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Replace Alternative Choice into the 12 Month Income Statement

Replace Alternative Choice into the 12 Month Income Statement

Aug 6th, 2022

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How to Replace Alternative Choice into 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 presents a monthly breakdown of the current fiscal year across periods 1 to 12. However, there is no option to select a date range, limiting the report to the current period. Users can change the current period back to a previous open year to generate the report for that year, but closed years cannot be accessed directly. To enhance functionality, users can create a custom financial statement by saving the report under a new name, such as "My Income 12 Period," allowing it to be accessed from the report list afterward.

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.

Is OCI part of total comprehensive income?

OCI represents all gains and losses in the current year that were not recorded to the income statement. OCI is part of total comprehensive income, which is net income/loss + other comprehensive income/loss.

Is OCI part of profit and loss?

Generally, income and expenses included in OCI in one period are reclassified into the statement of profit or loss in a future period. This principle should result in the statement of profit or loss providing more relevant information, or a more faithful representation, of the entitys financial performance.

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.

Does ASC 842 change the 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. Therefore, a lessees income statement is not likely to see any docHub impacts.

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.

Is OCI on the cash flow statement?

Translation gains and losses, however, are recognized in other comprehensive income (OCI) and are not included in the cash flows from operating, investing, or financing activities.

Is OCI part of retained earnings?

Answer and Explanation: Retained earnings do not include OCI comprehensive income. Other comprehensive income (OCI) consists of gains or losses that affect only the balance sheet but are not reported in the income statement.

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.

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