diff --git a/conservancy_beancount/plugin/meta_project.py b/conservancy_beancount/plugin/meta_project.py
index 0014706ba196258db5638bad53b768e3464726f3..ef653d1d3992dcb6995e3f320917cff08765a401 100644
--- a/conservancy_beancount/plugin/meta_project.py
+++ b/conservancy_beancount/plugin/meta_project.py
@@ -80,7 +80,7 @@ class MetaProject(core._NormalizePostingMetadataHook):
         )
 
     def _run_on_opening_post(self, txn: Transaction, post: data.Posting) -> bool:
-        return post.account.is_under(self.RESTRICTED_FUNDS_ACCT) is not None
+        return post.account.is_under('Equity') is not None
 
     def _run_on_other_post(self, txn: Transaction, post: data.Posting) -> bool:
         if post.account.is_under('Liabilities'):
@@ -88,6 +88,7 @@ class MetaProject(core._NormalizePostingMetadataHook):
         else:
             return post.account.is_under(
                 'Assets:Receivable',
+                'Equity',
                 'Expenses',
                 'Income',
                 self.RESTRICTED_FUNDS_ACCT,
@@ -105,6 +106,25 @@ class MetaProject(core._NormalizePostingMetadataHook):
     def _run_on_txn(self, txn: Transaction) -> bool:
         return txn.date in self.TXN_DATE_RANGE
 
+    def post_run(self, txn: Transaction, post: data.Posting) -> errormod.Iter:
+        if (post.account.is_under('Equity')
+            and not post.account.is_under(self.RESTRICTED_FUNDS_ACCT)):
+            # Force all unrestricted Equity accounts to have the default
+            # project. This is what our fiscal controls policy says, and
+            # setting it here simplifies higher-level queries and reporting.
+            post_value = post.meta.get(self.METADATA_KEY)
+            txn_value = txn.meta.get(self.METADATA_KEY)
+            # Only report an error if the posting specifically had a different
+            # value, not if it just inherited it from the transaction.
+            if (post_value is not txn_value
+                and post_value != self.DEFAULT_PROJECT):
+                yield errormod.InvalidMetadataError(
+                    txn, self.METADATA_KEY, post_value, post,
+                )
+            post.meta[self.METADATA_KEY] = self.DEFAULT_PROJECT
+        else:
+            yield from super().post_run(txn, post)
+
     def run(self, txn: Transaction) -> errormod.Iter:
         # mypy says we can't assign over a method.
         # I understand why it wants to enforce thas as a blanket rule, but
diff --git a/setup.py b/setup.py
index 594df7e545f1a2529bb5c805c90c9aed25553561..385fa5bbbef687b5e9ed0d78b408fc27d445ecbf 100755
--- a/setup.py
+++ b/setup.py
@@ -5,7 +5,7 @@ from setuptools import setup
 setup(
     name='conservancy_beancount',
     description="Plugin, library, and reports for reading Conservancy's books",
-    version='1.2.4',
+    version='1.2.5',
     author='Software Freedom Conservancy',
     author_email='info@sfconservancy.org',
     license='GNU AGPLv3+',
diff --git a/tests/test_meta_project.py b/tests/test_meta_project.py
index 6178f6827d935595258b4345ca9cddb6f4a723b4..cee3dc17a57ab3a731731d63821205b139657a8d 100644
--- a/tests/test_meta_project.py
+++ b/tests/test_meta_project.py
@@ -109,6 +109,8 @@ def test_which_accounts_required_on(hook, account, required):
     assert required == any(errors)
 
 @pytest.mark.parametrize('account', [
+    'Equity:Funds:Unrestricted',
+    'Equity:Realized:CurrencyConversion',
     'Expenses:Payroll:Salary',
     'Expenses:Payroll:Tax',
     'Liabilities:Payable:Vacation',
@@ -122,6 +124,38 @@ def test_default_values(hook, account):
     assert not errors
     testutil.check_post_meta(txn, None, {TEST_KEY: DEFAULT_VALUE})
 
+@pytest.mark.parametrize('equity,other_acct,value', testutil.combine_values(
+    ['Equity:Funds:Unrestricted', 'Equity:Realized:CurrencyConversion'],
+    ['Assets:Checking', 'Liabilities:CreditCard'],
+    VALID_VALUES,
+))
+def test_equity_override_txn_meta(hook, equity, other_acct, value):
+    if value == DEFAULT_VALUE:
+        value = f'Not{value}'
+    txn = testutil.Transaction(**{TEST_KEY: value}, postings=[
+        (other_acct, 100),
+        (equity, -100),
+    ])
+    errors = list(hook.run(txn))
+    assert not errors
+    testutil.check_post_meta(txn, None, {TEST_KEY: DEFAULT_VALUE})
+
+@pytest.mark.parametrize('equity,other_acct,value', testutil.combine_values(
+    ['Equity:Funds:Unrestricted', 'Equity:Realized:CurrencyConversion'],
+    ['Assets:Checking', 'Liabilities:CreditCard'],
+    VALID_VALUES,
+))
+def test_equity_override_post_meta(hook, equity, other_acct, value):
+    if value == DEFAULT_VALUE:
+        value = f'Not{value}'
+    txn = testutil.Transaction(postings=[
+        (other_acct, 100),
+        (equity, -100, {TEST_KEY: value}),
+    ])
+    actual = {error.message for error in hook.run(txn)}
+    assert actual == {f"{equity} has invalid {TEST_KEY}: {value}"}
+    testutil.check_post_meta(txn, None, {TEST_KEY: DEFAULT_VALUE})
+
 @pytest.mark.parametrize('date,required', [
     (testutil.EXTREME_FUTURE_DATE, False),
     (testutil.FUTURE_DATE, True),