diff --git a/hledger-lib/Hledger/Data/Posting.hs b/hledger-lib/Hledger/Data/Posting.hs
index 57a8ce7d9..56c2c173e 100644
--- a/hledger-lib/Hledger/Data/Posting.hs
+++ b/hledger-lib/Hledger/Data/Posting.hs
@@ -334,17 +334,16 @@ aliasReplace (RegexAlias re repl) a =
 -- provided price oracle, commodity styles, reference dates, and
 -- whether this is for a multiperiod report or not. See
 -- amountApplyValuation.
-postingApplyValuation :: PriceOracle -> M.Map CommoditySymbol AmountStyle -> Day -> Maybe Day -> Day -> Bool -> Posting -> ValuationType -> Posting
-postingApplyValuation priceoracle styles periodlast mreportlast today ismultiperiod p v =
+postingApplyValuation :: PriceOracle -> M.Map CommoditySymbol AmountStyle -> Day -> Day -> Posting -> ValuationType -> Posting
+postingApplyValuation priceoracle styles periodlast today p v =
   case v of
-    AtCost    Nothing            -> postingToCost styles p
-    AtCost    mc                 -> postingValueAtDate priceoracle styles mc periodlast $ postingToCost styles p
-    AtThen    mc                 -> postingValueAtDate priceoracle styles mc (postingDate p) p
-    AtEnd     mc                 -> postingValueAtDate priceoracle styles mc periodlast p
-    AtNow     mc                 -> postingValueAtDate priceoracle styles mc today p
-    AtDefault mc | ismultiperiod -> postingValueAtDate priceoracle styles mc periodlast p
-    AtDefault mc                 -> postingValueAtDate priceoracle styles mc (fromMaybe today mreportlast) p
-    AtDate d  mc                 -> postingValueAtDate priceoracle styles mc d p
+    AtCost    Nothing -> postingToCost styles p
+    AtCost    mc      -> postingValueAtDate priceoracle styles mc periodlast $ postingToCost styles p
+    AtThen    mc      -> postingValueAtDate priceoracle styles mc (postingDate p) p
+    AtEnd     mc      -> postingValueAtDate priceoracle styles mc periodlast p
+    AtNow     mc      -> postingValueAtDate priceoracle styles mc today p
+    AtDefault mc      -> postingValueAtDate priceoracle styles mc periodlast p
+    AtDate d  mc      -> postingValueAtDate priceoracle styles mc d p
 
 -- | Convert this posting's amount to cost, and apply the appropriate amount styles.
 postingToCost :: M.Map CommoditySymbol AmountStyle -> Posting -> Posting
diff --git a/hledger-lib/Hledger/Data/Transaction.hs b/hledger-lib/Hledger/Data/Transaction.hs
index e0b5b090e..18f4ccf01 100644
--- a/hledger-lib/Hledger/Data/Transaction.hs
+++ b/hledger-lib/Hledger/Data/Transaction.hs
@@ -584,9 +584,9 @@ transactionTransformPostings f t@Transaction{tpostings=ps} = t{tpostings=map f p
 -- the provided price oracle, commodity styles, reference dates, and
 -- whether this is for a multiperiod report or not. See
 -- amountApplyValuation.
-transactionApplyValuation :: PriceOracle -> M.Map CommoditySymbol AmountStyle -> Day -> Maybe Day -> Day -> Bool -> Transaction -> ValuationType -> Transaction
-transactionApplyValuation priceoracle styles periodlast mreportlast today ismultiperiod t v =
-  transactionTransformPostings (\p -> postingApplyValuation priceoracle styles periodlast mreportlast today ismultiperiod p v) t
+transactionApplyValuation :: PriceOracle -> M.Map CommoditySymbol AmountStyle -> Day -> Day -> Transaction -> ValuationType -> Transaction
+transactionApplyValuation priceoracle styles periodlast today t v =
+  transactionTransformPostings (\p -> postingApplyValuation priceoracle styles periodlast today p v) t
 
 -- | Convert this transaction's amounts to cost, and apply the appropriate amount styles.
 transactionToCost :: M.Map CommoditySymbol AmountStyle -> Transaction -> Transaction
diff --git a/hledger-lib/Hledger/Data/Valuation.hs b/hledger-lib/Hledger/Data/Valuation.hs
index 64a4a830f..0e4c15bf5 100644
--- a/hledger-lib/Hledger/Data/Valuation.hs
+++ b/hledger-lib/Hledger/Data/Valuation.hs
@@ -34,7 +34,6 @@ import Data.List ( (\\), sortBy )
 import Data.List.Extra (nubSortBy)
 import qualified Data.Map as M
 import qualified Data.Set as S
-import Data.Maybe ( fromMaybe )
 import qualified Data.Text as T
 import Data.Time.Calendar (Day, fromGregorian)
 import Data.MemoUgly (memo)
@@ -98,9 +97,9 @@ priceDirectiveToMarketPrice PriceDirective{..} =
 -- provided price oracle, commodity styles, reference dates, and
 -- whether this is for a multiperiod report or not.
 -- See amountApplyValuation.
-mixedAmountApplyValuation :: PriceOracle -> M.Map CommoditySymbol AmountStyle -> Day -> Maybe Day -> Day -> Bool -> ValuationType -> MixedAmount -> MixedAmount
-mixedAmountApplyValuation priceoracle styles periodlast mreportlast today ismultiperiod v (Mixed as) =
-  Mixed $ map (amountApplyValuation priceoracle styles periodlast mreportlast today ismultiperiod v) as
+mixedAmountApplyValuation :: PriceOracle -> M.Map CommoditySymbol AmountStyle -> Day -> Day -> ValuationType -> MixedAmount -> MixedAmount
+mixedAmountApplyValuation priceoracle styles periodlast today v (Mixed as) =
+  Mixed $ map (amountApplyValuation priceoracle styles periodlast today v) as
 
 -- | Apply a specified valuation to this amount, using the provided
 -- price oracle, reference dates, and whether this is for a
@@ -133,18 +132,17 @@ mixedAmountApplyValuation priceoracle styles periodlast mreportlast today ismult
 -- https://hledger.org/hledger.html#effect-of-valuation-on-reports
 -- (hledger_options.m4.md "Effect of valuation on reports"), and #1083.
 --
-amountApplyValuation :: PriceOracle -> M.Map CommoditySymbol AmountStyle -> Day -> Maybe Day -> Day -> Bool -> ValuationType -> Amount -> Amount
-amountApplyValuation priceoracle styles periodlast mreportlast today ismultiperiod v a =
+amountApplyValuation :: PriceOracle -> M.Map CommoditySymbol AmountStyle -> Day -> Day -> ValuationType -> Amount -> Amount
+amountApplyValuation priceoracle styles periodlast today v a =
   case v of
-    AtCost    Nothing            -> styleAmount styles $ amountCost a
-    AtCost    mc                 -> amountValueAtDate priceoracle styles mc periodlast $ styleAmount styles $ amountCost a
-    AtThen    _mc                -> error' unsupportedValueThenError  -- PARTIAL:
-                                 -- amountValueAtDate priceoracle styles mc periodlast a  -- posting date unknown, handle like AtEnd
-    AtEnd     mc                 -> amountValueAtDate priceoracle styles mc periodlast a
-    AtNow     mc                 -> amountValueAtDate priceoracle styles mc today a
-    AtDefault mc | ismultiperiod -> amountValueAtDate priceoracle styles mc periodlast a
-    AtDefault mc                 -> amountValueAtDate priceoracle styles mc (fromMaybe today mreportlast) a
-    AtDate d  mc                 -> amountValueAtDate priceoracle styles mc d a
+    AtCost    Nothing -> styleAmount styles $ amountCost a
+    AtCost    mc      -> amountValueAtDate priceoracle styles mc periodlast $ styleAmount styles $ amountCost a
+    AtThen    _mc     -> error' unsupportedValueThenError  -- PARTIAL:
+                      -- amountValueAtDate priceoracle styles mc periodlast a  -- posting date unknown, handle like AtEnd
+    AtEnd     mc      -> amountValueAtDate priceoracle styles mc periodlast a
+    AtNow     mc      -> amountValueAtDate priceoracle styles mc today a
+    AtDefault mc      -> amountValueAtDate priceoracle styles mc periodlast a
+    AtDate d  mc      -> amountValueAtDate priceoracle styles mc d a
 
 -- | Standard error message for a report not supporting --value=then.
 unsupportedValueThenError :: String
diff --git a/hledger-lib/Hledger/Reports/AccountTransactionsReport.hs b/hledger-lib/Hledger/Reports/AccountTransactionsReport.hs
index ba7506fcc..43c900704 100644
--- a/hledger-lib/Hledger/Reports/AccountTransactionsReport.hs
+++ b/hledger-lib/Hledger/Reports/AccountTransactionsReport.hs
@@ -116,14 +116,12 @@ accountTransactionsReport rspec@ReportSpec{rsOpts=ropts} j reportq thisacctq = (
     periodlast =
       fromMaybe (error' "journalApplyValuation: expected a non-empty journal") $ -- XXX shouldn't happen
       reportPeriodOrJournalLastDay rspec j
-    mreportlast = reportPeriodLastDay rspec
-    multiperiod = interval_ ropts /= NoInterval
     tval = case value_ ropts of
-             Just v  -> \t -> transactionApplyValuation prices styles periodlast mreportlast (rsToday rspec) multiperiod t v
+             Just v  -> \t -> transactionApplyValuation prices styles periodlast (rsToday rspec) t v
              Nothing -> id
     ts4 =
       ptraceAtWith 5 (("ts4:\n"++).pshowTransactions) $
-      map tval ts3 
+      map tval ts3
 
     -- sort by the transaction's register date, for accurate starting balance
     -- these are not yet filtered by tdate, we want to search them all for priorps
diff --git a/hledger-lib/Hledger/Reports/EntriesReport.hs b/hledger-lib/Hledger/Reports/EntriesReport.hs
index 3357bee9a..545f9b607 100644
--- a/hledger-lib/Hledger/Reports/EntriesReport.hs
+++ b/hledger-lib/Hledger/Reports/EntriesReport.hs
@@ -41,11 +41,10 @@ entriesReport rspec@ReportSpec{rsOpts=ropts@ReportOpts{..}} j@Journal{..} =
     tvalue t@Transaction{..} = t{tpostings=map pvalue tpostings}
       where
         pvalue p = maybe p
-          (postingApplyValuation (journalPriceOracle infer_value_ j) (journalCommodityStyles j) periodlast mreportlast (rsToday rspec) False p)
+          (postingApplyValuation (journalPriceOracle infer_value_ j) (journalCommodityStyles j) periodlast (rsToday rspec) p)
           value_
           where
             periodlast  = fromMaybe (rsToday rspec) $ reportPeriodOrJournalLastDay rspec j
-            mreportlast = reportPeriodLastDay rspec
 
 tests_EntriesReport = tests "EntriesReport" [
   tests "entriesReport" [
diff --git a/hledger-lib/Hledger/Reports/MultiBalanceReport.hs b/hledger-lib/Hledger/Reports/MultiBalanceReport.hs
index e0b8b2ac8..3be0d96fe 100644
--- a/hledger-lib/Hledger/Reports/MultiBalanceReport.hs
+++ b/hledger-lib/Hledger/Reports/MultiBalanceReport.hs
@@ -253,12 +253,9 @@ makeReportQuery rspec reportspan
 makeValuation :: ReportSpec -> Journal -> PriceOracle -> (Day -> MixedAmount -> MixedAmount)
 makeValuation rspec j priceoracle day = case value_ (rsOpts rspec) of
     Nothing -> id
-    Just v  -> mixedAmountApplyValuation priceoracle styles day mreportlast (rsToday rspec) multiperiod v
+    Just v  -> mixedAmountApplyValuation priceoracle styles day (rsToday rspec) v
   where
-    -- Some things needed if doing valuation.
     styles = journalCommodityStyles j
-    mreportlast = reportPeriodOrJournalLastDay rspec j
-    multiperiod = interval_ (rsOpts rspec) /= NoInterval
 
 -- | Group postings, grouped by their column
 getPostingsByColumn :: ReportSpec -> Journal -> DateSpan -> Map DateSpan [Posting]
diff --git a/hledger-lib/Hledger/Reports/PostingsReport.hs b/hledger-lib/Hledger/Reports/PostingsReport.hs
index 0350d9aa6..eac60c3d5 100644
--- a/hledger-lib/Hledger/Reports/PostingsReport.hs
+++ b/hledger-lib/Hledger/Reports/PostingsReport.hs
@@ -89,9 +89,7 @@ postingsReport rspec@ReportSpec{rsOpts=ropts@ReportOpts{..}} j =
         where
           showempty = empty_ || average_
           -- We may be converting posting amounts to value, per hledger_options.m4.md "Effect of --value on reports".
-          pvalue p periodlast = maybe p (postingApplyValuation priceoracle styles periodlast mreportlast (rsToday rspec) multiperiod p) value_
-            where
-              mreportlast = reportPeriodLastDay rspec
+          pvalue p periodlast = maybe p (postingApplyValuation priceoracle styles periodlast (rsToday rspec) p) value_
           reportorjournallast =
             fromMaybe (error' "postingsReport: expected a non-empty journal") $  -- PARTIAL: shouldn't happen
             reportPeriodOrJournalLastDay rspec j
@@ -112,7 +110,7 @@ postingsReport rspec@ReportSpec{rsOpts=ropts@ReportOpts{..}} j =
               precedingsum = sumPostings precedingps
               precedingavg | null precedingps = 0
                            | otherwise        = divideMixedAmount (fromIntegral $ length precedingps) precedingsum
-              bvalue = maybe id (mixedAmountApplyValuation priceoracle styles daybeforereportstart Nothing (rsToday rspec) multiperiod) value_
+              bvalue = maybe id (mixedAmountApplyValuation priceoracle styles daybeforereportstart $ rsToday rspec) value_
                   -- XXX constrain valuation type to AtDate daybeforereportstart here ?
                 where
                   daybeforereportstart =
diff --git a/hledger-ui/Hledger/UI/TransactionScreen.hs b/hledger-ui/Hledger/UI/TransactionScreen.hs
index c69bca6bb..eba68f026 100644
--- a/hledger-ui/Hledger/UI/TransactionScreen.hs
+++ b/hledger-ui/Hledger/UI/TransactionScreen.hs
@@ -78,13 +78,11 @@ tsDraw UIState{aopts=UIOpts{cliopts_=copts@CliOpts{reportspec_=rspec@ReportSpec{
         periodlast =
           fromMaybe (error' "TransactionScreen: expected a non-empty journal") $  -- PARTIAL: shouldn't happen
           reportPeriodOrJournalLastDay rspec j
-        mreportlast = reportPeriodLastDay rspec
-        multiperiod = interval_ ropts /= NoInterval
 
       render $ defaultLayout toplabel bottomlabel $ str $
         showTransactionOneLineAmounts $
         (if valuationTypeIsCost ropts then transactionToCost (journalCommodityStyles j) else id) $
-        (if valuationTypeIsDefaultValue ropts then (\t -> transactionApplyValuation prices styles periodlast mreportlast (rsToday rspec) multiperiod t (AtDefault Nothing)) else id) $
+        (if valuationTypeIsDefaultValue ropts then (\t -> transactionApplyValuation prices styles periodlast (rsToday rspec) t (AtDefault Nothing)) else id) $
         -- (if real_ ropts then filterTransactionPostings (Real True) else id) -- filter postings by --real
         t
       where