diff --git a/conservancy_beancount/reports/accrual.py b/conservancy_beancount/reports/accrual.py
index 6bf23f00d943cb7f674f2ce7257d3985d15ca453..f2c65bd7588f4896ee6c7ab9a86aa9bbc2547f70 100644
--- a/conservancy_beancount/reports/accrual.py
+++ b/conservancy_beancount/reports/accrual.py
@@ -507,11 +507,29 @@ class AgingReport(BaseReport):
         self.ods = AgingODS(rt_client, date, self.logger)
 
     def run(self, groups: PostGroups) -> None:
-        rows = list(
-            group.since_last_nonzero()
-            for group in groups.values()
-            if not group.is_zero()
-        )
+        rows: List[AccrualPostings] = []
+        for group in groups.values():
+            if group.is_zero():
+                # Cheap optimization: don't slice and dice groups we're not
+                # going to report anyway.
+                continue
+            elif group.accrual_type is None:
+                group = group.since_last_nonzero()
+            else:
+                # Filter out new accruals after the report date.
+                # e.g., cover the case that the same invoices has multiple
+                # postings over time, and we don't want to report too-recent
+                # ones.
+                cutoff_date = self.ods.date - datetime.timedelta(
+                    days=group.accrual_type.value.aging_thresholds[-1],
+                )
+                group = AccrualPostings(
+                    post for post in group.since_last_nonzero()
+                    if post.meta.date <= cutoff_date
+                    or group.accrual_type.normalize_amount(post.units.number) < 0
+                )
+            if group and not group.is_zero():
+                rows.append(group)
         rows.sort(key=lambda related: (
             related.account,
             related[0].meta.date,
diff --git a/tests/books/accruals.beancount b/tests/books/accruals.beancount
index afa8169cfeb0523e178514bf0429490b28747e12..31de762f64b5c8802a2650259003e8b9c80ea7e4 100644
--- a/tests/books/accruals.beancount
+++ b/tests/books/accruals.beancount
@@ -151,3 +151,10 @@
   project: "Development Grant"
   Assets:Receivable:Accounts  5500 USD
   Income:Donations           -5500 USD
+
+2010-09-15 * "GrantCo" "2010Q3 grant"
+  rt-id: "rt:470"
+  invoice: "rt:470/4700"
+  project: "Development Grant"
+  Assets:Receivable:Accounts  6000 USD
+  Income:Donations           -6000 USD
diff --git a/tests/test_reports_accrual.py b/tests/test_reports_accrual.py
index 8b90dbb43bcf5c00ea39089d3dab602536b70ef2..147b479802e1b07055c0e616966da4317429ffa6 100644
--- a/tests/test_reports_accrual.py
+++ b/tests/test_reports_accrual.py
@@ -121,7 +121,7 @@ AGING_AR = [
     AgingRow.make_simple('2010-03-05', 'EarlyBird', -500, 'rt:40/400'),
     AgingRow.make_simple('2010-05-15', 'MatchingProgram', 1500,
                          'rt://ticket/515/attachments/5150'),
-    AgingRow.make_simple('2010-06-15', 'GrantCo', 5500, 'rt:470/4700',
+    AgingRow.make_simple('2010-06-15', 'GrantCo', 11500, 'rt:470/4700',
                          project='Development Grant'),
 ]
 
@@ -630,6 +630,11 @@ def test_aging_report(accrual_postings):
 def test_aging_report_date_cutoffs(accrual_postings, date, recv_end, pay_end):
     expect_recv = AGING_AR[:recv_end]
     expect_pay = AGING_AP[:pay_end]
+    if 10 <= date.day < 12:
+        # Take the 60 USD posting out of the invoice 510/6100 payable.
+        expect_pay[-1] = expect_pay[-1]._replace(
+            at_cost=testutil.Amount(expect_pay[-1].at_cost.number - 60),
+        )
     output = run_aging_report(accrual_postings, date)
     check_aging_ods(output, date, expect_recv, expect_pay)
 
@@ -644,6 +649,20 @@ def test_aging_report_entity_consistency(accrual_postings):
         AgingRow.make_simple('2010-04-15', 'MultiPartyB', 125, 'rt:480/4800'),
     ])
 
+def test_aging_report_does_not_include_too_recent_postings(accrual_postings):
+    # This date is after the Q3 posting, but too soon after for that to be
+    # included in the aging report.
+    date = datetime.date(2010, 10, 1)
+    output = run_aging_report((
+        post for post in accrual_postings
+        if post.meta.get('rt-id') == 'rt:470'
+    ), date)
+    # Date+amount are both from the Q2 posting only.
+    check_aging_ods(output, date, [
+        AgingRow.make_simple('2010-06-15', 'GrantCo', 5500, 'rt:470/4700',
+                             project='Development Grant'),
+    ], [])
+
 def run_main(arglist, config=None):
     if config is None:
         config = testutil.TestConfig(