diff --git a/admin/database_updates/3.5.4.php b/admin/database_updates/3.5.4.php
new file mode 100644
index 000000000..a10960aef
--- /dev/null
+++ b/admin/database_updates/3.5.4.php
@@ -0,0 +1,27 @@
+<?php
+
+/*
+ * ITFlow - Database update to version 3.5.4 (from 3.5.3)
+ * Included by admin/database_updates.php - do not access directly
+ *
+ * Index transfers.transfer_expense_id - the out side of a transfer. The
+ * account ledger (accountLedgerSql(), behind Transactions, its Transfers
+ * pill and export, and Reconcile) joins every expense to the transfer it
+ * may belong to. With nothing to look it up by, each expense was checked
+ * against every transfer - expenses times transfers - which is what made
+ * those pages crawl as the books grew. transfer_revenue_id, the in side,
+ * has had its index since 2.7.5.
+ *
+ * Re-runnable: skipped where the index is already there.
+ */
+
+defined('FROM_DB_UPDATER') || die("Direct file access is not allowed");
+
+    $itflow_index_exists = mysqli_query($mysqli, "SELECT 1 FROM information_schema.STATISTICS
+        WHERE TABLE_SCHEMA = DATABASE() AND TABLE_NAME = 'transfers' AND INDEX_NAME = 'transfer_expense_id' LIMIT 1");
+
+    if (!$itflow_index_exists || mysqli_num_rows($itflow_index_exists) === 0) {
+        mysqli_query($mysqli, "ALTER TABLE `transfers` ADD KEY `transfer_expense_id` (`transfer_expense_id`)");
+    }
+
+    unset($itflow_index_exists);
diff --git a/agent/post/transaction.php b/agent/post/transaction.php
index 15532686b..99b539590 100644
--- a/agent/post/transaction.php
+++ b/agent/post/transaction.php
@@ -30,7 +30,8 @@ if (isExportRequest('export_transactions')) {
     }
     $kinds = accountLedgerKinds();
 
-    $sql = mysqli_query($mysqli, "SELECT ledger.* FROM (" . accountLedgerSql($account_id) . ") AS ledger WHERE $where
+    // The balance after each line is in the export of one account only
+    $sql = mysqli_query($mysqli, "SELECT ledger.* FROM (" . accountLedgerSql($account_id, (bool) $account) . ") AS ledger WHERE $where
         ORDER BY ledger.txn_date ASC, ledger.txn_created_at ASC, ledger.txn_order ASC, ledger.txn_id ASC");
 
     $num_rows = mysqli_num_rows($sql);
diff --git a/agent/reconcile.php b/agent/reconcile.php
index bd99978a8..09a970c09 100644
--- a/agent/reconcile.php
+++ b/agent/reconcile.php
@@ -78,7 +78,7 @@ if ($open) {
     $lines = reconcileLines($open, $later);
     $statement_date = $open['reconciliation_statement_date'];
 } else {
-    $uncleared = $account ? mysqli_fetch_row(mysqli_query($mysqli, "SELECT COUNT(*), COALESCE(SUM(ledger.txn_amount), 0) FROM (" . accountLedgerSql($account_id) . ") AS ledger WHERE ledger.txn_cleared_id IS NULL")) : [0, 0];
+    $uncleared = $account ? mysqli_fetch_row(mysqli_query($mysqli, "SELECT COUNT(*), COALESCE(SUM(ledger.txn_amount), 0) FROM (" . accountLedgerSql($account_id, false) . ") AS ledger WHERE ledger.txn_cleared_id IS NULL")) : [0, 0];
 }
 
 $statement_form = function ($row) use ($mysqli, $account, $is_card, $suggest, $last, $starting, $money, $statement_money) {
diff --git a/agent/transactions.php b/agent/transactions.php
index 80c9ce560..90f970c9a 100644
--- a/agent/transactions.php
+++ b/agent/transactions.php
@@ -72,7 +72,8 @@ $balance_visible = !$all && $sort === 'txn_date';
 $filter_src = array_merge($_GET, ['dtf' => $dtf, 'dtt' => $dtt, 'kind' => $kind_filter, 'show' => $show]);
 $where = accountLedgerFiltersSql($filter_src, $summary, false, $all);
 $show_query = $show !== '' ? 'AND ' . $shows[$show]['where'] : '';
-$ledger = accountLedgerSql($account_filter);
+// The balance after each line only where it shows - one account, in date order
+$ledger = accountLedgerSql($account_filter, $balance_visible);
 
 $sql = mysqli_query($mysqli, "SELECT SQL_CALC_FOUND_ROWS ledger.* FROM ($ledger) AS ledger WHERE $where $show_query ORDER BY $order_sql LIMIT $record_from, $record_to");
 $num_rows = mysqli_fetch_row(mysqli_query($mysqli, "SELECT FOUND_ROWS()"));
@@ -81,21 +82,35 @@ while ($row = mysqli_fetch_assoc($sql)) {
     $rows[] = accountLedgerVisible($row);
 }
 
-// The pills, and the money in and out of what is listed
+// The pills, and the money in and out of what is listed - and, on every account's
+// transfers, what was moved, what paid off cards and what payment processors paid out.
+// One pass over the ledger, without the balance after each line.
+$transfer_cards = $all && $show === 'transfers';
 $count_sql = [];
 foreach ($shows as $key => $s) {
     $count_sql[] = $key === '' ? 'COUNT(*)' : "COALESCE(SUM({$s['where']}), 0)";
 }
-$row = mysqli_fetch_row(mysqli_query($mysqli, "SELECT " . implode(', ', $count_sql) . ",
-        COALESCE(SUM(CASE WHEN 1 $show_query AND ledger.txn_amount > 0 THEN ledger.txn_amount END), 0),
-        COALESCE(SUM(CASE WHEN 1 $show_query AND ledger.txn_amount < 0 THEN -ledger.txn_amount END), 0)
-    FROM ($ledger) AS ledger WHERE $where"));
+$count_sql[] = "COALESCE(SUM(CASE WHEN 1 $show_query AND ledger.txn_amount > 0 THEN ledger.txn_amount END), 0)";
+$count_sql[] = "COALESCE(SUM(CASE WHEN 1 $show_query AND ledger.txn_amount < 0 THEN -ledger.txn_amount END), 0)";
+if ($transfer_cards) {
+    $count_sql[] = "COALESCE(SUM(CASE WHEN 1 $show_query THEN -ledger.txn_amount END), 0)";
+    $count_sql[] = "COALESCE(SUM(CASE WHEN 1 $show_query AND ledger.other_account_type = 3 THEN -ledger.txn_amount END), 0)";
+    $count_sql[] = "COALESCE(SUM(CASE WHEN 1 $show_query AND ledger.other_account_type = 3 THEN 1 END), 0)";
+    $count_sql[] = "COALESCE(SUM(CASE WHEN 1 $show_query AND ledger.account_type = 5 THEN -ledger.txn_amount END), 0)";
+    $count_sql[] = "COALESCE(SUM(CASE WHEN 1 $show_query AND ledger.account_type = 5 THEN 1 END), 0)";
+}
+$row = mysqli_fetch_row(mysqli_query($mysqli, "SELECT " . implode(', ', $count_sql) . " FROM (" . accountLedgerSql($account_filter, false) . ") AS ledger WHERE $where"));
 $counts = [];
 foreach (array_keys($shows) as $i => $key) {
     $counts[$key] = intval($row[$i]);
 }
-$total_in = round(floatval($row[count($shows)]), 2);
-$total_out = round(floatval($row[count($shows) + 1]), 2);
+$n = count($shows);
+$total_in = round(floatval($row[$n]), 2);
+$total_out = round(floatval($row[$n + 1]), 2);
+if ($transfer_cards) {
+    $moved = ['count' => $counts['transfers'], 'total' => round(floatval($row[$n + 2]), 2), 'cards' => round(floatval($row[$n + 3]), 2), 'card_count' => intval($row[$n + 4]),
+        'payouts' => round(floatval($row[$n + 5]), 2), 'payout_count' => intval($row[$n + 6])];
+}
 $currency = $account ? (string) $account['account_currency_code'] : (string) $session_company_currency;
 $money = function ($amount, $code = null) use ($currency) {
     return escapeHtml(billingMoney($amount, $code ?? $currency));
@@ -117,17 +132,6 @@ foreach ($open_accounts as $open) {
 }
 $is_card = $account && $account['type'] === 3;
 
-// Every account's transfers: what was moved, what paid off cards and what payment processors paid out
-$transfer_cards = $all && $show === 'transfers';
-if ($transfer_cards) {
-    $row = mysqli_fetch_row(mysqli_query($mysqli, "SELECT COUNT(*), COALESCE(SUM(-ledger.txn_amount), 0),
-            COALESCE(SUM(CASE WHEN ledger.other_account_type = 3 THEN -ledger.txn_amount END), 0), COALESCE(SUM(CASE WHEN ledger.other_account_type = 3 THEN 1 END), 0),
-            COALESCE(SUM(CASE WHEN ledger.account_type = 5 THEN -ledger.txn_amount END), 0), COALESCE(SUM(CASE WHEN ledger.account_type = 5 THEN 1 END), 0)
-        FROM ($ledger) AS ledger
-        WHERE $where $show_query"));
-    $moved = ['count' => intval($row[0]), 'total' => round(floatval($row[1]), 2), 'cards' => round(floatval($row[2]), 2), 'card_count' => intval($row[3]),
-        'payouts' => round(floatval($row[4]), 2), 'payout_count' => intval($row[5])];
-}
 
 ?>
 
diff --git a/db.sql b/db.sql
index 050defc6c..739104d56 100644
--- a/db.sql
+++ b/db.sql
@@ -4013,7 +4013,8 @@ CREATE TABLE `transfers` (
   `transfer_expense_id` int(11) NOT NULL,
   `transfer_revenue_id` int(11) NOT NULL,
   PRIMARY KEY (`transfer_id`),
-  KEY `transfer_revenue_id` (`transfer_revenue_id`)
+  KEY `transfer_revenue_id` (`transfer_revenue_id`),
+  KEY `transfer_expense_id` (`transfer_expense_id`)
 ) ENGINE=InnoDB DEFAULT CHARSET=utf8mb4 COLLATE=utf8mb4_general_ci;
 /*!40101 SET character_set_client = @saved_cs_client */;
 
diff --git a/functions/accounts.php b/functions/accounts.php
index cae1d3bab..c3c8e3f7a 100644
--- a/functions/accounts.php
+++ b/functions/accounts.php
@@ -358,8 +358,13 @@ function accountLedgerKinds() {
  * txn_method, txn_reference, txn_invoice_id, txn_currency, txn_imported and
  * txn_balance - the account's balance after the line, in date order. Select
  * from it as a derived table.
+ *
+ * The balance after each line means sorting the account's whole history, so
+ * it is only worked out with $with_balance - where it is shown. Without it,
+ * txn_balance is NULL: counts, totals and lists across every account don't
+ * need it.
  */
-function accountLedgerSql($account_id = 0) {
+function accountLedgerSql($account_id = 0, $with_balance = true) {
     $account_id = intval($account_id);
     $on = function ($column) use ($account_id) {
         return $account_id ? "$column = $account_id" : "$column > 0";
@@ -408,8 +413,8 @@ function accountLedgerSql($account_id = 0) {
     return "SELECT ledger_lines.*, accounts.account_name, accounts.account_type, accounts.account_currency_code, category_name, category_color, category_icon, client_name,
             ledger_lines.txn_other_name AS other_account_name, other_account.account_type AS other_account_type,
             cleared.reconciliation_id AS txn_cleared_id, cleared.reconciliation_statement_date AS txn_cleared_date, cleared.reconciliation_opening AS txn_cleared_opening,
-            accounts.opening_balance + SUM(ledger_lines.txn_amount) OVER (PARTITION BY ledger_lines.txn_account_id ORDER BY ledger_lines.txn_date ASC, ledger_lines.txn_created_at ASC,
-                ledger_lines.txn_order ASC, ledger_lines.txn_id ASC) AS txn_balance
+            " . ($with_balance ? "accounts.opening_balance + SUM(ledger_lines.txn_amount) OVER (PARTITION BY ledger_lines.txn_account_id ORDER BY ledger_lines.txn_date ASC, ledger_lines.txn_created_at ASC,
+                ledger_lines.txn_order ASC, ledger_lines.txn_id ASC)" : "NULL") . " AS txn_balance
         FROM ($rows) AS ledger_lines
         JOIN accounts ON accounts.account_id = ledger_lines.txn_account_id
         LEFT JOIN accounts AS other_account ON ledger_lines.txn_kind IN ('transfer_in', 'transfer_out') AND other_account.account_id = ledger_lines.txn_other_account_id
diff --git a/functions/reconcile.php b/functions/reconcile.php
index f831c019c..7a1bcaace 100644
--- a/functions/reconcile.php
+++ b/functions/reconcile.php
@@ -151,7 +151,7 @@ function reconcileLines(array $row, &$later = 0) {
     global $mysqli;
     $id = intval($row['reconciliation_id']);
     $date = escapeSql($row['reconciliation_statement_date']);
-    $sql = mysqli_query($mysqli, "SELECT ledger.*, IF(ledger.txn_reconciliation_id = $id, 1, 0) AS ticked FROM (" . accountLedgerSql($row['reconciliation_account_id']) . ") AS ledger
+    $sql = mysqli_query($mysqli, "SELECT ledger.*, IF(ledger.txn_reconciliation_id = $id, 1, 0) AS ticked FROM (" . accountLedgerSql($row['reconciliation_account_id'], false) . ") AS ledger
         WHERE ledger.txn_reconciliation_id = $id OR (ledger.txn_reconciliation_id IS NULL AND ledger.txn_date <= '$date')
         ORDER BY ledger.txn_date ASC, ledger.txn_created_at ASC, ledger.txn_order ASC, ledger.txn_id ASC");
     $lines = [];
@@ -159,7 +159,7 @@ function reconcileLines(array $row, &$later = 0) {
         $line['ticked'] = intval($line['ticked']) === 1;
         $lines[] = $line;
     }
-    $later = intval(mysqli_fetch_row(mysqli_query($mysqli, "SELECT COUNT(*) FROM (" . accountLedgerSql($row['reconciliation_account_id']) . ") AS ledger
+    $later = intval(mysqli_fetch_row(mysqli_query($mysqli, "SELECT COUNT(*) FROM (" . accountLedgerSql($row['reconciliation_account_id'], false) . ") AS ledger
         WHERE ledger.txn_reconciliation_id IS NULL AND ledger.txn_date > '$date'"))[0]);
     return $lines;
 }