Hide Smart Field to the 12 Month Income Statement

Aug 6th, 2022
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How to Hide Smart Field to the 12 Month Income Statement

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The video tutorial discusses the "Standard Income 12 Period" report included in Sage 50 financial statements, which provides a monthly breakdown of the current fiscal year. However, it lacks the option to select a date range, limiting users to the current period. Users can only revert to a previous period within one of the open years to generate reports. To enable greater functionality, the tutorial suggests a simple workaround: while viewing the report, users can click the save button to create a custom financial statement by giving it a new name, such as "My Income 12 Period." This custom report can then be found in the report list, allowing for expanded use.

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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.
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.
The income statement presents revenue, expenses, and net income. The components of the income statement include: revenue; cost of sales; sales, general, and administrative expenses; other operating expenses; non-operating income and expenses; gains and losses; non-recurring items; net income; and EPS.
Components of an Income Statement Revenue/Sales. Sales Revenue is the companys revenue from sales or services, displayed at the very top of the statement. Gross Profit. General and Administrative (GA) Expenses. Depreciation Amortization Expense. Interest. Income Taxes.
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.
The following are the 3 important Income Statement Parts. Revenue. Revenue refers to the income generated by a company from the sale of products and services to its customers. Expenses. Expenses are also known as the costs associated with running a company. Net income.
The income statement tells us for a given period how much revenue a company generated, what expenses it incurred in doing so, and what earnings it netted.
What Are the Four Key Elements of an Income Statement? (1) Revenue, (2) expenses, (3) gains, and (4) losses.

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