diff --git a/gnucash/report/standard-reports/balsheet-pnl.scm b/gnucash/report/standard-reports/balsheet-pnl.scm
index c7d40b6fa1..faa2c09279 100644
--- a/gnucash/report/standard-reports/balsheet-pnl.scm
+++ b/gnucash/report/standard-reports/balsheet-pnl.scm
@@ -96,15 +96,6 @@ below parent and children groups."))
 (define optname-amount-links (N_ "Display amounts as hyperlinks"))
 (define opthelp-amount-links (N_ "Shows each amounts in the table as a hyperlink to a register or report."))
 
-;; closing entries filter - for P&L report
-(define pagename-entries "Closing Entries")
-(define optname-closing-pattern (N_ "Closing Entries pattern"))
-(define opthelp-closing-pattern (N_ "Any text in the Description column which identifies closing entries."))
-(define optname-closing-casing (N_ "Closing Entries pattern is case-sensitive"))
-(define opthelp-closing-casing (N_ "Causes the Closing Entries Pattern match to be case-sensitive."))
-(define optname-closing-regexp (N_ "Closing Entries Pattern is regular expression"))
-(define opthelp-closing-regexp (N_ "Causes the Closing Entries Pattern to be treated as a regular expression."))
-
 ;; section labels
 (define optname-label-sections (N_ "Label sections"))
 (define opthelp-label-sections (N_ "Whether or not to include a label for sections."))
@@ -347,23 +338,7 @@ also show overall period profit & loss."))
       (add-option
        (gnc:make-simple-boolean-option
         gnc:pagename-general optname-include-overall-period
-        "c6" opthelp-include-overall-period #f))
-
-      ;; closing entry match criteria
-      (add-option
-       (gnc:make-string-option
-        pagename-entries optname-closing-pattern
-        "a" opthelp-closing-pattern (_ "Closing Entries")))
-
-      (add-option
-       (gnc:make-simple-boolean-option
-        pagename-entries optname-closing-casing
-        "b" opthelp-closing-casing #f))
-
-      (add-option
-       (gnc:make-simple-boolean-option
-        pagename-entries optname-closing-regexp
-        "c" opthelp-closing-regexp #f)))
+        "c6" opthelp-include-overall-period #f)))
 
     (gnc:options-set-default-section options gnc:pagename-general)
 
@@ -795,10 +770,11 @@ also show overall period profit & loss."))
                                                  (gnc:make-commodity-collector))
                       #:split->elt
                       (lambda (s)
-                        (val-coll 'add
-                                  (xaccTransGetCurrency (xaccSplitGetParent s))
-                                  (xaccSplitGetValue s))
-                        (make-datum s (amt->monetary (xaccSplitGetBalance s))
+                        (unless (xaccTransGetIsClosingTxn (xaccSplitGetParent s))
+                          (val-coll 'add
+                                    (xaccTransGetCurrency (xaccSplitGetParent s))
+                                    (xaccSplitGetValue s)))
+                        (make-datum s (amt->monetary (xaccSplitGetNoclosingBalance s))
                                     (gnc:collector+ val-coll)))))))
            accounts))
 
@@ -1139,10 +1115,7 @@ also show overall period profit & loss."))
               (gnc:html-markup-anchor chart (_ "Barchart")))))))
 
      ((eq? report-type 'pnl)
-      (let* ((closing-str (get-option pagename-entries optname-closing-pattern))
-             (closing-cased (get-option pagename-entries optname-closing-casing))
-             (closing-regexp (get-option pagename-entries optname-closing-regexp))
-             (include-overall-period? (get-option gnc:pagename-general
+      (let* ((include-overall-period? (get-option gnc:pagename-general
                                                   optname-include-overall-period))
              (col-idx->datepair
               (lambda (idx)
@@ -1161,44 +1134,13 @@ also show overall period profit & loss."))
                                           (cons (list-ref balancelist idx)
                                                 (list-ref balancelist (1+ idx))))))
 
-             (closing-entries (let ((query (qof-query-create-for-splits)))
-                                (qof-query-set-book query (gnc-get-current-book))
-                                (xaccQueryAddAccountMatch
-                                 query income-expense
-                                 QOF-GUID-MATCH-ANY QOF-QUERY-AND)
-                                (if (and closing-str (not (string-null? closing-str)))
-                                    (xaccQueryAddDescriptionMatch
-                                     query closing-str closing-cased closing-regexp
-                                     QOF-COMPARE-CONTAINS QOF-QUERY-AND))
-                                (xaccQueryAddClosingTransMatch query #t QOF-QUERY-OR)
-                                (let ((splits (qof-query-run query)))
-                                  (qof-query-destroy query)
-                                  splits)))
-
-             ;; this function will query the above closing-entries for
-             ;; splits within the date range, and produce the total
-             ;; amount for these closing entries
-             (closing-adjustment
-              (lambda (account col-idx)
-                (define datepair (col-idx->datepair col-idx))
-                (define (include-split? split)
-                  (and (equal? (xaccSplitGetAccount split) account)
-                       (<= (car datepair)
-                           (xaccTransGetDate (xaccSplitGetParent split))
-                           (cdr datepair))))
-                (let ((account-closing-splits (filter include-split? closing-entries)))
-                  (gnc:make-gnc-monetary
-                   (xaccAccountGetCommodity account)
-                   (apply + (map xaccSplitGetAmount account-closing-splits))))))
-
              (get-cell-monetary-fn
               (lambda (account col-idx)
                 (let* ((balances (assoc-ref accounts-balances account))
                        (monetarypair (col-idx->monetarypair balances col-idx)))
                   (monetary-less
                    (cdr monetarypair)
-                   (car monetarypair)
-                   (closing-adjustment account col-idx)))))
+                   (car monetarypair)))))
 
              (get-cell-anchor-fn
               (lambda (account col-idx)