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Replace Phone Field from the 12 Month Income Statement

Replace Phone Field from the 12 Month Income Statement

Aug 6th, 2022

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How to Replace Phone Field from 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 provides a monthly breakdown of the current fiscal year. The report displays periods 1 through 12, but initially, there's no option to select a date range, limiting users to the current period. Users can switch to earlier open years by changing the current period but cannot access closed years. However, by saving the report with a new name, it becomes a custom financial statement, allowing for increased flexibility. This process enables users to modify and access previous fiscal data effectively.

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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?

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.

Does telephone expense go on the income statement?

Answer: The telephone expense is reported on the income statement being an expense. The statement of profit and loss considers all the income and expenses incurred during the year to determine the net income earned during the year.

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.

Where does a telephone go on the balance sheet?

Electricity expense and Telephone expense are recorded as General Administration Expenses in Income Statement as they are expenses. While Electricity Payable and Telephone Payable need to be recorded in Current Liability section in Statement of Financial Position/ Balance Sheet.

What type of expense is telephone?

Communications: This is a broad category that could encompass all expenses related to communication, including telephone, internet, and postage.

Where does telephone expense go on balance sheet?

These expenses include telephone expenses, transportation expenses, utility expense. These are included as operating expenses in the Companys income sheet.

How do you record telephone expenses in accounting?

The journal entry for the telephone bill is that the telephone bill is debited and the cash is credited. The telephone expense is the nominal account and so it recorded in the income statement of the organization.

What expenses are reported on the income statement?

The components of the income statement include: revenue; cost of sales; sales, general, and administrative expenses; other operating expenses; non-operating income and expenses; gains and losses; non-recurring items; net income; and EPS.

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