabilities:tax)             $-33          $-33
+                                (liabilities:tax)              $-5          $-38
+2016/01/01 withdraw             assets:cash                    $20          $-18
+                                assets:bank                   $-20          $-38
+>>>2
+>>>=0
+
+hledger balance -f- --auto
+<<<
+2016/1/1 paycheck
+    income:remuneration     $-100
+    income:donations         $-15
+    assets:bank
+
+2016/1/1 withdraw
+    assets:cash             $20
+    assets:bank
+
+= ^income
+  (liabilities:tax)  *.33  ; income tax
+>>>
+                $115  assets
+                 $95    bank
+                 $20    cash
+               $-115  income
+                $-15    donations
+               $-100    remuneration
+                $-38  liabilities:tax
+--------------------
+                $-38
+>>>2
+>>>=0
diff --git a/tests/budget/budget.test b/tests/budget/budget.test
new file mode 100644
index 000000000..7d7e22bc6
--- /dev/null
+++ b/tests/budget/budget.test
@@ -0,0 +1,92 @@
+# Test --budget switch
+hledger bal -D -b 2016-12-01 -e 2016-12-04 -f - --budget
+<<<
+2016/12/01
+    expenses:food  $10
+    assets:cash
+
+2016/12/02
+    expenses:food  $9
+    assets:cash
+
+2016/12/03
+    expenses:food  $11
+    assets:cash
+
+2016/12/02
+    expenses:leisure  $5
+    assets:cash
+
+2016/12/03
+    expenses:movies  $25
+    assets:cash
+
+2016/12/03
+    expenses:cab  $15
+    assets:cash
+
+~ daily from 2016/1/1
+    expenses:food     $10
+    expenses:leisure  $15
+    assets:cash
+>>>
+Balance changes in 2016/12/01-2016/12/03:
+
+                       ||         2016/12/01          2016/12/02           2016/12/03 
+=======================++=============================================================
+ <unbudgeted>:expenses ||                  0                   0                  $40 
+ assets:cash           || $-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] 
+ expenses:leisure      ||            0 [$15]     $5 [33% of $15]              0 [$15] 
+-----------------------++-------------------------------------------------------------
+                       ||                  0                   0                    0 
+
+>>>2
+>>>=0
+
+# --show-unbudgeted
+hledger bal -D -b 2016-12-01 -e 2016-12-04 -f - --budget --show-unbudgeted
+<<<
+2016/12/01
+    expenses:food  $10
+    assets:cash
+
+2016/12/02
+    expenses:food  $9
+    assets:cash
+
+2016/12/03
+    expenses:food  $11
+    assets:cash
+
+2016/12/02
+    expenses:leisure  $5
+    assets:cash
+
+2016/12/03
+    expenses:movies  $25
+    assets:cash
+
+2016/12/03
+    expenses:cab  $15
+    assets:cash
+
+~ daily from 2016/1/1
+    expenses:food     $10
+    expenses:leisure  $15
+    assets:cash
+>>>
+Balance changes in 2016/12/01-2016/12/03:
+
+                  ||         2016/12/01          2016/12/02           2016/12/03 
+==================++=============================================================
+ assets:cash      || $-10 [40% of $-25]  $-14 [56% of $-25]  $-51 [204% of $-25] 
+ expenses:cab     ||                  0                   0                  $15 
+ expenses:food    ||  $10 [100% of $10]     $9 [90% of $10]    $11 [110% of $10] 
+ expenses:leisure ||            0 [$15]     $5 [33% of $15]              0 [$15] 
+ expenses:movies  ||                  0                   0                  $25 
+------------------++-------------------------------------------------------------
+                  ||                  0                   0                    0 
+
+>>>2
+>>>=0
diff --git a/tests/budget/forecast.test b/tests/budget/forecast.test
new file mode 100644
index 000000000..0e9a1904f
--- /dev/null
+++ b/tests/budget/forecast.test
@@ -0,0 +1,102 @@
+# Test --forecast switch
+hledger bal -M -b 2016-11 -e 2017-02 -f - --forecast
+<<<
+2016/12/31
+    expenses:housing  $600
+    assets:cash
+
+~ monthly from 2016/1
+    income  $-1000
+    expenses:food     $20
+    expenses:leisure  $15
+    expenses:grocery  $30
+    assets:cash
+>>>
+Balance changes in 2016/12/01-2017/01/31:
+
+                  || 2016/12  2017/01 
+==================++==================
+ assets:cash      ||   $-600     $935 
+ expenses:food    ||       0      $20 
+ expenses:grocery ||       0      $30 
+ expenses:housing ||    $600        0 
+ expenses:leisure ||       0      $15 
+ income           ||       0   $-1000 
+------------------++------------------
+                  ||       0        0 
+
+>>>2
+>>>=0
+
+
+hledger print -b 2016-11 -e 2017-02 -f - --forecast
+<<<
+2016/12/31
+    expenses:housing  $600
+    assets:cash
+
+~ monthly from 2016/1
+    income  $-1000
+    expenses:food     $20
+    expenses:leisure  $15
+    expenses:grocery  $30
+    assets:cash
+>>>
+2016/12/31
+    expenses:housing            $600
+    assets:cash
+
+2017/01/01 Forecast transaction
+    income                    $-1000
+    expenses:food                $20
+    expenses:leisure             $15
+    expenses:grocery             $30
+    assets:cash
+
+>>>2
+>>>=0
+
+
+hledger register -b 2016-11 -e 2017-02 -f - --forecast
+<<<
+2016/12/31
+    expenses:housing  $600
+    assets:cash
+
+~ monthly from 2016/1
+    income  $-1000
+    expenses:food     $20
+    expenses:leisure  $15
+    expenses:grocery  $30
+    assets:cash
+>>>
+2016/12/31                      expenses:housing              $600          $600
+                                assets:cash                  $-600             0
+2017/01/01 Forecast transact..  income                      $-1000        $-1000
+                                expenses:food                  $20         $-980
+                                expenses:leisure               $15         $-965
+                                expenses:grocery               $30         $-935
+                                assets:cash                   $935             0
+>>>2
+>>>=0
+
+# Check that --forecast generates transactions only after last transaction in journal
+hledger register -b 2015-12 -e 2017-02 -f - assets:cash --forecast
+<<<
+2016/01/01
+    expenses:fun  $10 ; more fireworks
+    assets:cash
+
+2016/12/02
+    expenses:housing  $600
+    assets:cash
+
+~ yearly from 2016
+    income  $-10000 ; bonus
+    assets:cash
+>>>
+2016/01/01                      assets:cash                   $-10          $-10
+2016/12/02                      assets:cash                  $-600         $-610
+2017/01/01 Forecast transact..  assets:cash                 $10000         $9390
+>>>2
+>>>=0