diff --git a/hledger/hledger.m4.md b/hledger/hledger.m4.md
index a91554ecf..5baa0e0c0 100644
--- a/hledger/hledger.m4.md
+++ b/hledger/hledger.m4.md
@@ -716,26 +716,28 @@ Some of these can also be expressed as command-line options (eg `depth:2` is equ
 Generally you can mix options and query arguments, and the resulting query will be their intersection
 (perhaps excluding the `-p/--period` option).
 
+# COSTING
+
+The `-B/--cost` flag converts amounts to their cost or sale amount at transaction time,
+if they have a [transaction price](hledger.html#transaction-prices) specified.
+If this flag is supplied, hledger will perform cost conversion first, and will apply
+any market price valuations (if requested) afterwards.
+
 # VALUATION
 
 Instead of reporting amounts in their original commodity,
 hledger can convert them to
 cost/sale amount (using the conversion rate recorded in the transaction),
-or to market value (using some market price on a certain date).
-This is controlled by the `--value=TYPE[,COMMODITY]` option,
-but we also provide the simpler `-B`/`-V`/`-X` flags,
+and/or to market value (using some market price on a certain date).
+This is controlled by the `--cost` and `--value=TYPE[,COMMODITY]` options,
+but we also provide the simpler `-V`/`-X` flags,
 and usually one of those is all you need.
 
-## -B: Cost
-
-The `-B/--cost` flag converts amounts to their cost or sale amount at transaction time,
-if they have a [transaction price](hledger.html#transaction-prices) specified.
-
 ## -V: Value
 
 The `-V/--market` flag converts amounts to market value in their
 default *valuation commodity*, using the
-[market prices](#market-prices) in effect on the *valuation date(s)*, if any. 
+[market prices](#market-prices) in effect on the *valuation date(s)*, if any.
 More on these in a minute.
 
 ## -X: Value in specified commodity