Frustrating is it not, such a simple thing, or so you would think. I was using audiobooks and have come back to 'reading' again, I had the same problem with audiobook management.
It does not help when you look for books on the Kobo website that the listings do not always have the series information ie: book 1, book 2, book 3 and so on. I did raise the issue with support but I have no idea if they will update the database.
When I look for books on the Kobo website I have a browser window open for Google and one for Amazon, just so that I can ensure I read book series in the correct order.
I will say that with Calibre you can at least change a books format, I downloaded a fee book from Amazon in the Amazon format then used Calibre to change it to EPUB, probably works for MOBI to.
You wonder how a company such as Kobo can sell books and devices yet get some of the basics wrong, many books are sold in series format but for some reason 'big brother' does not seem to grasp that point.
Maybe one day someone may turn the light on!!!!