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Good morning everyone,
Below is the screenshot of the P&L structure, when I pull out the P&L in quickbooks.
As far as I know, the ordinary income is the taxable income and is used for calculating the taxes in tax accounting.
I think that it should be net operating income, not net ordinary income, because this P&L is based on the financial accounting and the expense here also includes non deductible expenses.
And the interesting thing is that when I pull out this report in quickbooks online, the P&L says Net operating income.
Is there anybody who knows the reason why for that?
Thank you and have a good day.
I get your point, @kumi.
I appreciate you for sharing your thoughts and opinion about the term "Net Ordinary income and Net Operating income. I understand how important it is to pull up a report with accurate details.
I'd propose sending your feedback to our Product Developer team. This way, they can review it and consider modifying it in the future updates and steer away other users from any confusion. I'll show you how:
- Go to the Help menu in your QuickBooks Desktop (QBO).
- Select Send Feedback Online.
- Then click Product Suggestion.
- Enter your suggestions and details then click Send Feedback.
Moreover, I'm attaching this link that serves as your guide in supervising your reports efficiently. This provides details on how to modify your report base on the data you need and access it outside QuickBooks: Understand reports.
I'm always here to back you up whenever you need assistance with your reports and QuickBooks. Just leave the details of your concerns and I'll get back to you as soon as I can. Keep safe and have a great day ahead!
