diff --git a/MANUAL.md b/MANUAL.md
index cf2fca835..44cbb2bc7 100644
--- a/MANUAL.md
+++ b/MANUAL.md
@@ -1203,9 +1203,13 @@ entries, and the following c++ ledger options and commands:
 - hledger's output follows the decimal point character, digit grouping,
   and digit group separator character used in the journal.
 
-- hledger print shows amounts for all postings, and shows unit
-  prices for amounts which have them. (This currently means that
-  it does not print multi-commodity transactions in valid journal format.)
+- hledger print shows amounts for all postings, and shows unit prices for
+  amounts which have them. (This means that it does not currently print
+  multi-commodity transactions in valid journal format.)
+
+- hledger print ignores the --effective flag, always showing both dates.
+  ledger print shows only the effective date with --effective, but not
+  vice versa.
 
 - hledger's default commodity directive (D) sets the commodity for
   subsequent commodityless amounts, and contributes to that commodity's
diff --git a/NOTES b/NOTES
index 76734e6b7..bf148eb5c 100644
--- a/NOTES
+++ b/NOTES
@@ -550,6 +550,7 @@ using be more place holders?
 *** 33 edit form always displays in non-javascript browsers, like elinks
 *** 25 hledger in windows console does not print non-ascii characters
 *** convert: manual needs a rewrite
+*** web: manual needs update
 *** parsing: recursive file includes cause a hang
 echo "!include rec" > rec
 hledger -f rec print
diff --git a/hledger-lib/Hledger/Data/Matching.hs b/hledger-lib/Hledger/Data/Matching.hs
index 2863c7224..62f0e975d 100644
--- a/hledger-lib/Hledger/Data/Matching.hs
+++ b/hledger-lib/Hledger/Data/Matching.hs
@@ -216,10 +216,6 @@ matchesTransaction _ _ = False
 postingEffectiveDate :: Posting -> Maybe Day
 postingEffectiveDate p = maybe Nothing (Just . transactionEffectiveDate) $ ptransaction p
 
-transactionEffectiveDate :: Transaction -> Day
-transactionEffectiveDate t = case teffectivedate t of Just d  -> d
-                                                      Nothing -> tdate t
-
 -- | Does the match expression match this account ?
 -- A matching in: clause is also considered a match.
 matchesAccount :: Matcher -> AccountName -> Bool
diff --git a/hledger-lib/Hledger/Data/Transaction.hs b/hledger-lib/Hledger/Data/Transaction.hs
index 03488844a..8ddd26db5 100644
--- a/hledger-lib/Hledger/Data/Transaction.hs
+++ b/hledger-lib/Hledger/Data/Transaction.hs
@@ -10,6 +10,7 @@ module Hledger.Data.Transaction
 where
 import Data.List
 import Data.Maybe
+import Data.Time.Calendar
 import Test.HUnit
 import Text.Printf
 import qualified Data.Map as Map
@@ -233,10 +234,18 @@ nonzerobalanceerror t = printf "could not balance this transaction (%s%s%s)" rms
             | otherwise = "balanced virtual postings are off by " ++ show (costOfMixedAmount bvsum)
       sep = if not (null rmsg) && not (null bvmsg) then "; " else ""
 
--- | Convert the primary date to either the actual or effective date.
+transactionActualDate :: Transaction -> Day
+transactionActualDate = tdate
+
+-- Get a transaction's effective date, defaulting to the actual date.
+transactionEffectiveDate :: Transaction -> Day
+transactionEffectiveDate t = fromMaybe (tdate t) $ teffectivedate t
+
+-- | Once we no longer need both, set the main transaction date to either
+-- the actual or effective date. A bit hacky.
 journalTransactionWithDate :: WhichDate -> Transaction -> Transaction
 journalTransactionWithDate ActualDate t = t
-journalTransactionWithDate EffectiveDate t = txnTieKnot t{tdate=fromMaybe (tdate t) (teffectivedate t)}
+journalTransactionWithDate EffectiveDate t = txnTieKnot t{tdate=transactionEffectiveDate t}
 
 -- | Ensure a transaction's postings refer back to it.
 txnTieKnot :: Transaction -> Transaction
diff --git a/hledger-lib/Hledger/Reports.hs b/hledger-lib/Hledger/Reports.hs
index aa9ba7f57..8ee7e891a 100644
--- a/hledger-lib/Hledger/Reports.hs
+++ b/hledger-lib/Hledger/Reports.hs
@@ -146,10 +146,14 @@ clearedValueFromOpts ReportOpts{..} | cleared_   = Just True
                                     | uncleared_ = Just False
                                     | otherwise  = Nothing
 
--- | Detect which date we will report on, based on --effective.
+-- | Report which date we will report on based on --effective.
 whichDateFromOpts :: ReportOpts -> WhichDate
 whichDateFromOpts ReportOpts{..} = if effective_ then EffectiveDate else ActualDate
 
+-- | Select a Transaction date accessor based on --effective.
+transactionDateFn :: ReportOpts -> (Transaction -> Day)
+transactionDateFn ReportOpts{..} = if effective_ then transactionEffectiveDate else transactionActualDate
+
 -- | Convert this journal's transactions' primary date to either the
 -- actual or effective date, as per options.
 journalSelectingDateFromOpts :: ReportOpts -> Journal -> Journal
@@ -197,9 +201,10 @@ type EntriesReportItem = Transaction
 
 -- | Select transactions for an entries report.
 entriesReport :: ReportOpts -> FilterSpec -> Journal -> EntriesReport
-entriesReport opts fspec j = sortBy (comparing tdate) $ jtxns $ filterJournalTransactions fspec j'
+entriesReport opts fspec j = sortBy (comparing f) $ jtxns $ filterJournalTransactions fspec j'
     where
-      j' = journalSelectingDateFromOpts opts $ journalSelectingAmountFromOpts opts j
+      f = transactionDateFn opts
+      j' = journalSelectingAmountFromOpts opts j
 
 -------------------------------------------------------------------------------
 
diff --git a/tests/effective-print.test b/tests/effective-print.test
deleted file mode 100644
index 5fe1b21cc..000000000
--- a/tests/effective-print.test
+++ /dev/null
@@ -1,11 +0,0 @@
-bin/hledger -f - print --effective
-<<<
-2009/1/1=2010/1/1 x
-  a  1
-  b
->>>
-2010/01/01 x
-    a             1
-    b            -1
-
->>>=0
diff --git a/tests/effective-date.test b/tests/print-effective.test
similarity index 72%
rename from tests/effective-date.test
rename to tests/print-effective.test
index 7415fbdd4..7d1b3573c 100644
--- a/tests/effective-date.test
+++ b/tests/print-effective.test
@@ -1,16 +1,17 @@
-# 
+# print shows both dates. The second's year defaults to the first's.
 bin/hledger -f - print --effective
 <<<
 2009/1/1=1/2 x
   a  1
   b
 >>>
-2009/01/02 x
+2009/01/01=2009/01/02 x
     a             1
     b            -1
 
 >>>2
 >>>= 0
+
 # Effective date of 29 Feb on leap year should be valid
 bin/hledger -f - print --effective
 <<<
@@ -18,7 +19,7 @@ bin/hledger -f - print --effective
   a  1
   b
 >>>
-2000/02/29 x
+2001/02/27=2000/02/29 x
     a             1
     b            -1