diff --git a/gnucash/report/report-system/trep-engine.scm b/gnucash/report/report-system/trep-engine.scm
index 7509a40ad..899ebb1c0 100644
--- a/gnucash/report/report-system/trep-engine.scm
+++ b/gnucash/report/report-system/trep-engine.scm
@@ -89,6 +89,8 @@
 (define optname-transaction-matcher (N_ "Transaction Filter"))
 (define optname-transaction-matcher-regex
   (N_ "Use regular expressions for transaction filter"))
+(define optname-transaction-matcher-exclude
+  (N_ "Exclude transactions matching the filter"))
 (define optname-reconcile-status (N_ "Reconcile Status"))
 (define optname-void-transactions (N_ "Void Transactions"))
 (define optname-closing-transactions (N_ "Closing transactions"))
@@ -604,6 +606,13 @@ enable full POSIX regular expressions capabilities. '#work|#family' will match b
 tags within description, notes or memo. ")
     #f))

+  (gnc:register-trep-option
+   (gnc:make-simple-boolean-option
+    pagename-filter optname-transaction-matcher-exclude
+    "i3"
+    (_ "If this option is selected, transactions matching above are excluded.")
+    #f))
+
   (gnc:register-trep-option
    (gnc:make-multichoice-option
     pagename-filter optname-reconcile-status
@@ -1969,6 +1978,8 @@ be excluded from periodic reporting.")
                      (lambda () (make-regexp transaction-matcher))
                      (const 'invalid-transaction-regex))
                    'no-guile-regex-support)))
+         (transaction-exclude-match?
+          (opt-val pagename-filter optname-transaction-matcher-exclude))
          (reconcile-status-filter
           (keylist-get-info reconcile-status-list
                             (opt-val pagename-filter optname-reconcile-status)
@@ -2129,9 +2140,10 @@ be excluded from periodic reporting.")
                     ((include) (is-filter-member split c_account_2))
                     ((exclude) (not (is-filter-member split c_account_2))))
                   (or (string-null? transaction-matcher)
-                      (match? (xaccTransGetDescription trans))
-                      (match? (xaccTransGetNotes trans))
-                      (match? (xaccSplitGetMemo split)))
+                      ((if transaction-exclude-match? not identity)
+                       (or (match? (xaccTransGetDescription trans))
+                           (match? (xaccTransGetNotes trans))
+                           (match? (xaccSplitGetMemo split)))))
                   (or (not custom-split-filter)
                       (custom-split-filter split)))))
          splits))