Easily Remove Fileds into the 12 Month Income Statement

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How to Remove Fileds into the 12 Month Income Statement

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The standard income 12-period report in Sage 50 is valuable as it breaks down the current fiscal year by month (periods 1-12). However, it lacks an option to select a custom date range, limiting reports to the current period. While you can't run the report for a closed year, you can modify this functionality. By saving the report with a new name while viewing it, you create a custom financial statement (e.g., "my income 12 period"). This allows you to access the renamed report in the list, providing more flexibility in your financial analysis.

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What information can we get from an income statement?

The income statement shows a companys expense, income, gains, and losses, which can be put into a mathematical equation to arrive at the net profit or loss for that time period. This information helps you make timely decisions to make sure that your business is on a good financial footing.

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.

How do you break down an income statement?

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.

What information can be extracted from the income statement?

Also known as profit and loss (PL) statements, income statements summarize all income and expenses over a given period, including the cumulative impact of revenue, gain, expense, and loss transactions.

What information can we get from an income statement or statement of comprehensive income?

A statement of comprehensive income, which covers the same time period as the income statement, reflects net income as well as other comprehensive income, the latter being unrealized gains and losses on assets that arent shown on the income statement.

How are discontinuing operations to be reported on an income statement?

Discontinued operations is an accounting term for parts of a firms operations that have been divested or shut down. They are reported on the income statement as a separate entry from continuing operations.

What information can be extracted from the income statement and how such information helps you in financial management?

Financial analysis of an income statement can reveal that the costs of goods sold are falling, or that sales have been improving, while return on equity is rising. Income statements are also carefully reviewed when a business wants to cut spending or determine strategies for growth.

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Remove Fileds into the 12 Month Income Statement