Easily Delete Fileds from the 12 Month Income Statement

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How to Delete Fileds from the 12 Month Income Statement

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The "Standard Income 12 Period" report in Sage 50 provides a monthly breakdown of the current fiscal year, covering periods 1 through 12. However, users can't select a date range; they can only run reports for the current period or change it to a previous open year. There’s no option to run it for a closed year. To enable this functionality, users can save the report with a new name, turning it into a custom financial statement. By clicking the save button and naming the report (e.g., "My Income 12 Period"), the report name updates, and it appears in the report list for future access.

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What information can we get from an income statement or statement of comprehensive income?

A statement of comprehensive income, which covers the same time period as the income statement, reflects net income as well as other comprehensive income, the latter being unrealized gains and losses on assets that arent shown on the income statement.

What information can we get from an income statement?

The income statement shows a companys expense, income, gains, and losses, which can be put into a mathematical equation to arrive at the net profit or loss for that time period. This information helps you make timely decisions to make sure that your business is on a good financial footing.

What information can be extracted from the income statement and how such information helps you in financial management?

Financial analysis of an income statement can reveal that the costs of goods sold are falling, or that sales have been improving, while return on equity is rising. Income statements are also carefully reviewed when a business wants to cut spending or determine strategies for growth.

What is a 12 month income statement?

Trailing 12 months (TTM) is the term for the data from the past 12 consecutive months used for reporting financial figures. A companys trailing 12 months represents its financial performance for a 12-month period; it does not typically represent a fiscal-year ending period.

How do you break down an income statement?

Your income statement follows a linear path, from top line to bottom line. Think of the top line as a rough draft of the money youve madeyour total revenue, before taking into account any expensesand your bottom line as a final draftthe profit you earned after taking account of all expenses.

What happens to the income statement accounts at the end of the year?

A closing entry is a journal entry made at the end of the accounting period. It involves shifting data from temporary accounts on the income statement to permanent accounts on the balance sheet. All income statement balances are eventually transferred to retained earnings.

What information can be extracted from the income statement?

Also known as profit and loss (PL) statements, income statements summarize all income and expenses over a given period, including the cumulative impact of revenue, gain, expense, and loss transactions.

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Delete Fileds from the 12 Month Income Statement