Easily Remove Alternative Choice in the 12 Month Income Statement

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How to Remove Alternative Choice in the 12 Month Income Statement

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The "Standard Income 12 Period" report in Sage 50 is a useful tool that details the fiscal year broken down by month, displaying periods 1 through 12. However, users cannot select a specific date range as the report defaults to the current period. To analyze a previous fiscal year, users must change the current period to an open year but cannot access closed years. To enable more flexibility, users can create a custom financial statement by clicking the save button while viewing the report, renaming it (e.g., "My Income 12 Period"), which allows it to appear in the report list, providing greater access to financial data.

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How do you correct an accounting error?

Accountants must make correcting entries when they find errors. There are two ways to make correcting entries: reverse the incorrect entry and then use a second journal entry to record the transaction correctly, or make a single journal entry that, when combined with the original but incorrect entry, fixes the error.

How do you know if an income statement is correct?

If youre asked to review an income statement and youre not sure where to start, here are a few things to do: Check all the math. Find the bottom line. Look at the sources of income. Look at the expense categories. Now look at the amounts: What are the biggest expenses? Compare year-over-year numbers.

What happens if the income statement is wrong?

An inaccurate income statement also flows through to your companys balance sheet. Errors in depreciation expenses leads to an improper valuation of your companys plant and equipment. In addition, cash on the balance sheet does not actually reflect the correct amount of cash the company generated from the period.

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 alternative format of income statement?

An alternative format is the contribution margin income statement, in which variable expenses are aggregated into what would have been the cost of goods sold block in a traditional income statement.

How do you show 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 correct errors on an income statement?

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.

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.

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Remove Alternative Choice in the 12 Month Income Statement