diff --git i/src/textual.cc w/src/textual.cc
index 5488c6a3..dfbcbcbc 100644
--- i/src/textual.cc
+++ w/src/textual.cc
@@ -255,7 +255,7 @@ void instance_t::parse()
   bool error_flag = false;
   xact_t * previous_xact = NULL;
 
-  while (in.good() && ! in.eof()) {
+  while (in.good() && ! in.eof() && in.peek() != '^' && in.good()) {
     try {
       if (xact_t * xact = read_next_directive(error_flag, previous_xact)) {
         previous_xact = xact;
diff --git i/src/xact.cc w/src/xact.cc
index a0e5b8b4..00bfc9c8 100644
--- i/src/xact.cc
+++ w/src/xact.cc
@@ -814,7 +814,14 @@ void auto_xact_t::extend_xact(xact_base_t& xact, parse_context_t& context)
         string fullname = account->fullname();
         assert(! fullname.empty());
 
-        if (contains(fullname, "$account")) {
+        if (contains(fullname, "$account_base")) {
+          fullname = regex_replace(fullname, regex("\\$account_base\\>"),
+                                   initial_post->account->name);
+          while (account->parent)
+            account = account->parent;
+          account = account->find_account(fullname);
+        }
+        else if (contains(fullname, "$account")) {
           fullname = regex_replace(fullname, regex("\\$account\\>"),
                                    initial_post->account->fullname());
           while (account->parent)