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Level 3

Why are my "Net Operating Income" and "Net Income" the same in my Profit & Loss Report?

 
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Best answer January 24, 2019

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Moderator

Why are my "Net Operating Income" and "Net Income" the same in my Profit & Loss Report?

Good day, @emilee!

 

I'm here to provide you insights about your Profit and Loss report.

 

The Net Operating Income is your revenue through daily sales of operating your business. While the Net Income is your clean income. It means your total income with taxes already deducted.

 

Once your corporate taxes are recorded and settled, your net income will reduce.

 

I suggest contacting your accountant to discuss more about your accounting books and your Profit and Loss report.

 

Feel free to leave a comment below if you have any other questions. We're always here to help.

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5 Comments 5
Highlighted
Moderator

Why are my "Net Operating Income" and "Net Income" the same in my Profit & Loss Report?

Good day, @emilee!

 

I'm here to provide you insights about your Profit and Loss report.

 

The Net Operating Income is your revenue through daily sales of operating your business. While the Net Income is your clean income. It means your total income with taxes already deducted.

 

Once your corporate taxes are recorded and settled, your net income will reduce.

 

I suggest contacting your accountant to discuss more about your accounting books and your Profit and Loss report.

 

Feel free to leave a comment below if you have any other questions. We're always here to help.

View solution in original post

Highlighted
Level 3

Why are my "Net Operating Income" and "Net Income" the same in my Profit & Loss Report?

@JonpriL, thank you!

Highlighted
Moderator

Why are my "Net Operating Income" and "Net Income" the same in my Profit & Loss Report?

You're welcome @emilee!

 

Please let me know if you have any other questions. I'm just a post away if you need a hand.

Highlighted
Level 3

Why are my "Net Operating Income" and "Net Income" the same in my Profit & Loss Report?

Can the P&L statement in Quickbooks Online be set up to calculate Net Income Before Tax (NIBT), then have a section for Income Tax accounts, then calculate Net Income After Tax (NIAT)?  This is pretty basic and should be available, but I don't see an Account Type or other means that would suggest it could be done.

Highlighted
Moderator

Why are my "Net Operating Income" and "Net Income" the same in my Profit & Loss Report?

Good day, TMiller.

Allow me to share some insights about the Profit and Loss report in QuickBooks Online.

 

Setting up the QuickBooks Online Profit and Loss report to calculate the Net Income Before and After Tax and a section for Tax Accounts isn't currently unavailable.

 

To customize your Profit and Loss report, you can check out this recommended article: How to customize your Profit and Loss report.

 

I've already taken note of your suggestion and will inform you whenever we have this option available for our users. Additionally, I'd encourage to visit our QuickBooks Blog to be updated with our latest news and updates including product improvements.
Check out this link: https://quickbooks.intuit.com/blog/.
 

As always, you can reach out to our QuickBooks Online Support for future help.

 

  1. Sign in to your QuickBooks Online Company.
  2. Click (?) Help at the upper right corner.
  3. Select Contact US on the pop-up.
  4. Enter a brief description of your concern then hit Continue.
  5. Click Get a callback.
  6. Enter your contact information.
  7. Select Call me.

Should you need more information about the Profit and Loss report in QuickBooks Online, please let me know. Have a good one.

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