diff --git a/Hledger/Data/Dates.hs b/Hledger/Data/Dates.hs
--- a/Hledger/Data/Dates.hs
+++ b/Hledger/Data/Dates.hs
@@ -116,6 +116,20 @@
     where a = if isJust a1 then a1 else a2
           b = if isJust b1 then b1 else b2
 
+-- | Calculate the intersection of two datespans.
+spanIntersect (DateSpan b1 e1) (DateSpan b2 e2) = DateSpan b e
+    where
+      b = latest b1 b2
+      e = earliest e1 e2
+
+latest d Nothing = d
+latest Nothing d = d
+latest (Just d1) (Just d2) = Just $ max d1 d2
+
+earliest d Nothing = d
+earliest Nothing d = d
+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 -> String -> Either ParseError (Interval, DateSpan)
diff --git a/Hledger/Data/Matching.hs b/Hledger/Data/Matching.hs
--- a/Hledger/Data/Matching.hs
+++ b/Hledger/Data/Matching.hs
@@ -112,10 +112,13 @@
     where
       maybeprefixedquotedphrases = choice' [prefixedQuotedPattern, quotedPattern, pattern] `sepBy` many1 spacenonewline
       prefixedQuotedPattern = do
-        not' <- optionMaybe $ string "not:"
-        prefix <- choice' $ map string prefixes
+        not' <- fromMaybe "" `fmap` (optionMaybe $ string "not:")
+        let allowednexts | null not' = prefixes
+                         | otherwise = prefixes ++ [""]
+        next <- choice' $ map string allowednexts
+        let prefix = not' ++ next
         p <- quotedPattern
-        return $ fromMaybe "" not' ++ prefix ++ stripquotes p
+        return $ prefix ++ stripquotes p
       quotedPattern = do
         p <- between (oneOf "'\"") (oneOf "'\"") $ many $ noneOf "'\""
         return $ stripquotes p
@@ -216,10 +219,6 @@
 postingEffectiveDate :: Posting -> Maybe Day
 postingEffectiveDate p = maybe Nothing (Just . transactionEffectiveDate) $ ptransaction p
 
-transactionEffectiveDate :: Transaction -> Day
-transactionEffectiveDate t = case teffectivedate t of Just d  -> d
-                                                      Nothing -> tdate t
-
 -- | Does the match expression match this account ?
 -- A matching in: clause is also considered a match.
 matchesAccount :: Matcher -> AccountName -> Bool
@@ -313,5 +312,13 @@
     assertBool "real:1 on real posting" $ (MatchReal True) `matchesPosting` nullposting{ptype=RegularPosting}
     assertBool "real:1 on virtual posting fails" $ not $ (MatchReal True) `matchesPosting` nullposting{ptype=VirtualPosting}
     assertBool "real:1 on balanced virtual posting fails" $ not $ (MatchReal True) `matchesPosting` nullposting{ptype=BalancedVirtualPosting}
+
+  ,"words''" ~: do
+    assertEqual "1" ["a","b"]        (words'' [] "a b")
+    assertEqual "2" ["a b"]          (words'' [] "'a b'")
+    assertEqual "3" ["not:a","b"]    (words'' [] "not:a b")
+    assertEqual "4" ["not:a b"]    (words'' [] "not:'a b'")
+    assertEqual "5" ["not:a b"]    (words'' [] "'not:a b'")
+    assertEqual "6" ["not:desc:a b"]    (words'' ["desc:"] "not:desc:'a b'")
 
  ]
diff --git a/Hledger/Data/Transaction.hs b/Hledger/Data/Transaction.hs
--- a/Hledger/Data/Transaction.hs
+++ b/Hledger/Data/Transaction.hs
@@ -10,6 +10,7 @@
 where
 import Data.List
 import Data.Maybe
+import Data.Time.Calendar
 import Test.HUnit
 import Text.Printf
 import qualified Data.Map as Map
@@ -59,27 +60,23 @@
 @
 -}
 showTransaction :: Transaction -> String
-showTransaction = showTransaction' True False
+showTransaction = showTransaction' True
 
 showTransactionUnelided :: Transaction -> String
-showTransactionUnelided = showTransaction' False False
-
-showTransactionForPrint :: Bool -> Transaction -> String
-showTransactionForPrint effective = showTransaction' False effective
+showTransactionUnelided = showTransaction' False
 
-showTransaction' :: Bool -> Bool -> Transaction -> String
-showTransaction' elide effective t =
+showTransaction' :: Bool -> Transaction -> String
+showTransaction' elide t =
     unlines $ [description] ++ showpostings (tpostings t) ++ [""]
     where
       description = concat [date, status, code, desc, comment]
-      date | effective = showdate $ fromMaybe (tdate t) $ teffectivedate t
-           | otherwise = showdate (tdate t) ++ maybe "" showedate (teffectivedate t)
+      date = showdate (tdate t) ++ maybe "" showedate (teffectivedate t)
+      showdate = printf "%-10s" . showDate
+      showedate = printf "=%s" . showdate
       status = if tstatus t then " *" else ""
       code = if length (tcode t) > 0 then printf " (%s)" $ tcode t else ""
       desc = if null d then "" else " " ++ d where d = tdescription t
       comment = if null c then "" else "  ; " ++ c where c = tcomment t
-      showdate = printf "%-10s" . showDate
-      showedate = printf "=%s" . showdate
       showpostings ps
           | elide && length ps > 1 && isTransactionBalanced Nothing t -- imprecise balanced check
               = map showposting (init ps) ++ [showpostingnoamt (last ps)]
@@ -237,10 +234,18 @@
             | otherwise = "balanced virtual postings are off by " ++ show (costOfMixedAmount bvsum)
       sep = if not (null rmsg) && not (null bvmsg) then "; " else ""
 
--- | Convert the primary date to either the actual or effective date.
+transactionActualDate :: Transaction -> Day
+transactionActualDate = tdate
+
+-- Get a transaction's effective date, defaulting to the actual date.
+transactionEffectiveDate :: Transaction -> Day
+transactionEffectiveDate t = fromMaybe (tdate t) $ teffectivedate t
+
+-- | Once we no longer need both, set the main transaction date to either
+-- the actual or effective date. A bit hacky.
 journalTransactionWithDate :: WhichDate -> Transaction -> Transaction
 journalTransactionWithDate ActualDate t = t
-journalTransactionWithDate EffectiveDate t = txnTieKnot t{tdate=fromMaybe (tdate t) (teffectivedate t)}
+journalTransactionWithDate EffectiveDate t = txnTieKnot t{tdate=transactionEffectiveDate t}
 
 -- | Ensure a transaction's postings refer back to it.
 txnTieKnot :: Transaction -> Transaction
diff --git a/Hledger/Read.hs b/Hledger/Read.hs
--- a/Hledger/Read.hs
+++ b/Hledger/Read.hs
@@ -11,12 +11,12 @@
        journalFromPathAndString,
        ledgeraccountname,
        myJournalPath,
-       myTimelogPath,
        myJournal,
-       myTimelog,
        someamount,
        journalenvvar,
-       journaldefaultfilename
+       journaldefaultfilename,
+       requireJournalFile,
+       ensureJournalFile,
 )
 where
 import Control.Monad.Error
@@ -25,6 +25,7 @@
 import Safe (headDef)
 import System.Directory (doesFileExist, getHomeDirectory)
 import System.Environment (getEnv)
+import System.Exit (exitFailure)
 import System.FilePath ((</>))
 import System.IO (IOMode(..), withFile, stderr)
 import Test.HUnit
@@ -36,15 +37,13 @@
 import Hledger.Read.JournalReader as JournalReader
 import Hledger.Read.TimelogReader as TimelogReader
 import Hledger.Utils
-import Prelude hiding (getContents)
-import Hledger.Utils.UTF8 (getContents, hGetContents)
+import Prelude hiding (getContents, writeFile)
+import Hledger.Utils.UTF8 (getContents, hGetContents, writeFile)
 
 
 journalenvvar           = "LEDGER_FILE"
 journalenvvar2          = "LEDGER"
-timelogenvvar           = "TIMELOG"
 journaldefaultfilename  = ".hledger.journal"
-timelogdefaultfilename = ".hledger.timelog"
 
 -- Here are the available readers. The first is the default, used for unknown data formats.
 readers :: [Reader]
@@ -91,23 +90,34 @@
 readJournalFile :: Maybe String -> FilePath -> IO (Either String Journal)
 readJournalFile format "-" = getContents >>= journalFromPathAndString format "(stdin)"
 readJournalFile format f = do
-  ensureJournalFile f
+  requireJournalFile f
   withFile f ReadMode $ \h -> hGetContents h >>= journalFromPathAndString format f
 
--- | Ensure there is a journal at the given file path, creating an empty one if needed.
+-- | If the specified journal file does not exist, give a helpful error and quit.
+requireJournalFile :: FilePath -> IO ()
+requireJournalFile f = do
+  exists <- doesFileExist f
+  when (not exists) $ do
+    hPrintf stderr "The hledger journal file \"%s\" was not found.\n" f
+    hPrintf stderr "Please create it first, eg with hledger add, hledger web, or a text editor.\n"
+    hPrintf stderr "Or, specify an existing journal file with -f or LEDGER_FILE.\n"
+    exitFailure
+
+-- | Ensure there is a journal file at the given path, creating an empty one if needed.
 ensureJournalFile :: FilePath -> IO ()
 ensureJournalFile f = do
   exists <- doesFileExist f
   when (not exists) $ do
-    hPrintf stderr "No journal file \"%s\", creating it.\n" f
-    hPrintf stderr "Edit this file or use \"hledger add\" or \"hledger web\" to add transactions.\n"
-    emptyJournal >>= writeFile f
+    hPrintf stderr "Creating hledger journal file \"%s\".\n" f
+    -- note Hledger.Utils.UTF8.* do no line ending conversion on windows,
+    -- we currently require unix line endings on all platforms.
+    newJournalContent >>= writeFile f
 
 -- | Give the content for a new auto-created journal file.
-emptyJournal :: IO String
-emptyJournal = do
+newJournalContent :: IO String
+newJournalContent = do
   d <- getCurrentDay
-  return $ printf "; journal created %s by hledger\n\n" (show d)
+  return $ printf "; journal created %s by hledger\n" (show d)
 
 -- | Read a Journal from this string, using the specified data format or
 -- trying all known formats, or give an error string.
@@ -129,22 +139,10 @@
       defaultJournalPath = do
                   home <- getHomeDirectory `catch` (\_ -> return "")
                   return $ home </> journaldefaultfilename
-  
--- | Get the user's default timelog file path.
-myTimelogPath :: IO String
-myTimelogPath =
-    getEnv timelogenvvar `catch`
-               (\_ -> do
-                  home <- getHomeDirectory
-                  return $ home </> timelogdefaultfilename)
 
 -- | Read the user's default journal file, or give an error.
 myJournal :: IO Journal
 myJournal = myJournalPath >>= readJournalFile Nothing >>= either error' return
-
--- | Read the user's default timelog file, or give an error.
-myTimelog :: IO Journal
-myTimelog = myTimelogPath >>= readJournalFile Nothing >>= either error' return
 
 tests_Hledger_Read = TestList
   [
diff --git a/Hledger/Reports.hs b/Hledger/Reports.hs
--- a/Hledger/Reports.hs
+++ b/Hledger/Reports.hs
@@ -146,10 +146,14 @@
                                     | uncleared_ = Just False
                                     | otherwise  = Nothing
 
--- | Detect which date we will report on, based on --effective.
+-- | Report which date we will report on based on --effective.
 whichDateFromOpts :: ReportOpts -> WhichDate
 whichDateFromOpts ReportOpts{..} = if effective_ then EffectiveDate else ActualDate
 
+-- | Select a Transaction date accessor based on --effective.
+transactionDateFn :: ReportOpts -> (Transaction -> Day)
+transactionDateFn ReportOpts{..} = if effective_ then transactionEffectiveDate else transactionActualDate
+
 -- | Convert this journal's transactions' primary date to either the
 -- actual or effective date, as per options.
 journalSelectingDateFromOpts :: ReportOpts -> Journal -> Journal
@@ -197,9 +201,10 @@
 
 -- | Select transactions for an entries report.
 entriesReport :: ReportOpts -> FilterSpec -> Journal -> EntriesReport
-entriesReport opts fspec j = sortBy (comparing tdate) $ jtxns $ filterJournalTransactions fspec j'
+entriesReport opts fspec j = sortBy (comparing f) $ jtxns $ filterJournalTransactions fspec j'
     where
-      j' = journalSelectingDateFromOpts opts $ journalSelectingAmountFromOpts opts j
+      f = transactionDateFn opts
+      j' = journalSelectingAmountFromOpts opts j
 
 -------------------------------------------------------------------------------
 
@@ -219,17 +224,28 @@
 postingsReport opts fspec j = (totallabel, postingsReportItems ps nullposting startbal (+))
     where
       ps | interval == NoInterval = displayableps
-         | otherwise              = summarisePostingsByInterval interval depth empty filterspan displayableps
-      (precedingps, displayableps, _) = postingsMatchingDisplayExpr (display_ opts)
+         | otherwise              = summarisePostingsByInterval interval depth empty reportspan displayableps
+      j' =                                journalSelectingDateFromOpts opts
+                                        $ journalSelectingAmountFromOpts opts
+                                        j
+      (precedingps, displayableps, _) =   postingsMatchingDisplayExpr (display_ opts)
                                         $ depthClipPostings depth
                                         $ journalPostings
                                         $ filterJournalPostings fspec{depth=Nothing}
-                                        $ journalSelectingDateFromOpts opts
-                                        $ journalSelectingAmountFromOpts opts
-                                        j
+                                        j'
+      (interval, depth, empty, displayexpr) = (intervalFromOpts opts, depth_ opts, empty_ opts, display_ opts)
+      journalspan = journalDateSpan j'
+      -- requestedspan should be the intersection of any span specified
+      -- with period options and any span specified with display option.
+      -- The latter is not easily available, fake it for now.
+      requestedspan = periodspan `spanIntersect` displayspan
+      periodspan = datespan fspec
+      displayspan = postingsDateSpan ps
+          where (_,ps,_) = postingsMatchingDisplayExpr displayexpr $ journalPostings j'
+      matchedspan = postingsDateSpan displayableps
+      reportspan | empty     = requestedspan `orDatesFrom` journalspan
+                 | otherwise = requestedspan `spanIntersect` matchedspan
       startbal = sumPostings precedingps
-      filterspan = datespan fspec
-      (interval, depth, empty) = (intervalFromOpts opts, depth_ opts, empty_ opts)
 
 totallabel = "Total"
 balancelabel = "Balance"
@@ -304,13 +320,10 @@
 -- are one per account per interval and aggregated to the specified depth
 -- if any.
 summarisePostingsByInterval :: Interval -> Maybe Int -> Bool -> DateSpan -> [Posting] -> [Posting]
-summarisePostingsByInterval interval depth empty filterspan ps = concatMap summarisespan $ splitSpan interval reportspan
+summarisePostingsByInterval interval depth empty reportspan ps = concatMap summarisespan $ splitSpan interval reportspan
     where
       summarisespan s = summarisePostingsInDateSpan s depth empty (postingsinspan s)
       postingsinspan s = filter (isPostingInDateSpan s) ps
-      dataspan = postingsDateSpan ps
-      reportspan | empty = filterspan `orDatesFrom` dataspan
-                 | otherwise = dataspan
 
 -- | Given a date span (representing a reporting interval) and a list of
 -- postings within it: aggregate the postings so there is only one per
@@ -526,6 +539,7 @@
 isInteresting opts l a | flat_ opts = isInterestingFlat opts l a
                        | otherwise = isInterestingIndented opts l a
 
+-- | Determine whether an account should get its own line in the --flat balance report.
 isInterestingFlat :: ReportOpts -> Ledger -> AccountName -> Bool
 isInterestingFlat opts l a = notempty || emptyflag
     where
@@ -533,16 +547,19 @@
       notempty = not $ isZeroMixedAmount $ exclusiveBalance acct
       emptyflag = empty_ opts
 
+-- | Determine whether an account should get its own line in the indented
+-- balance report.  Cf Balance module doc.
 isInterestingIndented :: ReportOpts -> Ledger -> AccountName -> Bool
 isInterestingIndented opts l a
-    | numinterestingsubs==1 && not atmaxdepth = notlikesub
-    | otherwise = notzero || emptyflag
+    | numinterestingsubs == 1 && samebalanceassub && not atmaxdepth = False
+    | numinterestingsubs < 2 && zerobalance && not emptyflag = False
+    | otherwise = True
     where
       atmaxdepth = isJust d && Just (accountNameLevel a) == d where d = depth_ opts
       emptyflag = empty_ opts
       acct = ledgerAccount l a
-      notzero = not $ isZeroMixedAmount inclbalance where inclbalance = abalance acct
-      notlikesub = not $ isZeroMixedAmount exclbalance where exclbalance = sumPostings $ apostings acct
+      zerobalance = isZeroMixedAmount inclbalance where inclbalance = abalance acct
+      samebalanceassub = isZeroMixedAmount exclbalance where exclbalance = sumPostings $ apostings acct
       numinterestingsubs = length $ filter isInterestingTree subtrees
           where
             isInterestingTree = treeany (isInteresting opts l . aname)
diff --git a/hledger-lib.cabal b/hledger-lib.cabal
--- a/hledger-lib.cabal
+++ b/hledger-lib.cabal
@@ -1,5 +1,5 @@
 name:           hledger-lib
-version: 0.15.2
+version: 0.16
 category:       Finance
 synopsis:       Core data types, parsers and utilities for the hledger accounting tool.
 description: