Why does QBO's "Statement of changes in equity" doesn't include net income?
Rian - I have never looked at this report but expect it would include Retained Earnings, which is where Net Income goes on the Balance Sheet after year end.
Hello there, Rian S.
The net income information is displayed in the Balance Sheet information. Since this report shows a yearly net income, you'll have to reconcile your transactions every month. Then, run a Balance Sheet report. Please make sure to customize the Report period to see the net income on a monthly basis.
Please get back to me if you need anything else. Have a good one!
Hi Rian - I have done accounting for over 30 years with 80 companies and never once looked at that report so I can tell you that it is not one typically one of the reports used monthly, maybe annually. Depending on what you are interested in tracking, there may be better reports to review monthly.
Many thanks for your response. Yes, I noticed to the Balance Sheet (BS) statement, but aside from the BS I'm required to present the "Statement of changes in equity" in monthly basis to the stakeholders along with the "Cashflow Statement" which apparently doesn't recognize any BS accounts that I've added under QBO's indirect method "Cashflow Statement" preparation.
QBO is a powerful accounting system, however, it would be great if QBO can address some issues in its "Statement of changes in equity" and "Cashflow Statement" mentioned above.