In the settings for my character sheet, I've ticked the checkbox for custom AC and set it to 10 + Dex + Con. And my AC displays correctly. If I grab a Cloak of Protection, my AC drops. Seemingly, it becomes 10 + Dex + 1 (from Cloak), although the custom AC box remains the same. The same thing happens if I add a shield. If I unequip either item, the AC gets corrected. But subsequently re-equipping has no effect to AC.