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Remove Date Field from the 12 Month Income Statement

Remove Date Field from the 12 Month Income Statement

Aug 6th, 2022

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How to Remove Date Field 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, showing periods 1 through 12. However, there is no option to set a specific date range, limiting users to the current period. Users can change the current period to a prior year, but cannot access closed years directly. To enable functionality for viewing closed years, users can save the report with a new name, effectively creating a custom financial statement. By clicking the save button and renaming it (e.g., "My Income 12 Period"), the report becomes accessible in the list of reports, allowing for further customization.

Got questions?

Here 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 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 is year to date on income statement?

Year-to-date refers to the cumulative balance appearing in an income statement account for the current year, through the end of the most recent reporting period. Thus, for financial statements using the calendar year, the concept refers to the period between January 1 and the current date.

Why income statement is dated for a period of time?

Income statements covering longer periods such as a year provide information about how business expenses and revenue balance out over time. For this reason, banks usually ask for longer-term statements, often requiring a series of annual documents showing business activity over multiple years.

How do you format dates on an income statement?

The income statement covers the entire period, whether that is a month, a quarter or a year. Therefore, when completing the income statement, the date in the heading should be For the (month/quarter/year) ended (date).

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