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Remove Mandatory Field in the 12 Month Income Statement

Remove Mandatory Field in the 12 Month Income Statement

Aug 6th, 2022

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How to Remove Mandatory Field in the 12 Month Income Statement

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The "Standard Income 12 Period" report in Sage 50 displays your current fiscal year broken down by month. However, it only allows you to run reports for the current period without an option for a specific date range, meaning closed years cannot be accessed directly. To enable this functionality, you can create a custom financial statement by clicking the save button and giving it a new name, such as "My Income 12 Period." This process changes the report's name and adds it to your report list, allowing you to access it as needed.

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 the requirements for financial statements?

The notes include a summary of docHub accounting policies and other explanatory information. Financial statements need to reflect certain basic features: fair presentation, going concern, accrual basis, materiality and aggregation, and no offsetting.

Is this mandatory rounding off in financial statements?

It is now compulsory to apply rounding off and a company cannot continue to disclose full figures.

Is it mandatory to round off financial statements?

Rounding off Except in the case of the first Financial Statements laid before the Company (after its incorporation) the corresponding amounts (comparatives) for the immediately preceding reporting period for all items shown in the Financial Statements including notes shall also be given.

What two income statement accounts must be eliminated in entry b?

The investment in subsidiary and income from subsidiary accounts must be eliminated each time consolidated financial statements are prepared.

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.

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.

Is it mandatory to prepare financial statements?

Schedule III of the Companies Act, 2013 provides the manner in which every company registered under the Act shall prepare its Statement of Profit and Loss, Balance Sheet and Notes to Accounts or Notes to Financial Statements.

Why are the amounts on the financial statements rounded to thousands or millions?

Rounding the amounts on a companys financial statements means dropping the less important digits in order to emphasize the most important digits. This allows the financial statements to be more attractive and easier to read especially when the amounts for each of two or three years must be shown.

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