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In practice it doesn't actually seem to do anything anyway.

This is correct. This setting is not a transposing tool (those are found under the main key setting or the Edit menu). The change only appears on the chordsheet as a red line beneath the bar number that it was applied to. Also, the main key signature remains unchanged and only shows the starting key. In Notation View and Lead Sheet View, though, the key sigs show up.

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Audiophile BIAB 2026