diff --git a/conservancy_beancount/reports/accrual.py b/conservancy_beancount/reports/accrual.py
index 5713fee19619acb76cce89a5d70a6b64e452d076..0f825ebd13b2a0803b0492288ce625e0dca623e1 100644
--- a/conservancy_beancount/reports/accrual.py
+++ b/conservancy_beancount/reports/accrual.py
@@ -724,7 +724,8 @@ def main(arglist: Optional[Sequence[str]]=None,
         else:
             now = datetime.datetime.now()
             if args.output_file is None:
-                args.output_file = Path(now.strftime('AgingReport_%Y-%m-%d_%H:%M.ods'))
+                out_dir_path = config.repository_path() or Path()
+                args.output_file = out_dir_path / now.strftime('AgingReport_%Y-%m-%d_%H:%M.ods')
                 logger.info("Writing report to %s", args.output_file)
             out_bin = cliutil.bytes_output(args.output_file, stdout)
             report = AgingReport(rt_wrapper, out_bin)