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Replace Payment Field from the 12 Month Income Statement

Replace Payment Field from the 12 Month Income Statement

Aug 6th, 2022

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How to Replace Payment Field 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, displaying periods 1 through 12. However, the default options don’t allow for a date range selection, limiting the report to the current period. Users can change the current period to a prior year, but cannot run the report for closed years. To enable this functionality, users can create a custom financial statement by clicking the save button while viewing the report and naming it (e.g., "my income 12 period"). This action updates the report name and adds it to the report list for future access.

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What is the time period for which financial statements are prepared?

Financial statements must be prepared at the end of the companys tax year, but some companies update them as frequently as each month. A financial statement is made up of four main documents: the income statement, statement of retained earnings, balance sheet, and statement of cash flows.

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 12 month financial period?

A fiscal period or fiscal year is defined as a 12 month period in which a business entity will account for all transactions and happenings dealing with that particular company. The 12 month period does not necessarily coincide with the calendar year or January 1st to December 31st.

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.

What is a 12-month trailing income statement?

Trailing 12-month, or TTM, refers to the past 12 consecutive months of a companys performance data used for reporting financial figures. By consistently evaluating trailing 12-month numbers, company financials can be evaluated both internally and externally without regard for the artificiality of fiscal year-end.

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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