diff --git a/CHANGES.md b/CHANGES.md
--- a/CHANGES.md
+++ b/CHANGES.md
@@ -9,7 +9,9 @@
 User-visible changes in hledger-ui.
 See also the hledger changelog.
 
-# a98e6125f
+# 1.25 2022-03-04
+
+- Uses hledger 1.25.
 
 # 1.24.1 2021-12-10
 
diff --git a/Hledger/UI/AccountsScreen.hs b/Hledger/UI/AccountsScreen.hs
--- a/Hledger/UI/AccountsScreen.hs
+++ b/Hledger/UI/AccountsScreen.hs
@@ -285,7 +285,7 @@
         VtyEvent (EvKey (KChar 'a') []) -> suspendAndResume $ clearScreen >> setCursorPosition 0 0 >> add copts j >> uiReloadJournalIfChanged copts d j ui
         VtyEvent (EvKey (KChar 'A') []) -> suspendAndResume $ void (runIadd (journalFilePath j)) >> uiReloadJournalIfChanged copts d j ui
         VtyEvent (EvKey (KChar 'E') []) -> suspendAndResume $ void (runEditor endPosition (journalFilePath j)) >> uiReloadJournalIfChanged copts d j ui
-        VtyEvent (EvKey (KChar 'B') []) -> continue $ regenerateScreens j d $ toggleCost ui
+        VtyEvent (EvKey (KChar 'B') []) -> continue $ regenerateScreens j d $ toggleConversionOp ui
         VtyEvent (EvKey (KChar 'V') []) -> continue $ regenerateScreens j d $ toggleValue ui
         VtyEvent (EvKey (KChar '0') []) -> continue $ regenerateScreens j d $ setDepth (Just 0) ui
         VtyEvent (EvKey (KChar '1') []) -> continue $ regenerateScreens j d $ setDepth (Just 1) ui
diff --git a/Hledger/UI/RegisterScreen.hs b/Hledger/UI/RegisterScreen.hs
--- a/Hledger/UI/RegisterScreen.hs
+++ b/Hledger/UI/RegisterScreen.hs
@@ -335,7 +335,7 @@
                           rsItemTransaction=Transaction{tsourcepos=(SourcePos f l c,_)}}) -> (Just (unPos l, Just $ unPos c),f)
 
         -- display mode/query toggles
-        VtyEvent (EvKey (KChar 'B') []) -> rsCenterAndContinue $ regenerateScreens j d $ toggleCost ui
+        VtyEvent (EvKey (KChar 'B') []) -> rsCenterAndContinue $ regenerateScreens j d $ toggleConversionOp ui
         VtyEvent (EvKey (KChar 'V') []) -> rsCenterAndContinue $ regenerateScreens j d $ toggleValue ui
         VtyEvent (EvKey (KChar 'H') []) -> rsCenterAndContinue $ regenerateScreens j d $ toggleHistorical ui
         VtyEvent (EvKey (KChar 't') []) -> rsCenterAndContinue $ regenerateScreens j d $ toggleTree ui
diff --git a/Hledger/UI/TransactionScreen.hs b/Hledger/UI/TransactionScreen.hs
--- a/Hledger/UI/TransactionScreen.hs
+++ b/Hledger/UI/TransactionScreen.hs
@@ -63,12 +63,10 @@
 -- Render a transaction suitably for the transaction screen.
 showTxn :: ReportOpts -> ReportSpec -> Journal -> Transaction -> T.Text
 showTxn ropts rspec j t =
-    showTransactionOneLineAmounts
-  $ maybe id (transactionApplyValuation prices styles periodlast (_rsDay rspec)) (value_ ropts)
-  $ case cost_ ropts of
-        Cost   -> transactionToCost styles t
-        NoCost -> t
-  -- (if real_ ropts then filterTransactionPostings (Real True) else id) -- filter postings by --real
+      showTransactionOneLineAmounts
+    $ maybe id (transactionApplyValuation prices styles periodlast (_rsDay rspec)) (value_ ropts)
+    $ maybe id (transactionToCost styles) (conversionop_ ropts) t
+    -- (if real_ ropts then filterTransactionPostings (Real True) else id) -- filter postings by --real
   where
     prices = journalPriceOracle (infer_prices_ ropts) j
     styles = journalCommodityStyles j
@@ -97,9 +95,9 @@
 
         -- XXX would like to shrink the editor to the size of the entry,
         -- so handler can more easily detect clicks below it
-        txneditor = 
-          renderEditor (vBox . map txt) False $ 
-          editorText TransactionEditor Nothing $ 
+        txneditor =
+          renderEditor (vBox . map txt) False $
+          editorText TransactionEditor Nothing $
           showTxn ropts rspec j t
 
         toplabel =
@@ -187,7 +185,7 @@
         -- EvKey (KChar 'E') [] -> continue $ regenerateScreens j d $ stToggleEmpty ui
         -- EvKey (KChar 'C') [] -> continue $ regenerateScreens j d $ stToggleCleared ui
         -- EvKey (KChar 'R') [] -> continue $ regenerateScreens j d $ stToggleReal ui
-        VtyEvent (EvKey (KChar 'B') []) -> continue . regenerateScreens j d $ toggleCost ui
+        VtyEvent (EvKey (KChar 'B') []) -> continue . regenerateScreens j d $ toggleConversionOp ui
         VtyEvent (EvKey (KChar 'V') []) -> continue . regenerateScreens j d $ toggleValue ui
 
         VtyEvent e | e `elem` moveUpEvents   -> continue $ tsSelect iprev tprev ui
diff --git a/Hledger/UI/UIState.hs b/Hledger/UI/UIState.hs
--- a/Hledger/UI/UIState.hs
+++ b/Hledger/UI/UIState.hs
@@ -97,11 +97,12 @@
 toggleEmpty = over empty__ not
 
 -- | Toggle between showing the primary amounts or costs.
-toggleCost :: UIState -> UIState
-toggleCost = over cost toggleCostMode
+toggleConversionOp :: UIState -> UIState
+toggleConversionOp = over conversionop toggleCostMode
   where
-    toggleCostMode Cost   = NoCost
-    toggleCostMode NoCost = Cost
+    toggleCostMode Nothing               = Just ToCost
+    toggleCostMode (Just NoConversionOp) = Just ToCost
+    toggleCostMode (Just ToCost)         = Just NoConversionOp
 
 -- | Toggle between showing primary amounts or default valuation.
 toggleValue :: UIState -> UIState
diff --git a/hledger-ui.1 b/hledger-ui.1
--- a/hledger-ui.1
+++ b/hledger-ui.1
@@ -1,5 +1,5 @@
 
-.TH "HLEDGER-UI" "1" "December 2021" "hledger-ui-1.24.99 " "hledger User Manuals"
+.TH "HLEDGER-UI" "1" "March 2022" "hledger-ui-1.25 " "hledger User Manuals"
 
 
 
@@ -7,7 +7,7 @@
 .PP
 hledger-ui is a terminal interface (TUI) for the hledger accounting
 tool.
-This manual is for hledger-ui 1.24.99.
+This manual is for hledger-ui 1.25.
 .SH SYNOPSIS
 .PP
 \f[C]hledger-ui [OPTIONS] [QUERYARGS]\f[R]
diff --git a/hledger-ui.cabal b/hledger-ui.cabal
--- a/hledger-ui.cabal
+++ b/hledger-ui.cabal
@@ -5,7 +5,7 @@
 -- see: https://github.com/sol/hpack
 
 name:           hledger-ui
-version:        1.24.99
+version:        1.25
 synopsis:       Curses-style terminal interface for the hledger accounting system
 description:    A simple curses-style terminal user interface for the hledger accounting system.
                 It can be a more convenient way to browse your accounts than the CLI.
@@ -63,7 +63,7 @@
   hs-source-dirs:
       ./
   ghc-options: -Wall -fno-warn-unused-do-bind -fno-warn-name-shadowing -fno-warn-missing-signatures -fno-warn-type-defaults -fno-warn-orphans
-  cpp-options: -DVERSION="1.24.99"
+  cpp-options: -DVERSION="1.25"
   build-depends:
       ansi-terminal >=0.9
     , async
@@ -77,8 +77,8 @@
     , extra >=1.6.3
     , filepath
     , fsnotify >=0.2.1.2 && <0.4
-    , hledger >=1.24.99 && <1.25
-    , hledger-lib >=1.24.99 && <1.25
+    , hledger ==1.25.*
+    , hledger-lib ==1.25.*
     , megaparsec >=7.0.0 && <9.3
     , microlens >=0.4
     , microlens-platform >=0.2.3.1
diff --git a/hledger-ui.info b/hledger-ui.info
--- a/hledger-ui.info
+++ b/hledger-ui.info
@@ -12,7 +12,7 @@
 *************
 
 hledger-ui is a terminal interface (TUI) for the hledger accounting
-tool.  This manual is for hledger-ui 1.24.99.
+tool.  This manual is for hledger-ui 1.25.
 
    'hledger-ui [OPTIONS] [QUERYARGS]'
 'hledger ui -- [OPTIONS] [QUERYARGS]'
@@ -639,34 +639,34 @@
 
 Tag Table:
 Node: Top221
-Node: OPTIONS1657
-Ref: #options1755
-Node: MOUSE6637
-Ref: #mouse6732
-Node: KEYS7014
-Ref: #keys7107
-Node: SCREENS11193
-Ref: #screens11291
-Node: Accounts screen11381
-Ref: #accounts-screen11509
-Node: Register screen13848
-Ref: #register-screen14003
-Node: Transaction screen15987
-Ref: #transaction-screen16145
-Node: Error screen17015
-Ref: #error-screen17137
-Node: TIPS17381
-Ref: #tips17480
-Node: Watch mode17532
-Ref: #watch-mode17649
-Node: Watch mode limitations18399
-Ref: #watch-mode-limitations18540
-Node: ENVIRONMENT19676
-Ref: #environment19787
-Node: FILES21095
-Ref: #files21194
-Node: BUGS21407
-Ref: #bugs21484
+Node: OPTIONS1654
+Ref: #options1752
+Node: MOUSE6634
+Ref: #mouse6729
+Node: KEYS7011
+Ref: #keys7104
+Node: SCREENS11190
+Ref: #screens11288
+Node: Accounts screen11378
+Ref: #accounts-screen11506
+Node: Register screen13845
+Ref: #register-screen14000
+Node: Transaction screen15984
+Ref: #transaction-screen16142
+Node: Error screen17012
+Ref: #error-screen17134
+Node: TIPS17378
+Ref: #tips17477
+Node: Watch mode17529
+Ref: #watch-mode17646
+Node: Watch mode limitations18396
+Ref: #watch-mode-limitations18537
+Node: ENVIRONMENT19673
+Ref: #environment19784
+Node: FILES21092
+Ref: #files21191
+Node: BUGS21404
+Ref: #bugs21481
 
 End Tag Table
 
diff --git a/hledger-ui.txt b/hledger-ui.txt
--- a/hledger-ui.txt
+++ b/hledger-ui.txt
@@ -5,7 +5,7 @@
 
 NAME
        hledger-ui  is  a  terminal  interface (TUI) for the hledger accounting
-       tool.  This manual is for hledger-ui 1.24.99.
+       tool.  This manual is for hledger-ui 1.25.
 
 SYNOPSIS
        hledger-ui [OPTIONS] [QUERYARGS]
@@ -548,4 +548,4 @@
 
 
 
-hledger-ui-1.24.99               December 2021                   HLEDGER-UI(1)
+hledger-ui-1.25                   March 2022                     HLEDGER-UI(1)
