Easily Hide Alternative Choice from the 12 Month Income Statement

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How to Hide Alternative Choice 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, displaying periods 1 through 12. However, this report is limited as it does not allow users to select a date range, restricting it to the current period. Users can change the current period for a different financial year but cannot access closed years directly. To enable the functionality for closed years, you can save the report as a custom financial statement. By clicking the save button and renaming it (e.g., "my income 12 period"), the report name updates, and it becomes available in the report list.

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What is the alternative title for income statement?

The income statement is also known as a profit and loss statement, statement of operation, statement of financial result or income, or earnings statement.

What should be disclosed in income statement?

After revenue is disclosed, your income statement lists all the operating expenses paid during the reported period. Operating expenses include wages, taxes, rent, utilities and insurance costs, plus supplies and inventory you purchase to produce your good or service.

Which item of income or expense should be disclosed separately?

The nature and the relevant amount of prior period items should be declared separately in the profit and loss statement. Further it should be done in such a way that their implications on the current periods profit and loss can be clearly understood.

What item is not a special item that must be disclosed separately on the income statement?

Answer and Explanation: The answer is d) Foreign currency translation adjustments. The income statement reports the extraordinary loss, discontinued operations, and extraordinary gain.

Which item would most likely be disclosed separately on the income statement?

Non-operating items are reported separately from operating items on the income statement. Under both IFRS and US GAAP, the income statement reports separately the effect of the disposal of a component operation as a discontinued operation.

Where do unusual items go on the income statement?

Unusual gains or losses may be recorded on the income statement as a separate component of income from continuing operations, or alternatively, may be identified in the footnotes to the financial statements or the management discussion and analysis (MDA) section of the annual report.

Which items must be disclosed separately on an income statement?

Certain items must be disclosed separately in the notes if it is material (docHub). This could include items such as restructurings, discontinued operations, and disposals of investments or of property, plant and equipment. Irregular items are reported separately so that users can better predict future cash flows.

What item does not appear on an income statement?

Unearned fees and prepaid expenses are not classified as costs of the period, and therefore, do not appear in the income statement. The net loss appears in the income statement and it shows the amount by which the companys costs exceed its revenues.

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Hide Alternative Choice from the 12 Month Income Statement