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Replace Alternative Choice in the 12 Month Income Statement

Replace Alternative Choice in the 12 Month Income Statement

Aug 6th, 2022

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How to Replace Alternative Choice in the 12 Month Income Statement

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The "Standard Income 12 Period" report in Sage 50 provides a monthly breakdown of the current fiscal year. However, it lacks an option to select a date range, limiting users to the current period. Users can change the current period to an open year for reporting, but not for closed years. To enable this functionality, users can create a custom financial statement by clicking the save button and renaming the report. This allows the report to be saved and accessed in the report list with the new name, enabling more flexible financial analysis.

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 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.

How does an operating lease affect the income statement?

If you have an operating lease, you record the payments you make to the lessor as a lease expense on the income statement, along with amortization. The CPA Journal notes you report them as one item. Unlike with the old standards, you report the present value of the operating lease on the balance sheet.

Where does OCI go on the financial statements?

Other comprehensive income (OCI) is recorded on the shareholders equity section of the balance sheet and consists of a companys unrealized revenues, expenses, gains, and losses.

How is a finance lease present on the income statement?

Finance lease and operating lease liabilities should be presented separately from each other and from other liabilities on the balance sheet or disclosed in the notes to the financial statements along with the balance sheet line items in which those liabilities are included.

How does ASC 842 affect EBITDA?

ASC 842s Impact on EBITDA The net result will be a slightly lower current ratio (the value of current assets divided by current liabilities). Other ratios affected would include the debt to net worth ratio, funded debt to EBITDA, and debt service coverage.

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.

Does ASC 842 impact the income statement?

How does the new lease accounting standard impact my income statement? Under ASC 842, the impact on a lessees income statement generally will be minimal. The way a lessee accounts for rent expense under the new standard is generally the same as before straight-line over the term of the lease.

Does ASC 842 affect income statement?

Operating leases will be included in a single lease expense included with operating expenses. There is generally no impact on the income statement related to the standard as the expense per lease should remain the same.

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