Replace Circle in the 12 Month Income Statement and eSign it in minutes

Aug 6th, 2022
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How to Replace Circle in the 12 Month Income Statement

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included in the standard financial statements with sage 50 is this report called the standard income 12 period its a very handy report because it breaks down your current fiscal year by month so you can see here weve got period 1 through period 12. but if you go to the options youll see that there is no place where you can choose a date range that means you can only run it for whatever your current period is you could change your your current period back to something in the first of your two open years and run it for that year but theres no way that you can run it for a closed year however with one simple change we can we can turn that functionality on while youre viewing the report you just click the save button and give this a new name so it becomes a custom financial statement well just call it my income 12 period you can see the report name changed up there and also if you go back to the list it now shows in the list there now when youre on the report or if you were to click

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Recasting is the accepted accounting principle of removing or adjusting items on your financial statements that are unrelated to the ongoing business. You have probably worked hard over the years with your accountants to under-report your earnings for tax purposes. This is perfectly legal and acceptable.
The year-end income statement, also known as the profit and loss statement, shows the companys sales revenues, other financial gains, any financial losses, and expenses for the period of 12 months. This provides a holistic view of the companys financial health.
Adjust the business liquid assets such as cash and short-term investments, to the level required to operate the business. Eliminate excess cash from the balance sheet. Account for the additional cash needed if it is below the required levels. Adjust Accounts Receivable for uncollectible amounts.
An earnings recast is when a company amends and re-releases an earnings statement that has already been made public, due to needing to correct or update the statement.
Recasting, or financial statement adjusting, eliminates from the historical financial presentation items that are unrelated to the ongoing business, such as superfluous, excessive, or discretionary expenses, and nonrecurring revenues and expenses.
The primary reason you will want to recast your financials is planning to sell your business. Recasting your financials will help you show buyers the true profit youre making from your company. In all cases, the goal of recasting your financials is to get a normalized look at the businesss performance.
Calculate the effect of the error. Go to the financial statements for the accounting period in which the error occurred. Correct the error in the financial statements for the period that saw the error. Adjust the statements for the next period to account for the corrections.
LTM (Last Twelve Months), also sometimes known as the trailing or rolling twelve months, is a time frame frequently used in connection with financial ratios, such as revenues or return on equity (ROE), to evaluate a companys performance during the immediately preceding 12-month time period.

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