Easily Replace Alternative Choice from the 12 Month Income Statement

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How to Replace Alternative Choice from 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 (Period 1 to Period 12). However, the options available do not allow for a custom date range, restricting users to the current period. Users can change the current period to run reports from a previous open year, but cannot access closed years. To enable this functionality, users can create a custom financial statement by clicking the save button, renaming the report (e.g., "My Income 12 Period"), and this new report will then appear in the report list for future access.

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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 alternative terms for income statement?

The income statement is also known as a profit and loss statement, statement of operation, statement of financial result or income, or earnings statement.

Which format of income statement do you prefer multiple step or single step?

While single-step income statements provide a quick snapshot of a companys revenue and expenses, multi-step income statements provide a more in-depth look, including a breakdown of gross profit, operating income, and net income.

What are the different formats of income statement?

There are two different types of income statement that a company can prepare such as the single-step income statement and the multi-step income statement.

Which income statement format do you choose?

The format you choose depends on the type of business you own and the ultimate purpose of the income statement youre creating. Both single-step and multi-step income statements report on the revenues, expenses and the profit or loss of a business during a specific reporting period.

Are all income statements in the same format?

The format for income statement can be of two types, single-step and multi-step.

Which income statement format do I choose?

The format you choose depends on the type of business you own and the ultimate purpose of the income statement youre creating. Both single-step and multi-step income statements report on the revenues, expenses and the profit or loss of a business during a specific reporting period.

What are the alternate names of financial statements?

An income statementor profit and loss report (PL report), or statement of comprehensive income, or statement of revenue expensereports on a companys income, expenses, and profits over a stated period.

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Replace Alternative Choice from the 12 Month Income Statement