diff --git a/ledger_pyreport/jinja2/transactions.html b/ledger_pyreport/jinja2/transactions.html
index 907570b..cecca86 100644
--- a/ledger_pyreport/jinja2/transactions.html
+++ b/ledger_pyreport/jinja2/transactions.html
@@ -65,13 +65,13 @@
 			{% for transaction in transactions %}
 				{% for posting in transaction.postings if (posting.amount.amount >= 0.05 or posting.amount.amount < -0.05) and posting.account != account %}
 					{% set amount = posting.exchange(report_currency, transaction.date) %}
-					{% set ns.balance = ns.balance - amount %}
 					<tr>
 						<td>{% if loop.first %}{{ transaction.date.strftime('%Y-%m-%d') }}{% endif %}</td>
 						<td>{% if loop.first %}{{ transaction.description }}{% endif %}</td>
 						<td><a href="/transactions?{{ {'date': date.strftime('%Y-%m-%d'), 'pstart': pstart.strftime('%Y-%m-%d'), 'account': posting.account.name}|urlencode }}">{{ (posting.account.name|e).__str__().replace(':', ':<wbr>')|safe }}</a></td>
 						{% if account %}
 							{# Reverse Dr/Cr so it's from the "perspective" of this account #}
+							{% set ns.balance = ns.balance - amount %}
 							<td style="text-align: right;">{% if amount < 0 %}<span title="{{ (-posting.amount).tostr(False) }}">{{ -amount|b }}</span>{% endif %}</td>
 							<td style="text-align: right;">{% if amount > 0 %}<span title="{{ posting.amount.tostr(False) }}">{{ amount|b }}</span>{% endif %}</td>
 							<td style="text-align: right;">