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Replace Date from the 12 Month Income Statement

Replace Date from the 12 Month Income Statement

Aug 6th, 2022

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How to Replace Date from the 12 Month Income Statement

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The "Standard Income 12 Period" report in Sage 50 provides a month-by-month breakdown of the current fiscal year. However, it lacks the option to select a custom date range, limiting it to the current period. Users can adjust the current period to a prior year, but cannot run reports for closed years. To enable this functionality, users can create a custom financial statement by clicking the save button and renaming the report, transforming it into a personalized version. This new report will then appear in the report list, allowing for greater flexibility in financial analysis.

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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.

How does the date on the income statement differ from the date on the balance sheet?

A good financial manager looks at both the income statement and the balance sheet. Your income statement reports the income and expenses for a specific period of time (i.e. a month, a quarter, or a year), whereas the balance sheet lists your companys assets and liabilities at a specific date.

What time period does an income statement cover?

The statement can cover any period of time, although its most commonly prepared at the end of a month, a quarter, or a year. An income statement summarizes all the activity recorded in your income and expenses accounts over the specified time.

What is the correct way to date an income statement?

The income statement covers the entire period, whether that is a month, a quarter or a year. Therefore, when completing the income statement, the date in the heading should be For the (month/quarter/year) ended (date).

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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