Easily Replace Selected Option to the 12 Month Income Statement

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How to Replace Selected Option to 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 periods 1 through 12. However, it doesn't allow users to select a custom date range and can only run for the current period. Users can change the current period to run it for a prior open year, but closed years cannot be accessed directly. To enable additional functionality, users can save the report under a new name, creating a custom financial statement. This new report will then appear in the report list, allowing for better flexibility in viewing financial data.

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Which is more important income statement or cash flow statement?

Types of Financial Statements: Income Statement. Typically considered the most important of the financial statements, an income statement shows how much money a company made and spent over a specific period of time.

What does it mean to recast an income statement?

Recasting is the accepted accounting principle of removing or adjusting items on your financial statements that are unrelated to the ongoing business. You have probably worked hard over the years with your accountants to under-report your earnings for tax purposes. This is perfectly legal and acceptable.

Does the statement of cash flows replace the income statement?

The cash flow statement cannot exist without the income statement, as it begins with the net income or loss derived from the income statement, and goes onto show how well a company manages its cash position.

What is the difference between cash flow balance sheet and income statement?

Balance sheets show what a company owns and what it owes at a fixed point in time. Income statements show how much money a company made and spent over a period of time. Cash flow statements show the exchange of money between a company and the outside world also over a period of time.

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 is a substitute for income statement?

Cash flow is a substitute for income statement.

Can cash flow statement be a substitute of income statement?

It can not be substituted for Income Statement because Income statement includes both cash as well as non-cash transaction (such as Depreciation) and gives the balancing figure as Net Profit or Net Loss, without which Cash Flow statement can not be prepared.

Is statement of cash flows the same as income statement?

A cash flow statement sets out a businesss cash flows from its operating activities, its financing activities, and its investment activities. An income statement provides users with a businesss revenues and gains, as well as expenses and losses, over a specific period of time.

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Replace Selected Option to the 12 Month Income Statement