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Replace Mandatory Field from the 12 Month Income Statement

Replace Mandatory Field from the 12 Month Income Statement

Aug 6th, 2022

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How to Replace Mandatory Field from the 12 Month Income Statement

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The "Standard Income 12 Period" report in Sage 50 breaks down the current fiscal year by month from period 1 to 12. However, there is no option to select a date range, limiting the report to the current period. While users can change their current period to run reports for prior open years, closed years remain inaccessible. To enable this functionality, you can save the report under a new name, creating a custom financial statement. This process allows you to access the modified report, which is then listed among your saved 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.

What is a 12 month 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 happens to the income statement accounts at the end of the year?

A closing entry is a journal entry made at the end of the accounting period. It involves shifting data from temporary accounts on the income statement to permanent accounts on the balance sheet. All income statement balances are eventually transferred to retained earnings.

Is income statement prepared at the end of the year?

An income statement is a financial report detailing a companys income and expenses over a reporting period. It can also be referred to as a profit and loss (PL) statement and is typically prepared quarterly or annually.

What happens to the income statement at the end of the year?

Generally, a Company is required to prepare its financial statements within 18 months from the date of its incorporation and subsequently 6 months of its financial year.

What is done at the end of the year for accounting statements?

Also known as closing the books, year-end closing is the process of reviewing, reconciling, and verifying that all financial transactions and aspects of the company ledgers from the past fiscal year add up. This involves calculating the business expenses, income, revenue, assets, investments, equity, and more.

What happens to income summary accounts at the end of the accounting cycle?

Afterward, the balance in the income summary account is transferred to the retained earnings account if the business is a corporation or to the capital account of the owner for a sole proprietorship.

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