Well, I apologize that I may have posted too soon.

After more digging, I found Bug 415: 
http://bugs.ledger-cli.org/show_bug.cgi?id=415

This appears to be the same thing.

If anyone can weigh in on whether this behavior is likely to change (bug 
reported by John in 2010...), I can decide how best to structure all my 
accounts (as I am a new user, I am still trying to find the best system of 
accounts / hierarchies). At a minimum, it would be nice if this key fact is 
mentioned in documentation (section 9.1).

Lastly, if this has gotten no attention because literally no one actually 
uses the periodic transactions + --budget, and instead uses something else 
like virtual accounts, or automatic postings to envelope-type accounts, 
please let me know!

Thanks again.

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