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Remove Value Choice in the 12 Month Income Statement

Remove Value Choice in the 12 Month Income Statement

Aug 6th, 2022

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How to Remove Value Choice in the 12 Month Income Statement

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The standard financial statements in Sage 50 include the "Standard Income 12 Period" report, which provides a monthly breakdown of the current fiscal year from periods 1 to 12. However, this report does not allow for date range selection, limiting users to the current period. While you can change the current period to run reports for one of the open years, closed years cannot be accessed. To create a custom financial statement with enhanced functionality, users can click the save button while viewing the report, assign a new name (e.g., "My Income 12 Period"), and this will allow the report to be saved and displayed in the list for future reference.

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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 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.

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.

What are discontinued operations on an income statement?

What Are Discontinued Operations? In financial accounting, discontinued operations refer to parts of a companys core business or product line that have been divested or shut down, and which are reported separately from continuing operations on the income statement.

How do you classify a discontinued operation?

Parts of a companys business or product line will typically be classified as a discontinued operation if they are no longer operational, have been removed from the company, or have been, or will be sold (referred to as being held for sale).

How do you treat discontinued operations on an income statement?

The results of the operations of the discontinued operations must be reported in a separate section in the income statement after the net income from continued operations has been reported. The discontinued operations section must report on the income and gain/loss of the discontinued component, net of income tax.

How do you correct errors in financial statements?

In that case, the error may be corrected in one of two ways: Recording an out-of-period adjustment, with appropriate disclosure, in the current period, if such correction does not create a material misstatement in the current year. Revising the prior period financial statements the next time they are presented.

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