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Delete Value Choice from the 12 Month Income Statement

Delete Value Choice from the 12 Month Income Statement

Aug 6th, 2022

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How to Delete Value Choice from the 12 Month Income Statement

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The "Standard Income 12 Period" report in Sage 50 presents a monthly breakdown of the current fiscal year, displaying periods 1 through 12. However, it originally lacks options to select a specific date range or run reports for closed years. To enable this functionality, you can modify the report by clicking the save button and renaming it, thereby creating a custom financial statement. This action allows you to retain the report in the list under its new name, such as "My Income 12 Period," enabling future access to customized 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 to omit unused accounts with zero balances in QuickBooks General Ledger?

Heres how: On the Balance Sheet report screen, click the Show non-zero or active only drop-down. Select Non-zero for rows and columns. Hit Run report. All the accounts with zero balances will be hidden.

What happens if you manipulate financial statements?

The risks of inaccurate financial reporting include bad operational decisions, reputational damage, economic loss, penalties, fines, legal action and even bankruptcy.

How do you correct errors in financial statements?

In that case, the error may be corrected in one of two ways: Recording an out-of-period adjustment, with appropriate disclosure, in the current period, if such correction does not create a material misstatement in the current year. Revising the prior period financial statements the next time they are presented.

How do you falsify financial statements?

A company can falsify its financial statements by overstating its revenue, not recording expenses, and misstating assets and liabilities.

How do you manipulate an income statement?

Specific Ways to Manipulate Financial Statements Recording Revenue Prematurely or of Questionable Quality. Recording Fictitious Revenue. Increasing Income with One-Time Gains. Shifting Current Expenses to an Earlier or Later Period. Failing to Record or Improperly Reducing Liabilities.

What is manipulation of the income statement?

Financial statement manipulation is the practice of altering a companys financial records to present a false picture of its financial condition. The manipulation invariably consists of either inflating revenues or deflating expenses or liabilities.

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.

Is manipulating financial statements a crime?

Yes, individuals and companies that commit financial statement fraud can be prosecuted under the law.

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