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Remove US Currency Field to the 12 Month Income Statement

Remove US Currency Field to the 12 Month Income Statement

Aug 6th, 2022

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How to Remove US Currency Field to the 12 Month Income Statement

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The standard financial statements in Sage 50 include a report called the Standard Income 12 Period, which breaks down the current fiscal year by month from period 1 to 12. However, it lacks the option to select a date range, limiting users to only view the current period. Users can change the current period to a prior year to view that year's data, but not for closed years. To enable this functionality, users can click the save button while viewing the report and rename it, creating a custom financial statement (e.g., "My Income 12 Period"). This new name will appear in the report list, allowing for enhanced access to the customized report.

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 is the FX loss on the income statement?

An FX gain/loss is the change in the value of foreign exchange-denominated transaction as reflected in the income statement. A sales transaction creates an FX gain (loss) when the foreign currency appreciates (depreciates) against the home currency of the company.

Where does foreign exchange loss go on income statement?

The unrealized gains or losses are recorded in the balance sheet under the owners equity section.

How do you change the reporting currency?

If transactions have been posted in the legal entity, the only way to change or add accounting and reporting currencies is to create a new legal entity that has the correct currencies.

Is foreign exchange loss an expense?

Any capital losses arising out of foreign exchange transactions are non-deductible as they are capital in nature. Foreign exchange differences arising out of transactions that are revenue in nature may be realised or unrealised.

Where does foreign currency translation go on income statement?

The change in foreign currency translation is a component of accumulated other comprehensive income, presented in a companys consolidated statements of shareholders equity and carried over to the consolidated balance sheet under shareholders equity.

Do income statements need dollar signs?

Amounts at the top of each column should have dollar signs. When amounts are added or subtracted, single underscores should be drawn. Totals should be double-underscored and have dollar signs. Do not include commas or decimal points for amounts when using accounting paper.

How do you record foreign exchange losses?

To record the foreign exchange transaction loss, the company would debit cash for $95, debit foreign exchange loss for $5 (expense), and then credit accounts receivable for $100.

Where are foreign currency adjustments on financial statements?

Adjustment of Foreign Currency Translation This CTA is shown under the translated balance sheets comprehensive income section (part of shareholders equity), which compiles all the gains or losses arising from exchange rate fluctuations.

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