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Replace Cross Out Option to the 12 Month Income Statement

Replace Cross Out Option to the 12 Month Income Statement

Aug 6th, 2022

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How to Replace Cross Out Option to the 12 Month Income Statement

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The "Standard Income 12 Period" report in Sage 50 provides a monthly breakdown of your current fiscal year from periods 1 to 12. However, it lacks an option to select a specific date range, meaning you can only run the report for the current period. To view data from a previous year, you can alter the current period back to a prior open year. A solution to generate a custom report is available: while viewing the report, click on the save button and give it a new name, thus allowing you to create a custom financial statement that can be accessed later. The name change will be reflected in both the report and the list of reports.

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.

Can cash flow statement be a substitute of income statement?

It can not be substituted for Income Statement because Income statement includes both cash as well as non-cash transaction (such as Depreciation) and gives the balancing figure as Net Profit or Net Loss, without which Cash Flow statement can not be prepared.

How do you report discontinued operations on an income statement?

Income and expenses related to discontinued operations can be found on line items on a companys income statement, below Continuing Operations Income and above Net Income.

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.

Where do unrealized gains go on the income statement?

Unrealized income or losses are recorded in an account called accumulated other comprehensive income, which is found in the owners equity section of the balance sheet. These represent gains and losses from changes in the value of assets or liabilities that have not yet been settled and recognized.

What is similar to income statement?

An income statement is one of the three important financial statements used for reporting a companys financial performance over a specific accounting period. The other two key statements are the balance sheet and the cash flow statement.

What is a substitute for income statement?

Cash flow is a substitute for income statement.

Which is not a substitute for an income statement?

Cash Flow Statement is not a substitute for income statement as it does not calculate profit earned or loss incurred by the business.

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