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Replace Date in the 12 Month Income Statement

Replace Date in the 12 Month Income Statement

Aug 6th, 2022

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How to Replace Date 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, displaying data from period 1 to period 12. However, the report lacks the option to select a custom date range, meaning it can only run for the current period. To view a previous fiscal year, users can change the current period to a prior year within the two open years. Additionally, by clicking the save button while viewing the report and renaming it, users can create a custom financial statement. This allows for better accessibility and tracking of financial data across different periods. The custom report will then appear in the list of available reports.

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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.

How do you format dates on 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 the income statement for 12 months?

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.

What is the date on an income statement?

Year-to-date refers to the cumulative balance appearing in an income statement account for the current year, through the end of the most recent reporting period. Thus, for financial statements using the calendar year, the concept refers to the period between January 1 and the current date.

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