Easily Remove Smart Field from the 12 Month Income Statement

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How to Remove Smart Field from the 12 Month Income Statement

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The video tutorial discusses the "Standard Income 12 Period" report included in the Sage 50 financial statements. This report provides a monthly breakdown of the current fiscal year from period 1 to period 12, but it lacks an option to select a date range, limiting users to only the current period. Users can change the current period to a previous open year, but cannot access closed years. However, they can enable additional functionality by saving the report under a new name to create a custom financial statement. This process allows them to view the report as "My Income 12 Period," thereby enhancing their reporting options.

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How do you record discontinued operations?

The discontinued operations section must report on the income and gain/loss of the discontinued component, net of income tax. The assets and liabilities of discontinued operations must be classified as held-for-sale when it meets the criteria and must be classified as current assets in the balance sheet.

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.

Which of the following is an example of discontinued operations reported in a companys income statement?

Examples of discontinued operations could include: Closure of unprofitable division. Redundancy due to merger. Sale of a product line.

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.

How should a discontinued operation be presented in the financial statements?

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 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 report 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.

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Remove Smart Field from the 12 Month Income Statement