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Remove Alternative Choice into the 12 Month Income Statement

Remove Alternative Choice into the 12 Month Income Statement

Aug 6th, 2022

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How to Remove Alternative Choice into the 12 Month Income Statement

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The "Standard Income 12 Period" report in Sage 50 provides a monthly breakdown of your current fiscal year, displaying periods 1 through 12. However, it only allows reporting for the current period without an option to select a date range for past periods or closed years. To enable this functionality, you can create a custom financial statement by clicking the save button and renaming the report, which allows you to view previous years. Once renamed, the custom report appears in the list, providing you with more flexibility in reporting.

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.

What are alternative terms 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.

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.

What is another name for the income statement in Quickbooks?

The income statement, also called the profit and loss statement, is used to calculate profits by comparing revenue to expenses. It compares your income to your expenses and shows you the amount of profit or loss over a specified amount of time.

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.

What are other terms for financial statement?

Balance Sheet (also known as statement of financial condition or statement of financial position): An itemized financial statement that lists assets, liabilities, and equity.

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.

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