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Remove Option Choice to the 12 Month Income Statement

Remove Option Choice to the 12 Month Income Statement

Aug 6th, 2022

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How to Remove Option Choice to the 12 Month Income Statement

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The "Standard Income 12 Period" report in Sage 50 is valuable for analyzing the current fiscal year by month, displaying periods 1 through 12. However, it does not allow for a customizable date range, limiting users to the current period or requiring a change to an earlier period. To enhance functionality, you can create a custom financial statement by saving the report with a new name (e.g., "My Income 12 Period"). This change makes the report visible in the list of available reports, allowing more flexibility in financial analysis while retaining the original report in the system.

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.

Where are options on financial statements?

In addition to being reported on the income statement, the option grant should also appear on the balance sheet. In our opinion, the cost of options issued represents an increase in shareholders equity at the time of grant and should be reported as paid-in capital.

How do you present discontinued operations on an income statement?

In the period(s) that a discontinued operation is classified as held for sale and for all prior periods presented, the assets and liabilities of the discontinued operation shall be presented separately in the asset and liability sections, respectively, of the statement of financial position.

What is an example of discontinued operations?

Discontinued operations refer to any aspect of a businesss operations that are no longer required or profitable. Examples of discontinued operations could include: Closure of unprofitable division. Redundancy due to merger.

How do you show discontinued operations on an income statement?

Income and expenses related to discontinued operations can be found on line items on a companys income statement, below Continuing Operations Income and above Net Income.

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 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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