diff --git a/main.cc b/main.cc
index fb7d2d85..a0bd29c1 100644
--- a/main.cc
+++ b/main.cc
@@ -41,6 +41,10 @@ int parse_and_report(int argc, char * argv[], char * envp[])
 
   std::auto_ptr<journal_t> journal(new journal_t);
 
+  // Configure the terminus for value expressions
+
+  ledger::terminus = now;
+
   // Parse command-line arguments, and those set in the environment
 
   std::list<std::string> args;
diff --git a/valexpr.cc b/valexpr.cc
index 089b471b..27ab7401 100644
--- a/valexpr.cc
+++ b/valexpr.cc
@@ -13,7 +13,7 @@ namespace ledger {
 std::auto_ptr<value_expr_t> amount_expr;
 std::auto_ptr<value_expr_t> total_expr;
 
-std::time_t terminus = now;
+std::time_t terminus;
 
 details_t::details_t(const transaction_t& _xact)
   : entry(_xact.entry), xact(&_xact), account(xact_account(_xact))