diff --git a/hledger-lib/Hledger/Reports/ReportOptions.hs b/hledger-lib/Hledger/Reports/ReportOptions.hs
index 8f6edb2c7..70b27cac6 100644
--- a/hledger-lib/Hledger/Reports/ReportOptions.hs
+++ b/hledger-lib/Hledger/Reports/ReportOptions.hs
@@ -524,7 +524,9 @@ journalApplyValuationFromOptsWith rspec@ReportSpec{_rsReportOpts=ropts} j priceo
 
     -- Find the end of the period containing this posting
     periodEnd  = addDays (-1) . fromMaybe err . mPeriodEnd . postingDate
-    mPeriodEnd = spanEnd <=< latestSpanContaining (historical : spans)
+    mPeriodEnd = case interval_ ropts of
+        NoInterval -> const . spanEnd $ reportSpan j rspec
+        _          -> spanEnd <=< latestSpanContaining (historical : spans)
     historical = DateSpan Nothing $ spanStart =<< headMay spans
     spans = splitSpan (interval_ ropts) $ reportSpanBothDates j rspec
     styles = journalCommodityStyles j
diff --git a/hledger/hledger.m4.md b/hledger/hledger.m4.md
index d8b817fe7..adcfd2479 100644
--- a/hledger/hledger.m4.md
+++ b/hledger/hledger.m4.md
@@ -1261,8 +1261,9 @@ Related:
 | balance assertions/assignments                      | unchanged                                                        | unchanged                                                         | unchanged                                                                                      | unchanged                                                         | unchanged                               |
 | 
                                                |                                                                  |                                                                   |                                                                                                |                                                                   |                                         |
 | **register**                                        |                                                                  |                                                                   |                                                                                                |                                                                   |                                         |
-| starting balance (-H)                               | cost                                                             | value at day before report or journal start                       | valued at day each historical posting was made                                                 | value at day before report or journal start                       | value at DATE/today                     |
-| posting amounts                                     | cost                                                             | value at report end or today                                      | value at posting date                                                                          | value at report or journal end                                    | value at DATE/today                     |
+| starting balance (-H)                               | cost                                                             | value at report or journal end                                    | valued at day each historical posting was made                                                 | value at report or journal end                                    | value at DATE/today                     |
+| starting balance (-H) with report interval          | cost                                                             | value at day before report or journal start                       | valued at day each historical posting was made                                                 | value at day before report or journal start                       | value at DATE/today                     |
+| posting amounts                                     | cost                                                             | value at report or journal end                                    | value at posting date                                                                          | value at report or journal end                                    | value at DATE/today                     |
 | summary posting amounts with report interval        | summarised cost                                                  | value at period ends                                              | sum of postings in interval, valued at interval start                                          | value at period ends                                              | value at DATE/today                     |
 | running total/average                               | sum/average of displayed values                                  | sum/average of displayed values                                   | sum/average of displayed values                                                                | sum/average of displayed values                                   | sum/average of displayed values         |
 | 
                                                |                                                                  |                                                                   |                                                                                                |                                                                   |                                         |
diff --git a/hledger/test/journal/valuation.test b/hledger/test/journal/valuation.test
index bb820421b..37aa33ea6 100644
--- a/hledger/test/journal/valuation.test
+++ b/hledger/test/journal/valuation.test
@@ -265,10 +265,10 @@ $ hledger -f- reg --value=cost -b 200002 -H
 # 23. register with starting balance, valued at period end.
 # That is unspecified so the last posting date (or price directive date) is used,
 # ie 2000/4/1, so the price is 4 B.
-# Starting balance is 5 B as above.
+# Starting balance is 1 A, which is valued at 4 B.
 $ hledger -f- reg --value=end -b 200002 -H
-2000-02-01                      (a)                            4 B           9 B
-2000-03-01                      (a)                            4 B          13 B
+2000-02-01                      (a)                            4 B           8 B
+2000-03-01                      (a)                            4 B          12 B
 
 # 24. register with starting balance, valued at specified date (when the price is 5 B).
 # Starting balance is 5 B as above.