cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Community Contributor *

Statement of changes in equity

Why does QBO's "Statement of changes in equity" doesn't include net income?

6 Comments
Established Community Backer ***

Re: Statement of changes in equity

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.

Community Contributor *

Re: Statement of changes in equity

Hi Teri,

 

Thanks for your response. It is only reliable at year ends, but unfortunately not on a monthly basis.  

QuickBooks Team

Re: Statement of changes in equity

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.

 

Here's how:

  1. Go to Reports.
  2. Search for the Balance Sheet report.
  3. Customize the Report period and click Run report.

Please get back to me if you need anything else. Have a good one!

Established Community Backer ***

Re: Statement of changes in equity

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. 

Community Contributor *

Re: Statement of changes in equity

Dear Joyce_P,

 

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.

Community Contributor *

Re: Statement of changes in equity

Hi Teri,

 

You're right. Perhaps it would be better to present it annually. Thanks!