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Delete Selected Option from the 12 Month Income Statement

Delete Selected Option from the 12 Month Income Statement

Aug 6th, 2022

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How to Delete Selected Option 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. Users can only run it for the current period; there is no option for a specific date range or closed years. However, this functionality can be modified by saving the report with a new name, effectively creating a custom financial statement. After clicking the save button and renaming the report (e.g., "My Income 12 Period"), the new report name will be reflected and listed in the report options, allowing for better customization and access to previous data.

Got questions?

Below are some common questions from our customers that may provide you with the answer you're looking for. If you can't find an answer to your question, please don't hesitate to reach out to us.

How do you correct an income statement?

Calculate the effect of the error. Go to the financial statements for the accounting period in which the error occurred. Correct the error in the financial statements for the period that saw the error. Adjust the statements for the next period to account for the corrections.

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 report discontinued operations on an income statement?

Income and expenses related to discontinued operations can be found on line items on a companys income statement, below Continuing Operations Income and above Net Income.

How do you fill out a monthly income statement?

Steps to Prepare an Income Statement Choose Your Reporting Period. Your reporting period is the specific timeframe the income statement covers. Calculate Total Revenue. Calculate Cost of Goods Sold (COGS) Calculate Gross Profit. Calculate Operating Expenses. Calculate Income. Calculate Interest and Taxes. Calculate Net Income.

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