diff --git a/data/balance-multicol.journal b/data/balance-multicol.journal
new file mode 100644
index 000000000..ca3787293
--- /dev/null
+++ b/data/balance-multicol.journal
@@ -0,0 +1,19 @@
+; A sample journal for testing multi-column balance report. See tests/balance-multicol.test.
+
+2012/12/31
+  (assets:checking)  10
+
+2013/1/1
+  (assets:checking)  1
+
+2013/1/15
+   (assets:checking)  -1
+
+2013/2/1
+  (assets:cash)  1
+
+2013/2/2
+  (assets)  1
+
+2013/3/1
+  (assets:checking)  1
diff --git a/hledger-lib/Hledger/Data/Dates.hs b/hledger-lib/Hledger/Data/Dates.hs
index ab1cb74f7..7b347e6fa 100644
--- a/hledger-lib/Hledger/Data/Dates.hs
+++ b/hledger-lib/Hledger/Data/Dates.hs
@@ -40,6 +40,9 @@ module Hledger.Data.Dates (
   failIfInvalidYear,
   datesepchar,
   datesepchars,
+  spanStart,
+  spanEnd,
+  spansSpan,
   spanIntersect,
   spansIntersect,
   spanUnion,
@@ -65,7 +68,7 @@ import Data.Time.Calendar
 import Data.Time.Calendar.OrdinalDate
 import Data.Time.Clock
 import Data.Time.LocalTime
-import Safe (readMay)
+import Safe (headMay, lastMay, readMay)
 import System.Locale (defaultTimeLocale)
 import Test.HUnit
 import Text.ParserCombinators.Parsec
@@ -108,6 +111,16 @@ getCurrentYear = do
 elapsedSeconds :: Fractional a => UTCTime -> UTCTime -> a
 elapsedSeconds t1 = realToFrac . diffUTCTime t1
 
+spanStart :: DateSpan -> Maybe Day
+spanStart (DateSpan d _) = d
+
+spanEnd :: DateSpan -> Maybe Day
+spanEnd (DateSpan _ d) = d
+
+-- | Get overall span enclosing multiple sequentially ordered spans.
+spansSpan :: [DateSpan] -> DateSpan
+spansSpan spans = DateSpan (maybe Nothing spanStart $ headMay spans) (maybe Nothing spanEnd $ lastMay spans)
+
 -- | Split a DateSpan into one or more consecutive spans at the specified interval.
 splitSpan :: Interval -> DateSpan -> [DateSpan]
 splitSpan _ (DateSpan Nothing Nothing) = [DateSpan Nothing Nothing]
@@ -154,7 +167,9 @@ spanContainsDate (DateSpan (Just b) Nothing)  d = d >= b
 spanContainsDate (DateSpan (Just b) (Just e)) d = d >= b && d < e
     
 -- | Combine two datespans, filling any unspecified dates in the first
--- with dates from the second.
+-- with dates from the second. Not a clip operation, just uses the
+-- second's start/end dates as defaults when the first does not
+-- specify them.
 orDatesFrom (DateSpan a1 b1) (DateSpan a2 b2) = DateSpan a b
     where a = if isJust a1 then a1 else a2
           b = if isJust b1 then b1 else b2
diff --git a/hledger-lib/Hledger/Reports.hs b/hledger-lib/Hledger/Reports.hs
index b1d4a0635..72d6c6a65 100644
--- a/hledger-lib/Hledger/Reports.hs
+++ b/hledger-lib/Hledger/Reports.hs
@@ -1,16 +1,18 @@
-{-# LANGUAGE RecordWildCards, DeriveDataTypeable #-}
+{-# LANGUAGE RecordWildCards, DeriveDataTypeable, FlexibleInstances #-}
 {-|
 
 Generate several common kinds of report from a journal, as \"*Report\" -
 simple intermediate data structures intended to be easily rendered as
 text, html, json, csv etc. by hledger commands, hamlet templates,
-javascript, or whatever. This is under Hledger.Cli since it depends
-on the command-line options, should move to hledger-lib later.
+javascript, or whatever.
 
 -}
 
 module Hledger.Reports (
+  -- * Report options
+  -- | 
   ReportOpts(..),
+  BalanceType(..),
   DisplayExp,
   FormatStr,
   defreportopts,
@@ -21,16 +23,20 @@ module Hledger.Reports (
   journalSelectingAmountFromOpts,
   queryFromOpts,
   queryOptsFromOpts,
+  reportSpans,
   -- * Entries report
+  -- | 
   EntriesReport,
   EntriesReportItem,
   entriesReport,
   -- * Postings report
+  -- | 
   PostingsReport,
   PostingsReportItem,
   postingsReport,
   mkpostingsReportItem, -- XXX for showPostingWithBalanceForVty in Hledger.Cli.Register
   -- * Transactions report
+  -- | 
   TransactionsReport,
   TransactionsReportItem,
   triDate,
@@ -39,16 +45,25 @@ module Hledger.Reports (
   transactionsReportByCommodity,
   journalTransactionsReport,
   accountTransactionsReport,
-  -- * Accounts report
-  AccountsReport,
-  AccountsReportItem,
-  accountsReport,
-  -- * Accounts report
-  FlowReport,
-  FlowReportItem,
-  flowReport,
-  -- * Other "reports"
+
+  -- * Balance reports
+  {-|
+  These are used for the various modes of the balance command
+  (see "Hledger.Cli.Balance").
+  -}
+  BalanceReport,
+  BalanceReportItem,
+  balanceReport,
+  MultiBalanceReport(..),
+  MultiBalanceReportItem,
+  RenderableAccountName,
+  periodBalanceReport,
+  cumulativeOrHistoricalBalanceReport,
+
+  -- * Other reports
+  -- | 
   accountBalanceHistory,
+
   -- * Tests
   tests_Hledger_Reports
 )
@@ -59,7 +74,6 @@ import Data.List
 import Data.Maybe
 -- import qualified Data.Map as M
 import Data.Ord
-import Data.PPrint
 import Data.Time.Calendar
 -- import Data.Tree
 import Safe (headMay, lastMay)
@@ -92,6 +106,7 @@ data ReportOpts = ReportOpts {
     ,empty_          :: Bool
     ,no_elide_       :: Bool
     ,real_           :: Bool
+    ,balancetype_    :: BalanceType -- for balance command
     ,flat_           :: Bool -- for balance command
     ,drop_           :: Int  -- "
     ,no_total_       :: Bool -- "
@@ -109,6 +124,13 @@ data ReportOpts = ReportOpts {
 type DisplayExp = String
 type FormatStr = String
 
+-- | Which balance is being shown in a multi-column balance report.
+data BalanceType = PeriodBalance     -- ^ The change of balance in each period.
+                 | CumulativeBalance -- ^ The accumulated balance at each period's end, starting from zero at the report start date.
+                 | HistoricalBalance -- ^ The historical balance at each period's end, starting from the account balances at the report start date.
+  deriving (Eq,Show,Data,Typeable)
+instance Default BalanceType where def = PeriodBalance
+
 defreportopts = ReportOpts
     def
     def
@@ -134,6 +156,7 @@ defreportopts = ReportOpts
     def
     def
     def
+    def
 
 instance Default ReportOpts where def = defreportopts
 
@@ -284,8 +307,8 @@ postingsReport opts q j = -- trace ("q: "++show q++"\nq': "++show q') $
                                         $ dbg "ps3" $ (if related_ opts then concatMap relatedPostings else id)
                                         $ dbg "ps2" $ filter (q' `matchesPosting`)
                                         $ dbg "ps1" $ journalPostings j'
-      dbg :: Show a => String -> a -> a
-      dbg = flip const
+      -- enable to debug just this function
+      -- dbg :: Show a => String -> a -> a
       -- dbg = lstrace
 
       empty = queryEmpty q
@@ -590,21 +613,28 @@ filterTransactionPostings m t@Transaction{tpostings=ps} = t{tpostings=filter (m
 
 -------------------------------------------------------------------------------
 
--- | An accounts report is a list of account names (full and short
--- variants) with their balances, appropriate indentation for rendering as
--- a hierarchy, and grand total. This is used eg by the balance command.
-type AccountsReport = ([AccountsReportItem] -- line items, one per account
+-- | A list of account names plus rendering info, along with their
+-- balances as of the end of the reporting period, and the grand
+-- total. Used for the balance command's single-column mode.
+type BalanceReport = ([BalanceReportItem] -- line items, one per account
                       ,MixedAmount          -- total balance of all accounts
                       )
-type AccountsReportItem = (AccountName  -- full account name
-                          ,AccountName  -- short account name for display (the leaf name, prefixed by any boring parents immediately above)
-                          ,Int          -- how many steps to indent this account (0 with --flat, otherwise the 0-based account depth excluding boring parents)
-                          ,MixedAmount) -- account balance, includes subs  -- XXX unless --flat is present
+-- | * Full account name,
+--
+-- * short account name for display (the leaf name, prefixed by any boring parents immediately above),
+--
+-- * how many steps to indent this account (the 0-based account depth excluding boring parents, or 0 with --flat),
+-- 
+-- * account balance (including subaccounts (XXX unless --flat)).
+type BalanceReportItem = (AccountName
+                          ,AccountName
+                          ,Int
+                          ,MixedAmount)
 
 -- | Select accounts, and get their balances at the end of the selected
 -- period, and misc. display information, for an accounts report.
-accountsReport :: ReportOpts -> Query -> Journal -> AccountsReport
-accountsReport opts q j = (items, total)
+balanceReport :: ReportOpts -> Query -> Journal -> BalanceReport
+balanceReport opts q j = (items, total)
     where
       l =  ledgerFromJournal q $ journalSelectingAmountFromOpts opts j
       accts = clipAccounts (queryDepth q) $ ledgerRootAccount l
@@ -618,8 +648,9 @@ accountsReport opts q j = (items, total)
                        | otherwise   = fromMaybe nullacct . pruneAccounts (isZeroMixedAmount.aibalance)
             markboring | no_elide_ opts = id
                        | otherwise      = markBoringParentAccounts
-      items = map (accountsReportItem opts) accts'
+      items = map (balanceReportItem opts) accts'
       total = sum [amt | (a,_,indent,amt) <- items, if flat_ opts then accountNameLevel a == 1 else indent == 0]
+              -- XXX check account level == 1 is valid when top-level accounts excluded
 
 -- | In an account tree with zero-balance leaves removed, mark the
 -- elidable parent accounts (those with one subaccount and no balance
@@ -630,8 +661,8 @@ markBoringParentAccounts = tieAccountParents . mapAccounts mark
     mark a | length (asubs a) == 1 && isZeroMixedAmount (aebalance a) = a{aboring=True}
            | otherwise = a
 
-accountsReportItem :: ReportOpts -> Account -> AccountsReportItem
-accountsReportItem opts a@Account{aname=name, aibalance=ibal}
+balanceReportItem :: ReportOpts -> Account -> BalanceReportItem
+balanceReportItem opts a@Account{aname=name, aibalance=ibal}
   | flat_ opts = (name, name,       0,      ibal)
   | otherwise  = (name, elidedname, indent, ibal)
   where
@@ -643,57 +674,56 @@ accountsReportItem opts a@Account{aname=name, aibalance=ibal}
 
 -------------------------------------------------------------------------------
 
--- There are two kinds of report we want here. A "periodic flow"
--- report shows the change of account balance in each period, or
--- equivalently (assuming accurate postings) the sum of postings in
--- each period. Eg below, 20 is the sum of income postings in
--- Jan. This is like a periodic income statement or (with cash
--- accounts) cashflow statement.
+-- | A multi(column) balance report is a list of accounts, each with a list of
+-- balances corresponding to the report's column periods. The balances' meaning depends
+-- on the type of balance report (see 'BalanceType' and "Hledger.Cli.Balance").
+-- Also included are the overall total for each period, the date span for each period,
+-- and some additional rendering info for the accounts.
 --
--- Account   Jan   Feb   Mar
--- income     20    10    -5
---
--- A "periodic balance" report shows the final account balance in each
--- period, equivalent to the sum of all postings before the end of the
--- period. Eg below, 120 is the sum of all asset postings before the
--- end of Jan, including postings before january (or perhaps an
--- "opening balance" posting). This is like a periodic balance sheet.
---
--- Acct      Jan   Feb   Mar
--- asset     120   130   125
---
--- If the columns are consecutive periods, balances can be calculated
--- from flows by beginning with the start-of-period balance (above,
--- 100) and summing the flows rightward.
-    
--- | A flow report is a list of account names (and associated
--- rendering info), plus their change in balance during one or more
--- periods (date spans). The periods are included, and also an overall
--- total for each one.
---
-type FlowReport =
-  ([DateSpan]               --  the date span for each report column
-  ,[FlowReportItem]         --  line items, one per account
-  ,[MixedAmount]            --  the final total for each report column
+-- * The date span for each report column,
+-- 
+-- * line items (one per account),
+-- 
+-- * the final total for each report column.
+newtype MultiBalanceReport = MultiBalanceReport
+  ([DateSpan]
+  ,[MultiBalanceReportItem]
+  ,[MixedAmount]
   )
 
-type FlowReportItem =
---  (RenderableAccountName    --  the account name and rendering hints
-  (AccountName
-  ,[MixedAmount]            --  the account's change of (inclusive) balance in each of the report's periods
+-- | * The account name with rendering hints,
+--
+-- * the account's balance (per-period balance, cumulative ending
+-- balance, or historical ending balance) in each of the report's
+-- periods.
+type MultiBalanceReportItem =
+  (RenderableAccountName
+  ,[MixedAmount]
   )
 
+-- | * Full account name,
+-- 
+-- * ledger-style short account name (the leaf name, prefixed by any boring parents immediately above),
+-- 
+-- * indentation steps to use when rendering a ledger-style account tree
+-- (the 0-based depth of this account excluding boring parents; or with --flat, 0)
 type RenderableAccountName =
-  (AccountName              --  full account name
-  ,AccountName              --  ledger-style short account name (the leaf name, prefixed by any boring parents immediately above)
-  ,Int                      --  indentation (in steps) to use when rendering a ledger-style account tree
-                            --   (the 0-based depth of this account excluding boring parents; or with --flat, 0)
+  (AccountName
+  ,AccountName
+  ,Int
   )
 
--- | Select accounts and get their flows (change of balance) in each
--- period, plus misc. display information, for a flow report.
-flowReport :: ReportOpts -> Query -> Journal -> FlowReport
-flowReport opts q j = (spans, items, totals)
+instance Show MultiBalanceReport where
+    -- use ppShow to break long lists onto multiple lines
+    -- we have to add some bogus extra shows here to help ppShow parse the output
+    -- and wrap tuples and lists properly
+    show (MultiBalanceReport (spans, items, totals)) =
+        "MultiBalanceReport (ignore extra quotes):\n" ++ ppShow (show spans, map show items, totals)
+
+-- | Select accounts and get their period balance (change of balance) in each
+-- period, plus misc. display information, for a period balance report.
+periodBalanceReport :: ReportOpts -> Query -> Journal -> MultiBalanceReport
+periodBalanceReport opts q j = MultiBalanceReport (spans, items, totals)
     where
       (q',depthq)  = (filterQuery (not . queryIsDepth) q, filterQuery queryIsDepth q)
       clip = filter (depthq `matchesAccount`)
@@ -716,39 +746,97 @@ flowReport opts q j = (spans, items, totals)
       -- first implementation, probably inefficient
       spans               = dbg "1 " $ splitSpan (intervalFromOpts opts) reportspan
       psPerSpan           = dbg "3"  $ [filter (isPostingInDateSpan s) ps | s <- spans]
-      acctnames           = dbg "4"  $ sort $ clip $ expandAccountNames $ accountNamesFromPostings ps
+      acctnames           = dbg "4"  $ sort $ clip $ 
+                            -- expandAccountNames $ 
+                            accountNamesFromPostings ps
       allAcctsZeros       = dbg "5"  $ [(a, nullmixedamt) | a <- acctnames]
-      someAcctBalsPerSpan = dbg "6"  $ [[(aname a, aibalance a) | a <- drop 1 $ accountsFromPostings ps, depthq `matchesAccount` aname a] | ps <- psPerSpan]
+      someAcctBalsPerSpan = dbg "6"  $ [[(aname a, aibalance a) | a <- drop 1 $ accountsFromPostings ps, depthq `matchesAccount` aname a, aname a `elem` acctnames] | ps <- psPerSpan]
       balsPerSpan         = dbg "7"  $ [sortBy (comparing fst) $ unionBy (\(a,_) (a',_) -> a == a') acctbals allAcctsZeros | acctbals <- someAcctBalsPerSpan]
       balsPerAcct         = dbg "8"  $ transpose balsPerSpan
-      items               = dbg "9"  $ zip acctnames $ map (map snd) balsPerAcct
-      totals              = dbg "10" $ [sum [b | (a,b) <- bals, accountNameLevel a == 1] | bals <- balsPerSpan]
+      acctsAndBals        = dbg "8.5" $ zip acctnames (map (map snd) balsPerAcct)
+      items               = dbg "9"  $ [((a, a, accountNameLevel a), bs) | (a,bs) <- acctsAndBals, empty_ opts || any (not . isZeroMixedAmount) bs]
+      highestLevelBalsPerSpan =
+                            dbg "9.5" $ [[b | (a,b) <- spanbals, not $ any (`elem` acctnames) $ init $ expandAccountName a] | spanbals <- balsPerSpan]
+      totals              = dbg "10" $ map sum highestLevelBalsPerSpan
 
-      dbg,dbg' :: Show a => String -> a -> a
-      dbg  = flip const
-      dbg' = lstrace
+-------------------------------------------------------------------------------
+
+-- | Calculate the overall span and per-period date spans for a report
+-- based on command-line options, the parsed search query, and the
+-- journal data. If a reporting interval is specified, the report span
+-- will be enlarged to include a whole number of report periods.
+-- Reports will sometimes trim these spans further when appropriate.
+reportSpans ::  ReportOpts -> Query -> Journal -> (DateSpan, [DateSpan])
+reportSpans opts q j = (reportspan, spans)
+  where
+    -- get the requested span from the query, which is based on
+    -- -b/-e/-p opts and query args.
+    requestedspan = queryDateSpan (date2_ opts) q
+
+    -- set the start and end date to the journal's if not specified
+    requestedspan' = requestedspan `orDatesFrom` journalDateSpan j
+
+    -- if there's a reporting interval, calculate the report periods
+    -- which enclose the requested span
+    spans = dbg "spans" $ splitSpan (intervalFromOpts opts) requestedspan'
+
+    -- the overall report span encloses the periods
+    reportspan = DateSpan
+                 (maybe Nothing spanStart $ headMay spans)
+                 (maybe Nothing spanEnd   $ lastMay spans)
+
+-- | Select accounts and get their ending balance in each period, plus
+-- account name display information, for a cumulative or historical balance report.
+cumulativeOrHistoricalBalanceReport :: ReportOpts -> Query -> Journal -> MultiBalanceReport
+cumulativeOrHistoricalBalanceReport opts q j = MultiBalanceReport (periodbalancespans, items, totals)
+    where
+      -- select/adjust basic report dates
+      (reportspan, _) = reportSpans opts q j
+
+      -- rewrite query to use adjusted dates
+      dateless  = filterQuery (not . queryIsDate)
+      depthless = filterQuery (not . queryIsDepth)
+      q' = dateless $ depthless q
+      -- reportq = And [q', Date reportspan]
+
+      -- get starting balances and accounts from preceding txns
+      precedingq = And [q', Date $ DateSpan Nothing (spanStart reportspan)]
+      (startbalanceitems,_) = balanceReport opts{flat_=True,empty_=True} precedingq j
+      startacctbals = dbg "startacctbals"   $ map (\(a,_,_,b) -> (a,b)) startbalanceitems
+      -- acctsWithStartingBalance = map fst $ filter (not . isZeroMixedAmount . snd) startacctbals
+      startingBalanceFor a | balancetype_ opts == HistoricalBalance = fromMaybe nullmixedamt $ lookup a startacctbals
+                           | otherwise = nullmixedamt
+
+      -- get balance changes by period
+      MultiBalanceReport (periodbalancespans,periodbalanceitems,_) = dbg "changes" $ periodBalanceReport opts q j
+      balanceChangesByAcct = map (\((a,_,_),bs) -> (a,bs)) periodbalanceitems
+      acctsWithBalanceChanges = map fst $ filter ((any (not . isZeroMixedAmount)) . snd) balanceChangesByAcct
+      balanceChangesFor a = fromMaybe (error $ "no data for account: a") $ -- XXX
+                            lookup a balanceChangesByAcct
+
+      -- accounts to report on
+      reportaccts -- = dbg' "reportaccts" $ (dbg' "acctsWithStartingBalance" acctsWithStartingBalance) `union` (dbg' "acctsWithBalanceChanges" acctsWithBalanceChanges)
+                  = acctsWithBalanceChanges
+
+      -- sum balance changes to get ending balances for each period
+      endingBalancesFor a = 
+          dbg "ending balances" $ drop 1 $ scanl (+) (startingBalanceFor a) $
+          dbg "balance changes" $ balanceChangesFor a
+
+      items  = dbg "items"  $ [((a,a,0), endingBalancesFor a) | a <- reportaccts]
+
+      -- sum highest-level account balances in each column for column totals
+      totals = dbg "totals" $ map sum highestlevelbalsbycol
+          where
+            highestlevelbalsbycol = transpose $ map endingBalancesFor highestlevelaccts
+            highestlevelaccts =
+                dbg "highestlevelaccts" $
+                [a | a <- reportaccts, not $ any (`elem` reportaccts) $ init $ expandAccountName a]
+
+      -- enable to debug just this function
+      -- dbg :: Show a => String -> a -> a
+      -- dbg = lstrace
         
-      -- accts'
-      --     | flat_ opts = filterzeros $ tail $ flattenAccounts accts
-      --     | otherwise  = filter (not.aboring) $ tail $ flattenAccounts $ markboring $ prunezeros accts
-      --     where
-      --       filterzeros | empty_ opts = id
-      --                   | otherwise = filter (not . isZeroMixedAmount . aebalance)
-      --       prunezeros | empty_ opts = id
-      --                  | otherwise   = fromMaybe nullacct . pruneAccounts (isZeroMixedAmount.aibalance)
-      --       markboring | no_elide_ opts = id
-      --                  | otherwise      = markBoringParentAccounts
-
--- flowReportItem :: ReportOpts -> Account -> FlowReportItem
--- flowReportItem opts a@Account{aname=name, aibalance=ibal}
---   | flat_ opts = (name, name,       0,      ibal)
---   | otherwise  = (name, elidedname, indent, ibal)
---   where
---     elidedname = accountNameFromComponents (adjacentboringparentnames ++ [accountLeafName name])
---     adjacentboringparentnames = reverse $ map (accountLeafName.aname) $ takeWhile aboring $ parents
---     indent = length $ filter (not.aboring) parents
---     parents = init $ parentAccounts a
-
 -------------------------------------------------------------------------------
 
 -- | Get the historical running inclusive balance of a particular account,
@@ -932,20 +1020,20 @@ tests_postingsReport = [
 -}
  ]
 
-tests_accountsReport =
+tests_balanceReport =
   let (opts,journal) `gives` r = do
          let (eitems, etotal) = r
-             (aitems, atotal) = accountsReport opts (queryFromOpts nulldate opts) journal
+             (aitems, atotal) = balanceReport opts (queryFromOpts nulldate opts) journal
          assertEqual "items" eitems aitems
          -- assertEqual "" (length eitems) (length aitems)
          -- mapM (\(e,a) -> assertEqual "" e a) $ zip eitems aitems
          assertEqual "total" etotal atotal
   in [
 
-   "accountsReport with no args on null journal" ~: do
+   "balanceReport with no args on null journal" ~: do
    (defreportopts, nulljournal) `gives` ([], Mixed [nullamt])
 
-  ,"accountsReport with no args on sample journal" ~: do
+  ,"balanceReport with no args on sample journal" ~: do
    (defreportopts, samplejournal) `gives`
     ([
       ("assets","assets",0, mamountp' "$-1.00")
@@ -961,7 +1049,7 @@ tests_accountsReport =
      ],
      Mixed [nullamt])
 
-  ,"accountsReport with --depth=N" ~: do
+  ,"balanceReport with --depth=N" ~: do
    (defreportopts{depth_=Just 1}, samplejournal) `gives`
     ([
       ("assets",      "assets",      0, mamountp' "$-1.00")
@@ -971,7 +1059,7 @@ tests_accountsReport =
      ],
      Mixed [nullamt])
 
-  ,"accountsReport with depth:N" ~: do
+  ,"balanceReport with depth:N" ~: do
    (defreportopts{query_="depth:1"}, samplejournal) `gives`
     ([
       ("assets",      "assets",      0, mamountp' "$-1.00")
@@ -981,7 +1069,7 @@ tests_accountsReport =
      ],
      Mixed [nullamt])
 
-  ,"accountsReport with a date or secondary date span" ~: do
+  ,"balanceReport with a date or secondary date span" ~: do
    (defreportopts{query_="date:'in 2009'"}, samplejournal2) `gives`
     ([],
      Mixed [nullamt])
@@ -992,7 +1080,7 @@ tests_accountsReport =
      ],
      Mixed [nullamt])
 
-  ,"accountsReport with desc:" ~: do
+  ,"balanceReport with desc:" ~: do
    (defreportopts{query_="desc:income"}, samplejournal) `gives`
     ([
       ("assets:bank:checking","assets:bank:checking",0,mamountp' "$1.00")
@@ -1000,7 +1088,7 @@ tests_accountsReport =
      ],
      Mixed [nullamt])
 
-  ,"accountsReport with not:desc:" ~: do
+  ,"balanceReport with not:desc:" ~: do
    (defreportopts{query_="not:desc:income"}, samplejournal) `gives`
     ([
       ("assets","assets",0, mamountp' "$-2.00")
@@ -1124,7 +1212,7 @@ tests_accountsReport =
               ,"  c:d                   "
               ]) >>= either error' return
        let j' = journalCanonicaliseAmounts $ journalConvertAmountsToCost j -- enable cost basis adjustment
-       accountsReportAsText defreportopts (accountsReport defreportopts Any j') `is`
+       balanceReportAsText defreportopts (balanceReport defreportopts Any j') `is`
          ["                $500  a:b"
          ,"               $-500  c:d"
          ,"--------------------"
@@ -1169,7 +1257,7 @@ tests_Hledger_Reports = TestList $
  ++ tests_summarisePostingsByInterval
  ++ tests_postingsReport
  -- ++ tests_isInterestingIndented
- ++ tests_accountsReport
+ ++ tests_balanceReport
  ++ [
   -- ,"summarisePostingsInDateSpan" ~: do
   --   let gives (b,e,depth,showempty,ps) =
diff --git a/hledger-web/Handler/Common.hs b/hledger-web/Handler/Common.hs
index 985c77be2..fdd3cb5ca 100644
--- a/hledger-web/Handler/Common.hs
+++ b/hledger-web/Handler/Common.hs
@@ -48,7 +48,7 @@ $maybe m' <- msg
 
 -- | The sidebar used on most views.
 sidebar :: ViewData -> HtmlUrl AppRoute
-sidebar vd@VD{..} = accountsReportAsHtml opts vd $ accountsReport (reportopts_ $ cliopts_ opts){empty_=True} am j
+sidebar vd@VD{..} = balanceReportAsHtml opts vd $ balanceReport (reportopts_ $ cliopts_ opts){empty_=True} am j
 
 -- -- | Navigation link, preserving parameters and possibly highlighted.
 -- navlink :: ViewData -> String -> AppRoute -> String -> HtmlUrl AppRoute
@@ -285,9 +285,9 @@ nulltemplate = [hamlet||]
 ----------------------------------------------------------------------
 -- hledger report renderers
 
--- | Render an "AccountsReport" as html.
-accountsReportAsHtml :: WebOpts -> ViewData -> AccountsReport -> HtmlUrl AppRoute
-accountsReportAsHtml _ vd@VD{..} (items',total) =
+-- | Render an "BalanceReport" as html.
+balanceReportAsHtml :: WebOpts -> ViewData -> BalanceReport -> HtmlUrl AppRoute
+balanceReportAsHtml _ vd@VD{..} (items',total) =
  [hamlet|
 <div#accountsheading>
  <a#accounts-toggle-link.togglelink href="#" title="Toggle sidebar">[+]
@@ -329,7 +329,7 @@ accountsReportAsHtml _ vd@VD{..} (items',total) =
    inacctmatcher = inAccountQuery qopts
    allaccts = isNothing inacctmatcher
    items = items' -- maybe items' (\m -> filter (matchesAccount m . \(a,_,_,_)->a) items') showacctmatcher
-   itemAsHtml :: ViewData -> AccountsReportItem -> HtmlUrl AppRoute
+   itemAsHtml :: ViewData -> BalanceReportItem -> HtmlUrl AppRoute
    itemAsHtml _ (acct, adisplay, aindent, abal) = [hamlet|
 <tr.item.#{inacctclass}>
  <td.account.#{depthclass}>
diff --git a/hledger/Hledger/Cli/Balance.hs b/hledger/Hledger/Cli/Balance.hs
index 7ef864921..af24425be 100644
--- a/hledger/Hledger/Cli/Balance.hs
+++ b/hledger/Hledger/Cli/Balance.hs
@@ -1,10 +1,19 @@
 {-|
 
-A ledger-compatible @balance@ command.
+A ledger-compatible @balance@ command, with additional support for
+multi-column reports.
 
-ledger's balance command is easy to use but not easy to describe
-precisely.  In the examples below we'll use sample.journal, which has the
-following account tree:
+Here is a description/specification for the balance command.  See also
+"Hledger.Reports" -> \"Balance reports\".
+
+
+/Basic balance report/
+
+With no reporting interval (@--monthly@ etc.), hledger's balance
+command emulates ledger's, showing accounts indented according to
+hierarchy, along with their total amount posted (including subaccounts).
+
+Here's an example. With @data/sample.journal@, which defines the following account tree:
 
 @
  assets
@@ -22,10 +31,7 @@ following account tree:
    debts
 @
 
-The balance command shows accounts with their aggregate balances.
-Subaccounts are displayed indented below their parent. Each balance is the
-sum of any transactions in that account plus any balances from
-subaccounts:
+the basic @balance@ command gives this output:
 
 @
  $ hledger -f sample.journal balance
@@ -39,16 +45,44 @@ subaccounts:
                  $-1    gifts
                  $-1    salary
                   $1  liabilities:debts
+--------------------
+                   0
 @
 
-Usually, the non-interesting accounts are elided or omitted. Above,
-@checking@ is omitted because it has no subaccounts and a zero balance.
-@bank@ is elided because it has only a single displayed subaccount
-(@saving@) and it would be showing the same balance as that ($1). Ditto
-for @liabilities@. We will return to this in a moment.
+Subaccounts are displayed indented below their parent. Only the account leaf name (the final part) is shown.
+(With @--flat@, account names are shown in full and unindented.)
 
-The --depth argument can be used to limit the depth of the balance report.
-So, to see just the top level accounts:
+Each account's \"balance\" is the sum of postings in that account and any subaccounts during the report period.
+When the report period includes all transactions, this is equivalent to the account's current balance.
+
+The overall total of the highest-level displayed accounts is shown below the line.
+(The @--no-total/-N@ flag prevents this.)
+
+/Eliding and omitting/
+
+Accounts which have a zero balance, and no non-zero subaccount
+balances, are normally omitted from the report.
+(The @--empty/-E@ flag forces such accounts to be displayed.)
+Eg, above @checking@ is omitted because it has a zero balance and no subaccounts.
+
+Accounts which have a single subaccount also being displayed, with the same balance,
+are normally elided into the subaccount's line.
+(The @--no-elide@ flag prevents this.)
+Eg, above @bank@ is elided to @bank:saving@ because it has only a
+single displayed subaccount (@saving@) and their balance is the same
+($1). Similarly, @liabilities@ is elided to @liabilities:debts@.
+
+/Date limiting/
+
+The default report period is that of the whole journal, including all
+known transactions. The @--begin\/-b@, @--end\/-e@, @--period\/-p@
+options or @date:@/@date2:@ patterns can be used to report only
+on transactions before and/or after specified dates.
+
+/Depth limiting/
+
+The @--depth@ option can be used to limit the depth of the balance report.
+Eg, to see just the top level accounts (still including their subaccount balances):
 
 @
 $ hledger -f sample.journal balance --depth 1
@@ -56,14 +90,15 @@ $ hledger -f sample.journal balance --depth 1
                   $2  expenses
                  $-2  income
                   $1  liabilities
+--------------------
+                   0
 @
 
-This time liabilities has no displayed subaccounts (due to --depth) and
-is not elided.
+/Account limiting/
 
-With one or more account pattern arguments, the balance command shows
-accounts whose name matches one of the patterns, plus their parents
-(elided) and subaccounts. So with the pattern o we get:
+With one or more account pattern arguments, the report is restricted
+to accounts whose name matches one of the patterns, plus their parents
+and subaccounts. Eg, adding the pattern @o@ to the first example gives:
 
 @
  $ hledger -f sample.journal balance o
@@ -75,27 +110,134 @@ accounts whose name matches one of the patterns, plus their parents
                  $-1
 @
 
-The o pattern matched @food@ and @income@, so they are shown. Unmatched
-parents of matched accounts are also shown (elided) for context (@expenses@).
+* The @o@ pattern matched @food@ and @income@, so they are shown.
 
-Also, the balance report shows the total of all displayed accounts, when
-that is non-zero. Here, it is displayed because the accounts shown add up
-to $-1.
+* @food@'s parent (@expenses@) is shown even though the pattern didn't
+  match it, to clarify the hierarchy. The usual eliding rules cause it to be elided here.
 
-Also, non-interesting accounts may be elided.  Here's an imperfect
-description of the ledger balance command's eliding behaviour:
-\"Interesting\" accounts are displayed on their own line. An account less
-deep than the report's max depth, with just one interesting subaccount,
-and the same balance as the subaccount, is non-interesting, and prefixed
-to the subaccount's line, unless (hledger's) --no-elide is in effect.
-An account with a zero inclusive balance and less than two interesting
-subaccounts is not displayed at all, unless --empty is in effect.
+* @income@'s subaccounts are also shown.
+
+/Multi-column balance report/
+
+hledger's balance command will show multiple columns when a reporting
+interval is specified (eg with @--monthly@), one column for each sub-period.
+
+There are three kinds of multi-column balance report, indicated by the heading:
+
+* A \"period balance\" (or \"flow\") report (the default) shows the change of account
+  balance in each period, which is equivalent to the sum of postings in each
+  period. Here, checking's balance increased by 10 in Feb:
+
+  > Change of balance (flow):
+  > 
+  >                  Jan   Feb   Mar
+  > assets:checking   20    10    -5
+
+* A \"cumulative balance\" report (with @--cumulative@) shows the accumulated ending balance
+  across periods, starting from zero at the report's start date.
+  Here, 30 is the sum of checking postings during Jan and Feb:
+
+  > Ending balance (cumulative):
+  > 
+  >                  Jan   Feb   Mar
+  > assets:checking   20    30    25
+
+* A \"historical balance\" report (with @--historical/-H@) also shows ending balances,
+  but it includes the starting balance from any postings before the report start date.
+  Here, 130 is the balance from all checking postings at the end of Feb, including
+  pre-Jan postings which created a starting balance of 100:
+
+  > Ending balance (historical):
+  > 
+  >                  Jan   Feb   Mar
+  > assets:checking  120   130   125
+
+/Eliding and omitting, 2/
+
+Here's a (imperfect?) specification for the eliding/omitting behaviour:
+
+* Each account is normally displayed on its own line.
+
+* An account less deep than the report's max depth, with just one
+interesting subaccount, and the same balance as the subaccount, is
+non-interesting, and prefixed to the subaccount's line, unless
+@--no-elide@ is in effect. 
+
+* An account with a zero inclusive balance and less than two interesting
+subaccounts is not displayed at all, unless @--empty@ is in effect.
+
+* Multi-column balance reports show full account names with no eliding
+  (like @--flat@). Accounts (and periods) are omitted as described below.
+
+/Which accounts to show in balance reports/
+
+By default:
+
+* single-column: accounts with non-zero balance in report period.
+                 (With @--flat@: accounts with non-zero balance and postings.)
+
+* periodic:      accounts with postings and non-zero period balance in any period
+
+* cumulative:    accounts with non-zero cumulative balance in any period
+
+* historical:    accounts with non-zero historical balance in any period
+
+With @-E/--empty@:
+
+* single-column: accounts with postings in report period
+
+* periodic:      accounts with postings in report period
+
+* cumulative:    accounts with postings in report period
+
+* historical:    accounts with non-zero starting balance +
+                 accounts with postings in report period
+
+/Which periods (columns) to show in balance reports/
+
+An empty period/column is one where no report account has any postings.
+A zero period/column is one where no report account has a non-zero period balance.
+
+Currently,
+
+by default:
+
+* single-column: N/A
+
+* periodic:      all periods within the overall report period,
+                 except for leading and trailing empty periods
+
+* cumulative:    all periods within the overall report period,
+                 except for leading and trailing empty periods
+
+* historical:    all periods within the overall report period,
+                 except for leading and trailing empty periods
+
+With @-E/--empty@:
+
+* single-column: N/A
+
+* periodic:      all periods within the overall report period
+
+* cumulative:    all periods within the overall report period
+
+* historical:    all periods within the overall report period
+
+/What to show in empty cells/
+
+An empty periodic balance report cell is one which has no corresponding postings.
+An empty cumulative/historical balance report cell is one which has no correponding
+or prior postings, ie the account doesn't exist yet.
+Currently, empty cells show 0.
 
 -}
 
 module Hledger.Cli.Balance (
   balance
- ,accountsReportAsText
+ ,balanceReportAsText
+ ,periodBalanceReportAsText
+ ,cumulativeBalanceReportAsText
+ ,historicalBalanceReportAsText
  ,tests_Hledger_Cli_Balance
 ) where
 
@@ -116,19 +258,24 @@ import Hledger.Cli.Options
 balance :: CliOpts -> Journal -> IO ()
 balance CliOpts{reportopts_=ropts} j = do
   d <- getCurrentDay
-  let lines = case formatFromOpts ropts of
-            Left err -> [err]
-            Right _ -> case intervalFromOpts ropts of
-                         NoInterval -> accountsReportAsText ropts $ accountsReport ropts (queryFromOpts d ropts) j
-                         _          -> flowReportAsText ropts     $ flowReport     ropts (queryFromOpts d ropts) j
-  putStr $ unlines lines
+  let output =
+       case formatFromOpts ropts of
+         Left err -> [err]
+         Right _ ->
+          case (intervalFromOpts ropts, balancetype_ ropts) of
+            (NoInterval,_)        -> balanceReportAsText           ropts $ balanceReport ropts (queryFromOpts d ropts) j
+            (_,PeriodBalance)     -> periodBalanceReportAsText     ropts $ periodBalanceReport                 ropts (queryFromOpts d ropts) j
+            (_,CumulativeBalance) -> cumulativeBalanceReportAsText ropts $ cumulativeOrHistoricalBalanceReport ropts (queryFromOpts d ropts) j
+            (_,HistoricalBalance) -> historicalBalanceReportAsText ropts $ cumulativeOrHistoricalBalanceReport ropts (queryFromOpts d ropts) j
 
--- | Render an old-style balance report (single-column balance/balance change report) as plain text.
-accountsReportAsText :: ReportOpts -> AccountsReport -> [String]
-accountsReportAsText opts ((items, total)) = concat lines ++ t
+  putStr $ unlines output
+
+-- | Render an old-style single-column balance report as plain text.
+balanceReportAsText :: ReportOpts -> BalanceReport -> [String]
+balanceReportAsText opts ((items, total)) = concat lines ++ t
   where
       lines = case formatFromOpts opts of
-                Right f -> map (accountsReportItemAsText opts f) items
+                Right f -> map (balanceReportItemAsText opts f) items
                 Left err -> [[err]]
       t = if no_total_ opts
            then []
@@ -137,13 +284,13 @@ accountsReportAsText opts ((items, total)) = concat lines ++ t
                 ,padleft 20 $ showMixedAmountWithoutPrice total
                 ]
 
-tests_accountsReportAsText = [
-  "accountsReportAsText" ~: do
+tests_balanceReportAsText = [
+  "balanceReportAsText" ~: do
   -- "unicode in balance layout" ~: do
     j <- readJournal'
       "2009/01/01 * медвежья шкура\n  расходы:покупки  100\n  актив:наличные\n"
     let opts = defreportopts
-    accountsReportAsText opts (accountsReport opts (queryFromOpts (parsedate "2008/11/26") opts) j) `is`
+    balanceReportAsText opts (balanceReport opts (queryFromOpts (parsedate "2008/11/26") opts) j) `is`
       ["                -100  актив:наличные"
       ,"                 100  расходы:покупки"
       ,"--------------------"
@@ -162,26 +309,26 @@ This implementation turned out to be a bit convoluted but implements the followi
     b         USD -1  ; Account 'b' has two amounts. The account name is printed on the last line.
 -}
 -- | Render one balance report line item as plain text suitable for console output.
-accountsReportItemAsText :: ReportOpts -> [FormatString] -> AccountsReportItem -> [String]
-accountsReportItemAsText opts format (_, accountName, depth, Mixed amounts) =
+balanceReportItemAsText :: ReportOpts -> [FormatString] -> BalanceReportItem -> [String]
+balanceReportItemAsText opts format (_, accountName, depth, Mixed amounts) =
     -- 'amounts' could contain several quantities of the same commodity with different price.
     -- In order to combine them into single value (which is expected) we take the first price and
     -- use it for the whole mixed amount. This could be suboptimal. XXX
     let Mixed normAmounts = normaliseMixedAmountPreservingFirstPrice (Mixed amounts) in
     case normAmounts of
       [] -> []
-      [a] -> [formatAccountsReportItem opts (Just accountName) depth a format]
+      [a] -> [formatBalanceReportItem opts (Just accountName) depth a format]
       (as) -> multiline as
     where
       multiline :: [Amount] -> [String]
       multiline []     = []
-      multiline [a]    = [formatAccountsReportItem opts (Just accountName) depth a format]
-      multiline (a:as) = (formatAccountsReportItem opts Nothing depth a format) : multiline as
+      multiline [a]    = [formatBalanceReportItem opts (Just accountName) depth a format]
+      multiline (a:as) = (formatBalanceReportItem opts Nothing depth a format) : multiline as
 
-formatAccountsReportItem :: ReportOpts -> Maybe AccountName -> Int -> Amount -> [FormatString] -> String
-formatAccountsReportItem _ _ _ _ [] = ""
-formatAccountsReportItem opts accountName depth amount (fmt:fmts) =
-  s ++ (formatAccountsReportItem opts accountName depth amount fmts)
+formatBalanceReportItem :: ReportOpts -> Maybe AccountName -> Int -> Amount -> [FormatString] -> String
+formatBalanceReportItem _ _ _ _ [] = ""
+formatBalanceReportItem opts accountName depth amount (fmt:fmts) =
+  s ++ (formatBalanceReportItem opts accountName depth amount fmts)
   where
     s = case fmt of
          FormatLiteral l -> l
@@ -196,24 +343,75 @@ formatField opts accountName depth total ljust min max field = case field of
         TotalField       -> formatValue ljust min max $ showAmountWithoutPrice total
         _                  -> ""
 
--- | Render a flow report (multi-column balance change report) as plain text suitable for console output.
-flowReportAsText :: ReportOpts -> FlowReport -> [String]
-flowReportAsText opts (colspans, items, coltotals) =
+-- | Render a multi-column period balance report as plain text suitable for console output.
+periodBalanceReportAsText :: ReportOpts -> MultiBalanceReport -> [String]
+periodBalanceReportAsText opts (MultiBalanceReport (colspans, items, coltotals)) =
+  (["Change of balance (flow):"] ++) $
   trimborder $ lines $
-   render id ((" "++) . showDateSpan) showMixedAmountWithoutPrice $
-    Table
+   render
+    id
+    ((" "++) . showDateSpan)
+    showMixedAmountWithoutPrice
+    $ Table
       (Group NoLine $ map (Header . padright acctswidth) accts)
       (Group NoLine $ map Header colspans)
-      (map snd items)
+      (map snd items')
     +----+
     totalrow
   where
     trimborder = ("":) . (++[""]) . drop 1 . init . map (drop 1 . init)
-    accts = map fst items
+    items' | empty_ opts = items
+           | otherwise   = items -- dbg "2" $ filter (any (not . isZeroMixedAmount) . snd) $ dbg "1" items
+    accts = map renderacct items'
+    renderacct ((a,a',_i),_)
+      | flat_ opts = a
+      | otherwise  = a' -- replicate i ' ' ++ 
     acctswidth = maximum $ map length $ accts
     totalrow | no_total_ opts = row "" []
              | otherwise      = row "" coltotals
 
+-- | Render a multi-column cumulative balance report as plain text suitable for console output.
+cumulativeBalanceReportAsText :: ReportOpts -> MultiBalanceReport -> [String]
+cumulativeBalanceReportAsText opts (MultiBalanceReport (colspans, items, coltotals)) =
+  (["Ending balance (cumulative):"] ++) $
+  trimborder $ lines $
+   render id ((" "++) . maybe "" (showDate . prevday) . spanEnd) showMixedAmountWithoutPrice $
+    addtotalrow $ 
+     Table
+       (Group NoLine $ map (Header . padright acctswidth) accts)
+       (Group NoLine $ map Header colspans)
+       (map snd items)
+  where
+    trimborder = ("":) . (++[""]) . drop 1 . init . map (drop 1 . init)
+    accts = map renderacct items
+    renderacct ((a,a',_),_)
+      | flat_ opts = a
+      | otherwise  = a' -- replicate i ' ' ++ 
+    acctswidth = maximum $ map length $ accts
+    addtotalrow | no_total_ opts = id
+                | otherwise      = (+----+ row "" coltotals)
+
+-- | Render a multi-column historical balance report as plain text suitable for console output.
+historicalBalanceReportAsText :: ReportOpts -> MultiBalanceReport -> [String]
+historicalBalanceReportAsText opts (MultiBalanceReport (colspans, items, coltotals)) =
+  (["Ending balance (historical):"] ++) $
+  trimborder $ lines $
+   render id ((" "++) . maybe "" (showDate . prevday) . spanEnd) showMixedAmountWithoutPrice $
+    addtotalrow $ 
+     Table
+       (Group NoLine $ map (Header . padright acctswidth) accts)
+       (Group NoLine $ map Header colspans)
+       (map snd items)
+  where
+    trimborder = ("":) . (++[""]) . drop 1 . init . map (drop 1 . init)
+    accts = map renderacct items
+    renderacct ((a,a',_),_)
+      | flat_ opts = a
+      | otherwise  = a' -- replicate i ' ' ++ 
+    acctswidth = maximum $ map length $ accts
+    addtotalrow | no_total_ opts = id
+                | otherwise      = (+----+ row "" coltotals)
+
 
 tests_Hledger_Cli_Balance = TestList
-  tests_accountsReportAsText
+  tests_balanceReportAsText
diff --git a/hledger/Hledger/Cli/Balancesheet.hs b/hledger/Hledger/Cli/Balancesheet.hs
index 1bb3c688f..4c7a35412 100644
--- a/hledger/Hledger/Cli/Balancesheet.hs
+++ b/hledger/Hledger/Cli/Balancesheet.hs
@@ -25,15 +25,15 @@ balancesheet CliOpts{reportopts_=ropts} j = do
   -- let lines = case formatFromOpts ropts of Left err, Right ...
   d <- getCurrentDay
   let q = queryFromOpts d (withoutBeginDate ropts)
-      assetreport@(_,assets)          = accountsReport ropts (And [q, journalAssetAccountQuery j]) j
-      liabilityreport@(_,liabilities) = accountsReport ropts (And [q, journalLiabilityAccountQuery j]) j
+      assetreport@(_,assets)          = balanceReport ropts (And [q, journalAssetAccountQuery j]) j
+      liabilityreport@(_,liabilities) = balanceReport ropts (And [q, journalLiabilityAccountQuery j]) j
       total = assets + liabilities
   LT.putStr $ [lt|Balance Sheet
 
 Assets:
-#{unlines $ accountsReportAsText ropts assetreport}
+#{unlines $ balanceReportAsText ropts assetreport}
 Liabilities:
-#{unlines $ accountsReportAsText ropts liabilityreport}
+#{unlines $ balanceReportAsText ropts liabilityreport}
 
 Total:
 --------------------
diff --git a/hledger/Hledger/Cli/Cashflow.hs b/hledger/Hledger/Cli/Cashflow.hs
index 1fa1da1df..8930df6bb 100644
--- a/hledger/Hledger/Cli/Cashflow.hs
+++ b/hledger/Hledger/Cli/Cashflow.hs
@@ -28,15 +28,15 @@ cashflow CliOpts{reportopts_=ropts} j = do
   -- let lines = case formatFromOpts ropts of Left err, Right ...
   d <- getCurrentDay
   let q = queryFromOpts d ropts
-      cashreport@(_,total) = accountsReport ropts (And [q, journalCashAccountQuery j]) j
-      -- operatingreport@(_,operating) = accountsReport ropts (And [q, journalOperatingAccountMatcher j]) j
-      -- investingreport@(_,investing) = accountsReport ropts (And [q, journalInvestingAccountMatcher j]) j
-      -- financingreport@(_,financing) = accountsReport ropts (And [q, journalFinancingAccountMatcher j]) j
+      cashreport@(_,total) = balanceReport ropts (And [q, journalCashAccountQuery j]) j
+      -- operatingreport@(_,operating) = balanceReport ropts (And [q, journalOperatingAccountMatcher j]) j
+      -- investingreport@(_,investing) = balanceReport ropts (And [q, journalInvestingAccountMatcher j]) j
+      -- financingreport@(_,financing) = balanceReport ropts (And [q, journalFinancingAccountMatcher j]) j
       -- total = operating + investing + financing
   LT.putStr $ [lt|Cashflow Statement
 
 Cash flows:
-#{unlines $ accountsReportAsText ropts cashreport}
+#{unlines $ balanceReportAsText ropts cashreport}
 
 Total:
 --------------------
diff --git a/hledger/Hledger/Cli/Incomestatement.hs b/hledger/Hledger/Cli/Incomestatement.hs
index 4c644a4fe..823b602f3 100644
--- a/hledger/Hledger/Cli/Incomestatement.hs
+++ b/hledger/Hledger/Cli/Incomestatement.hs
@@ -23,15 +23,15 @@ incomestatement :: CliOpts -> Journal -> IO ()
 incomestatement CliOpts{reportopts_=ropts} j = do
   d <- getCurrentDay
   let q = queryFromOpts d ropts
-      incomereport@(_,income)    = accountsReport ropts (And [q, journalIncomeAccountQuery j]) j
-      expensereport@(_,expenses) = accountsReport ropts (And [q, journalExpenseAccountQuery j]) j
+      incomereport@(_,income)    = balanceReport ropts (And [q, journalIncomeAccountQuery j]) j
+      expensereport@(_,expenses) = balanceReport ropts (And [q, journalExpenseAccountQuery j]) j
       total = income + expenses
   LT.putStr $ [lt|Income Statement
 
 Revenues:
-#{unlines $ accountsReportAsText ropts incomereport}
+#{unlines $ balanceReportAsText ropts incomereport}
 Expenses:
-#{unlines $ accountsReportAsText ropts expensereport}
+#{unlines $ balanceReportAsText ropts expensereport}
 
 Total:
 --------------------
diff --git a/hledger/Hledger/Cli/Options.hs b/hledger/Hledger/Cli/Options.hs
index 1b48ca1ca..745065970 100644
--- a/hledger/Hledger/Cli/Options.hs
+++ b/hledger/Hledger/Cli/Options.hs
@@ -285,7 +285,9 @@ balancemode = (defCommandMode $ ["balance"] ++ aliases) {
   modeHelp = "show matched accounts and their balances" `withAliases` aliases
  ,modeGroupFlags = Group {
      groupUnnamed = [
-      flagNone ["flat"] (\opts -> setboolopt "flat" opts) "show full account names, unindented"
+      flagNone ["cumulative"] (\opts -> setboolopt "cumulative" opts) "with a reporting interval, show accumulated totals starting from 0"
+     ,flagNone ["historical","H"] (\opts -> setboolopt "historical" opts) "with a reporting interval, show accurate historical ending balances"
+     ,flagNone ["flat"] (\opts -> setboolopt "flat" opts) "show full account names, unindented"
      ,flagReq  ["drop"] (\s opts -> Right $ setopt "drop" s opts) "N" "with --flat, omit this many leading account name components"
      ,flagReq  ["format"] (\s opts -> Right $ setopt "format" s opts) "FORMATSTR" "use this custom line format"
      ,flagNone ["no-elide"] (\opts -> setboolopt "no-elide" opts) "no eliding at all, stronger than --empty"
@@ -463,6 +465,7 @@ rawOptsToCliOpts rawopts = do
                             ,empty_     = boolopt "empty" rawopts
                             ,no_elide_  = boolopt "no-elide" rawopts
                             ,real_      = boolopt "real" rawopts
+                            ,balancetype_ = balancetypeopt rawopts -- balance
                             ,flat_      = boolopt "flat" rawopts -- balance
                             ,drop_      = intopt "drop" rawopts -- balance
                             ,no_total_  = boolopt "no-total" rawopts -- balance
@@ -616,6 +619,16 @@ maybeperiodopt d rawopts =
                 Just
                 $ parsePeriodExpr d s
 
+balancetypeopt :: RawOpts -> BalanceType
+balancetypeopt rawopts
+    | length [o | o <- ["cumulative","historical"], isset o] > 1
+                         = optserror "please specify at most one of --cumulative and --historical"
+    | isset "cumulative" = CumulativeBalance
+    | isset "historical" = HistoricalBalance
+    | otherwise          = PeriodBalance
+    where
+      isset = flip boolopt rawopts
+
 -- | Parse the format option if provided, possibly returning an error,
 -- otherwise get the default value.
 formatFromOpts :: ReportOpts -> Either String [FormatString]
diff --git a/tests/balance-multicol.test b/tests/balance-multicol.test
new file mode 100644
index 000000000..6231ff510
--- /dev/null
+++ b/tests/balance-multicol.test
@@ -0,0 +1,138 @@
+# multi-column balance reports
+
+# 1. Here are the postings used in most tests below:
+hledgerdev -f data/balance-multicol.journal register
+>>>
+2012/12/31                      (assets:checking)               10            10
+2013/01/01                      (assets:checking)                1            11
+2013/01/15                      (assets:checking)               -1            10
+2013/02/01                      (assets:cash)                    1            11
+2013/02/02                      (assets)                         1            12
+2013/03/01                      (assets:checking)                1            13
+>>>=0
+
+# 2. A period balance (flow) report.
+hledgerdev -f data/balance-multicol.journal balance -p 'monthly in 2013' --no-total
+>>>
+Change of balance (flow):
+
+                 ||  2013/01/01-2013/01/31  2013/02/01-2013/02/28  2013/03/01-2013/03/31 
+=================++======================================================================
+ assets          ||                      0                      2                      1 
+ assets:cash     ||                      0                      1                      0 
+ assets:checking ||                      0                      0                      1 
+-----------------++----------------------------------------------------------------------
+                 ||                                                                      
+
+>>>=0
+
+# 3. With --empty, includes leading/trailing empty periods
+#hledgerdev -f data/balance-multicol.journal balance -p 'quarterly in 2013' --empty
+hledgerdev -f - balance -p 'quarterly in 2013' --empty
+<<<
+2012/12/31
+  (a)  10
+2013/1/1
+  (a)  1
+2013/3/1
+  (a)  1
+>>>
+Change of balance (flow):
+
+   ||  2013/01/01-2013/03/31  2013/04/01-2013/06/30  2013/07/01-2013/09/30  2013/10/01-2013/12/31 
+===++=============================================================================================
+ a ||                      2                      0                      0                      0 
+---++---------------------------------------------------------------------------------------------
+   ||                      2                      0                      0                      0 
+
+>>>=0
+
+# 4. A cumulative ending balance report. Column totals are the sum of
+# the highest-level displayed accounts (here, assets).
+hledgerdev -f data/balance-multicol.journal balance -p 'monthly in 2013' --cumulative
+>>>
+Ending balance (cumulative):
+
+                 ||  2013/01/31  2013/02/28  2013/03/31 
+=================++=====================================
+ assets          ||           0           2           3 
+ assets:cash     ||           0           1           1 
+ assets:checking ||           0           0           1 
+-----------------++-------------------------------------
+                 ||           0           2           3 
+
+>>>=0
+
+# 5. With the assets:cash account excluded.  As with a single-column
+# balance --flat report, or ledger's balance --flat, assets' balance
+# includes the displayed subaccount and not the excluded one.
+hledgerdev -f data/balance-multicol.journal balance -p 'monthly in 2013' --cumulative not:cash
+>>>
+Ending balance (cumulative):
+
+                 ||  2013/01/31  2013/02/28  2013/03/31 
+=================++=====================================
+ assets          ||           0           1           2 
+ assets:checking ||           0           0           1 
+-----------------++-------------------------------------
+                 ||           0           1           2 
+
+>>>=0
+
+# 6. A historical ending balance report.
+hledgerdev -f data/balance-multicol.journal balance -p 'monthly in 2013' --historical
+>>>
+Ending balance (historical):
+
+                 ||  2013/01/31  2013/02/28  2013/03/31 
+=================++=====================================
+ assets          ||          10          12          13 
+ assets:cash     ||           0           1           1 
+ assets:checking ||          10          10          11 
+-----------------++-------------------------------------
+                 ||          10          12          13 
+
+>>>=0
+
+# 7. With top-level accounts excluded. As always, column totals are the sum of
+# the highest-level displayed accounts, now assets:cash and assets:checking.
+hledgerdev -f data/balance-multicol.journal balance -p 'monthly in 2013' not:assets$
+>>>
+Change of balance (flow):
+
+                 ||  2013/01/01-2013/01/31  2013/02/01-2013/02/28  2013/03/01-2013/03/31 
+=================++======================================================================
+ assets:cash     ||                      0                      1                      0 
+ assets:checking ||                      0                      0                      1 
+-----------------++----------------------------------------------------------------------
+                 ||                      0                      1                      1 
+
+>>>=0
+
+# 8. cumulative:
+hledgerdev -f data/balance-multicol.journal balance -p 'monthly in 2013' not:assets$ --cumulative
+>>>
+Ending balance (cumulative):
+
+                 ||  2013/01/31  2013/02/28  2013/03/31 
+=================++=====================================
+ assets:cash     ||           0           1           1 
+ assets:checking ||           0           0           1 
+-----------------++-------------------------------------
+                 ||           0           1           2 
+
+>>>=0
+
+# 9. historical
+hledgerdev -f data/balance-multicol.journal balance -p 'monthly in 2013' not:assets$ --historical
+>>>
+Ending balance (historical):
+
+                 ||  2013/01/31  2013/02/28  2013/03/31 
+=================++=====================================
+ assets:cash     ||           0           1           1 
+ assets:checking ||          10          10          11 
+-----------------++-------------------------------------
+                 ||          10          11          12 
+
+>>>=0