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Remove Field Settings in the 12 Month Income Statement

Remove Field Settings in the 12 Month Income Statement

Aug 6th, 2022

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How to Remove Field Settings in 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, it lacks an option to select a custom date range, limiting the report to the current period only. Users can change the current period to a previous open year to view that year's data, but cannot access closed years. To enable this functionality, users can click the save button while viewing the report and rename it, creating a custom financial statement. This action updates the report name and adds it to the report list, allowing users to access it easily.

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.

Which of the following accounts will not appear in the income statement?

Answer and Explanation: The correct option is (d) Dividends Expense.

Do you include adjustments on income statement?

Absolutely. The adjusting entry amounts must be included on the income statement in order to report all revenues earned and all expenses incurred during the accounting period indicated on the income statement.

Do adjusting entries go on the income statement?

Will the adjusting entry amounts appear in the balance sheet and income statement? Absolutely. The adjusting entry amounts must be included on the income statement in order to report all revenues earned and all expenses incurred during the accounting period indicated on the income statement.

What are the 5 adjusting entries?

Adjustments entries fall under five categories: accrued revenues, accrued expenses, unearned revenues, prepaid expenses, and depreciation.

What are the 4 adjustments?

There are four types of account adjustments found in the accounting industry. They are accrued revenues, accrued expenses, deferred revenues and deferred expenses.

What are the adjustments on the income statement?

Income statement accounts that may need to be adjusted include interest expense, insurance expense, depreciation expense, and revenue. The entries are made in ance with the matching principle to match expenses to the related revenue in the same accounting period.

What are the 7 adjusting entries?

They are: Accrued revenues. Accrued revenue is revenue that has been recognized by the business, but the customer has not yet been billed. Accrued expenses. An accrued expense is an expense that has been incurred before it has been paid. Deferred revenues. Prepaid expenses. Depreciation expenses.

What would happen to the balance sheet accounts if the adjusting entries are omitted?

Remember: ADJUSTING ENTRIES AFFECT AT LEAST ONE INCOME STATEMENT ACCOUNT AND ALSO A BALANCE SHEET ACCOUNT. THIS MEANS THAT IF AN ENTRY IS OMITTED, OR DONE IMPROPERLY, ALL OF THE FINANCIAL STATEMENTS ARE AFFECTED.

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