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I have set the Reports section underneath the tranasctions to "Yearly", but the "Average" and the "Yearly" amounts are the same as the singe transactions. The application doesn't seem to total the amounts I have spent so far this year.

Please see attached screenshot.

Am I missing a setting somewhere? In the attached example the bill comes monthly, so I should definitely have more than one transaction so far this year.

Thanks.

You just need to deselect all transactions otherwise the reports are computed with selected transactions only.