It is possible to reorder items one at a time, or alphabetically. From the toolbar menu in the admin console:

1. Right-mouse click on the item you would like to move, and select the desired action (move up, move down, cut, paste, order alphabetically):

Note: If the item you are editing does not move up or down (sometimes due to the current browser session), simply choose "order alphabetically" and then reperform the function.