diff --git a/kmymoney/reports/pivottable.h b/kmymoney/reports/pivottable.h
--- a/kmymoney/reports/pivottable.h
+++ b/kmymoney/reports/pivottable.h
@@ -285,10 +285,12 @@
   void calculateTotals();
 
   /**
-    * Convert each value in the grid to the base currency
-    *
-    */
-  void convertToBaseCurrency();
+   * Convert one value in the grid to the base currency
+   * @param value value to convert
+   * @param account The account associated with the value
+   * @param date the date on which the transaction is converted
+   */
+  void convertToBaseCurrency(MyMoneyMoney &value, const ReportAccount &account, const QDate &date);
 
   /**
     * Convert each value in the grid to the account/category's deep currency
diff --git a/kmymoney/reports/pivottable.cpp b/kmymoney/reports/pivottable.cpp
--- a/kmymoney/reports/pivottable.cpp
+++ b/kmymoney/reports/pivottable.cpp
@@ -326,6 +326,11 @@
             value = -value;
           }
         }
+
+        //get base price for that date
+        if (m_config_f.isConvertCurrency())
+          convertToBaseCurrency(value, splitAccount, postdate);
+
         // add the value to its correct position in the pivot table
         assignCell(outergroup, splitAccount, column, value, false, stockSplit);
       }
@@ -390,13 +395,6 @@
 
   convertToDeepCurrency();
 
-  //
-  // Convert all values to the base currency
-  //
-
-  if (m_config_f.isConvertCurrency())
-    convertToBaseCurrency();
-
   //
   // Determine column headings
   //
@@ -660,7 +658,12 @@
       // date
 
       // this is in the underlying currency
-      MyMoneyMoney value = file->balance(account.id(), from.addDays(-1));
+      QDate date = from.addDays(-1);
+      MyMoneyMoney value = file->balance(account.id(), date);
+
+      //get base price for that date
+      if (m_config_f.isConvertCurrency())
+        convertToBaseCurrency(value, account, date);
 
       // place into the 'opening' column...
       assignCell(outergroup, account, 0, value);
@@ -908,13 +911,15 @@
               QDate budgetDate = budget.budgetStart();
               while (column < m_numColumns && budget.budgetStart().addYears(1) > budgetDate) {
                 //only show budget values if the budget year and the column date match
-                //no currency conversion is done here because that is done for all columns later
                 if (budgetDate > columnDate(column)) {
                   ++column;
                 } else {
                   if (budgetDate >= m_beginDate.addDays(-m_beginDate.day() + 1)
                       && budgetDate <= m_endDate.addDays(m_endDate.daysInMonth() - m_endDate.day())
                       && budgetDate > (columnDate(column).addMonths(-m_config_f.columnType()))) {
+                    //get base price for that date
+                    if (m_config_f.isConvertCurrency())
+                      convertToBaseCurrency(value, splitAccount, budgetDate);
                     assignCell(outergroup, splitAccount, column, value, true /*budget*/);
                   }
                   budgetDate = budgetDate.addMonths(1);
@@ -941,6 +946,11 @@
                             && (*it_period).startDate() > (columnDate(column).addMonths(-m_config_f.columnType()))) {
                           //no currency conversion is done here because that is done for all columns later
                           value = (*it_period).amount() * reverse;
+                          //get base price for that date
+                          if (m_config_f.isConvertCurrency()) {
+                            QDate budgetDate = (*it_period).startDate();
+                            convertToBaseCurrency(value, splitAccount, budgetDate);
+                          }
                           assignCell(outergroup, splitAccount, column, value, true /*budget*/);
                         }
                         ++it_period;
@@ -960,50 +970,15 @@
   } // end if there was a budget
 }
 
-void PivotTable::convertToBaseCurrency()
+void PivotTable::convertToBaseCurrency(MyMoneyMoney &value, const ReportAccount &account, const QDate &date)
 {
   DEBUG_ENTER(Q_FUNC_INFO);
-
   int fraction = MyMoneyFile::instance()->baseCurrency().smallestAccountFraction();
-
-  PivotGrid::iterator it_outergroup = m_grid.begin();
-  while (it_outergroup != m_grid.end()) {
-    PivotOuterGroup::iterator it_innergroup = (*it_outergroup).begin();
-    while (it_innergroup != (*it_outergroup).end()) {
-      PivotInnerGroup::iterator it_row = (*it_innergroup).begin();
-      while (it_row != (*it_innergroup).end()) {
-        int column = 1;
-        while (column < m_numColumns) {
-          if (it_row.value()[eActual].count() <= column)
-            throw MYMONEYEXCEPTION(QString("Column %1 out of grid range (%2) in PivotTable::convertToBaseCurrency").arg(column).arg(it_row.value()[eActual].count()));
-
-          QDate valuedate = columnDate(column);
-
-          //get base price for that date
-          MyMoneyMoney conversionfactor = it_row.key().baseCurrencyPrice(valuedate, m_config_f.isSkippingZero());
-
-          for (int i = 0; i < m_rowTypeList.size(); ++i) {
-            if (m_rowTypeList[i] != eAverage) {
-              //calculate base value
-              MyMoneyMoney oldval = it_row.value()[ m_rowTypeList[i] ][column];
-              MyMoneyMoney value = (oldval * conversionfactor).reduce();
-
-              //convert to lowest fraction
-              it_row.value()[ m_rowTypeList[i] ][column] = PivotCell(value.convert(fraction));
-
-              DEBUG_OUTPUT_IF(conversionfactor != MyMoneyMoney::ONE , QString("Factor of %1, value was %2, now %3").arg(conversionfactor).arg(DEBUG_SENSITIVE(oldval)).arg(DEBUG_SENSITIVE(it_row.value()[m_rowTypeList[i]][column].toDouble())));
-            }
-          }
-
-
-          ++column;
-        }
-        ++it_row;
-      }
-      ++it_innergroup;
-    }
-    ++it_outergroup;
-  }
+  MyMoneyMoney conversionfactor = account.baseCurrencyPrice(date, m_config_f.isSkippingZero());
+  MyMoneyMoney oldvalue = value;
+  value = (oldvalue * conversionfactor).reduce();
+  value = value.convert(fraction);
+  DEBUG_OUTPUT_IF(conversionfactor != MyMoneyMoney::ONE , QString("Factor of %1, value was %2, now %3").arg(conversionfactor.toDouble()).arg(DEBUG_SENSITIVE(oldvalue.toDouble())).arg(DEBUG_SENSITIVE(value.toDouble())));
 }
 
 void PivotTable::convertToDeepCurrency()
diff --git a/kmymoney/reports/pivottabletest.cpp b/kmymoney/reports/pivottabletest.cpp
--- a/kmymoney/reports/pivottabletest.cpp
+++ b/kmymoney/reports/pivottabletest.cpp
@@ -478,7 +478,7 @@
   // test Fluctuating currency price, stable account balance
   QVERIFY(networth_f.m_grid["Asset"]["Japanese Checking"][acJpyChecking][eActual][5] == ((moJpyOpening - moJpyTransaction - moJpyTransaction - moJpyTransaction)*moJpyPrice2));
   QVERIFY(networth_f.m_grid["Asset"]["Japanese Checking"][acJpyChecking][eActual][6] == ((moJpyOpening - moJpyTransaction - moJpyTransaction - moJpyTransaction)*moJpyPrice3));
-  QVERIFY(networth_f.m_grid["Asset"]["Japanese Checking"][acJpyChecking][eActual][7] == ((moJpyOpening - moJpyTransaction - moJpyTransaction - moJpyTransaction)*moJpyPrice4));
+  QVERIFY(networth_f.m_grid["Asset"]["Japanese Checking"][acJpyChecking][eActual][7] == ((moJpyOpening - moJpyTransaction - moJpyTransaction - moJpyTransaction)*moJpyPrice3));
 
   // test multiple currencies totalled up
   QVERIFY(networth_f.m_grid["Asset"].m_total[eActual][4] == ((moCanOpening - moCanTransaction - moCanTransaction - moCanTransaction)*moCanPrice) + ((moJpyOpening - moJpyTransaction - moJpyTransaction - moJpyTransaction)*moJpyPrice));