diff --git a/MANUAL.md b/MANUAL.md
index e6f683506..bc973c1a6 100644
--- a/MANUAL.md
+++ b/MANUAL.md
@@ -153,6 +153,7 @@ Some of these are discussed more in [other features](#other-features):
       -C       --cleared          report only on cleared transactions
       -U       --uncleared        report only on uncleared transactions
       -B       --cost, --basis    report cost of commodities
+               --alias=ACCT=ALIAS display ACCT's name as ALIAS in reports
                --depth=N          hide accounts/transactions deeper than this
       -d EXPR  --display=EXPR     show only transactions matching EXPR (where
                                   EXPR is 'dOP[DATE]' and OP is <, <=, =, >=, >)
@@ -488,9 +489,7 @@ to each account name.
 
 Aliases tend to be a little more reliable than post-processing with sed or
 similar, as they know about account name syntax, posting type indicators
-etc. Note aliases only change the displayed names, not the account
-hierarchy - aliasing two accounts to the same name does not merge them
-into one account.
+etc.
 
 ## Core commands
 
diff --git a/hledger/Hledger/Cli/Options.hs b/hledger/Hledger/Cli/Options.hs
index ba70f7039..4569ed600 100644
--- a/hledger/Hledger/Cli/Options.hs
+++ b/hledger/Hledger/Cli/Options.hs
@@ -62,7 +62,6 @@ options_cli :: [OptDescr Opt]
 options_cli = [
   Option "f" ["file"]         (ReqArg File "FILE")   "use a different journal/timelog file; - means stdin"
  ,Option ""  ["no-new-accounts"] (NoArg NoNewAccts)  "don't allow to create new accounts"
- ,Option ""  ["alias"]        (ReqArg Alias "ACCT=ALIAS")  "display ACCT's name as ALIAS instead"
  ,Option "b" ["begin"]        (ReqArg Begin "DATE")  "report on transactions on or after this date"
  ,Option "e" ["end"]          (ReqArg End "DATE")    "report on transactions before this date"
  ,Option "p" ["period"]       (ReqArg Period "EXPR") ("report on transactions during the specified period\n" ++
@@ -70,6 +69,7 @@ options_cli = [
  ,Option "C" ["cleared"]      (NoArg  Cleared)       "report only on cleared transactions"
  ,Option "U" ["uncleared"]    (NoArg  UnCleared)     "report only on uncleared transactions"
  ,Option "B" ["cost","basis"] (NoArg  CostBasis)     "report cost of commodities"
+ ,Option ""  ["alias"]        (ReqArg Alias "ACCT=ALIAS")  "display ACCT's name as ALIAS in reports"
  ,Option ""  ["depth"]        (ReqArg Depth "N")     "hide accounts/transactions deeper than this"
  ,Option "d" ["display"]      (ReqArg Display "EXPR") ("show only transactions matching EXPR (where\n" ++
                                                        "EXPR is 'dOP[DATE]' and OP is <, <=, =, >=, >)")
@@ -97,13 +97,13 @@ options_cli = [
 data Opt = 
     File          {value::String}
     | NoNewAccts
-    | Alias       {value::String}
     | Begin       {value::String}
     | End         {value::String}
     | Period      {value::String}
     | Cleared
     | UnCleared
     | CostBasis
+    | Alias       {value::String}
     | Depth       {value::String}
     | Display     {value::String}
     | Effective