diff --git a/conservancy_beancount/reports/ledger.py b/conservancy_beancount/reports/ledger.py
index d9e332557463063fd3d904445b71293a549a0169..2c2460972ed2b87a1f4ed4e3bdbc7341a5170066 100644
--- a/conservancy_beancount/reports/ledger.py
+++ b/conservancy_beancount/reports/ledger.py
@@ -417,7 +417,7 @@ def parse_arguments(arglist: Optional[Sequence[str]]=None) -> argparse.Namespace
         metavar='DATE',
         type=cliutil.date_arg,
         help="""Date to start reporting entries, inclusive, in YYYY-MM-DD format.
-The default is the beginning of the last full fiscal year.
+The default is one year ago.
 """)
     parser.add_argument(
         '--end', '--stop', '-e',
@@ -425,7 +425,8 @@ The default is the beginning of the last full fiscal year.
         metavar='DATE',
         type=cliutil.date_arg,
         help="""Date to stop reporting entries, exclusive, in YYYY-MM-DD format.
-The default is the end of the begin date's fiscal year.
+The default is a year after the start date, or 30 days from today if the start
+date was also not specified.
 """)
     parser.add_argument(
         '--account', '-a',
@@ -472,6 +473,17 @@ metadata to match. A single ticket number is a shortcut for
             args.sheet_names = list(LedgerODS.ACCOUNT_COLUMNS)
     return args
 
+def diff_year(date: datetime.date, diff: int) -> datetime.date:
+    new_year = date.year + diff
+    try:
+        return date.replace(year=new_year)
+    except ValueError:
+        # The original date is Feb 29, which doesn't exist in the new year.
+        if diff < 0:
+            return datetime.date(new_year, 2, 28)
+        else:
+            return datetime.date(new_year, 3, 1)
+
 def main(arglist: Optional[Sequence[str]]=None,
          stdout: TextIO=sys.stdout,
          stderr: TextIO=sys.stderr,
@@ -483,11 +495,13 @@ def main(arglist: Optional[Sequence[str]]=None,
         config = configmod.Config()
         config.load_file()
 
-    fy = config.fiscal_year_begin()
+    today = datetime.date.today()
     if args.start_date is None:
-        args.start_date = fy.first_date(fy.for_date() - 1)
-    if args.stop_date is None:
-        args.stop_date = fy.next_fy_date(args.start_date)
+        args.start_date = diff_year(today, -1)
+        if args.stop_date is None:
+            args.stop_date = today + datetime.timedelta(days=30)
+    elif args.stop_date is None:
+        args.stop_date = diff_year(args.start_date, 1)
 
     returncode = 0
     books_loader = config.books_loader()
diff --git a/setup.py b/setup.py
index 762787058720e4649482f181d750e3529186a5c8..57db701fa7b4d862f72fa5ea762dbd49465594a5 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='1.2.0',
+    version='1.2.1',
     author='Software Freedom Conservancy',
     author_email='info@sfconservancy.org',
     license='GNU AGPLv3+',