Balance Sheet Net Income Formulas
There are two different ways to get the income to date, for the Balance Sheet.
The easiest way is by using the 'Assign Trial Balance Accounts To Line' option under the 'Statement Maintenance' drop down menu. From this page you can assign the 'NetIncome' account to the appropriate statement line. This account can by found at the bottom of the account listings. Before using this account, it is suggested that you verify that it is in agreement with QuickBooks. Depending on the setup of the Chart of Accounts in QuickBooks, this account can be incorrect. Click here for more information on assigning accounts.
Another option is to back into it from the total assets line, less all of the other liability and equity totals. Of course you will still need to check the number against the total PL to make sure it is correct. Since it is a ‘Plugged’ number, the balance sheet will always balance. If you have a large chart of account adding each income and expense line can be tedious and slow, although it should work. Click here for more information on adding formulas.
You could also assign all of the income and expense account to the 'Current Income' line on the Balance Sheet. If you have a large chart of account adding each income and expense line can be tedious and slow, although it should work. This method is not recommended.