diff --git a/walk.cc b/walk.cc
index 6621a263..6786eae4 100644
--- a/walk.cc
+++ b/walk.cc
@@ -138,8 +138,10 @@ void collapse_transactions::report_cumulative_subtotal()
     handle_value(result, &totals_account, last_entry, 0, xact_temps, handler);
   }
 
-  subtotal = 0;
-  count    = 0;
+  last_entry = NULL;
+  last_xact  = NULL;
+  subtotal   = 0;
+  count      = 0;
 }
 
 void changed_value_transactions::output_diff(const std::time_t current)
diff --git a/walk.h b/walk.h
index a234ed85..b78ae733 100644
--- a/walk.h
+++ b/walk.h
@@ -273,7 +273,7 @@ class collapse_transactions : public item_handler<transaction_t>
     // If we've reached a new entry, report on the subtotal
     // accumulated thus far.
 
-    if (last_entry && last_entry != xact.entry)
+    if (last_entry && last_entry != xact.entry && count > 0)
       report_cumulative_subtotal();
 
     add_transaction_to(xact, subtotal);