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Replace Fileds to the 12 Month Income Statement

Replace Fileds to the 12 Month Income Statement

Aug 6th, 2022

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How to Replace Fileds to 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 effectively breaks down the current fiscal year by month, displaying periods 1 through 12. However, the options don't allow for selecting a date range, limiting the report to the current period. Users can revert to an earlier open period to run the report for that year, but not for a closed year. To enable this functionality, you can create a custom financial statement by clicking the save button while viewing the report, renaming it (e.g., "my income 12 period"), and it will appear in the report list with the new name.

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.

What is a 12-month period for which financial statements are prepared?

Financial statements are prepared at regular intervals usually monthly or quarterly and at the end of each 12-month period. This 12-month period is called the fiscal year. The timing of the financial statements is determined by the needs of management and other users of the financial statements.

How do you find the missing elements of an income statement?

If the income statement includes subtotals like Total expenses, for example, the easiest method is to use the subtotal number where our missing account is and subtract out the other accounts from that section. The answer to that subtraction problem is the value of the missing income statement account.

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.

What are other terms for financial statement?

Balance Sheet (also known as statement of financial condition or statement of financial position): An itemized financial statement that lists assets, liabilities, and equity.

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.

What is another name for the income statement in Quickbooks?

The income statement, also called the profit and loss statement, is used to calculate profits by comparing revenue to expenses. It compares your income to your expenses and shows you the amount of profit or loss over a specified amount of time.

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