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For small businesses: Accounting features

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Projects - Ability to add a budget that integrates with the overall budget

  • Create a budget for each project and then integrate the budgets to the company's overall budget.
  • Provide variance report for each project
  • Provide variance report for all the projects together
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Sherry Chua shared this idea  ·   ·  Report…  ·  Admin →
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  • Richard Kapelko commented  ·   ·  Report

    Has anyone found a solution to this yet using a plugin or anything else?

    I need to have the following:

    1) Sales Create Budget using specific Project only cost codes we always spend on.
    2) Project Manager Creates a Forecast against each of these cost codes.
    3) End of Project we can evaluate Projects performance

  • James Smith commented  ·   ·  Report

    Ridiculous that this isn't already a feature. As with multiple currency paid extra, the benefits the project paid extra are currently very limited.

  • kirsten Reid commented  ·   ·  Report

    Users: Please also vote for this Idea below to make changes happen! Many thanks

    Reporting - Budgets by tracking category to integrate with master overall budget

  • Ricky Singh commented  ·   ·  Report

    I think it is absolutely critical that if Xero has a Projects module that there be a way to check actuals vs budget for each project. This will allow the business to better understand:
    - their results
    - their budget accuracy (and improvements required to that process)
    - red flags for any problem areas (potential discussions with a client)

    Futher, having budgets the system would allow for:
    - quicker, more accurate reporting
    - smoother budget adjustment process (ensuring the budget is always up to date)
    - an ability to upload the budget via upload form - resulting in less manual updates, less errors, more accurate budget

    This idea was shared in January 2023 - is there an update from Xero as to when this might be rolled out?

  • Simon Fyall commented  ·   ·  Report

    I think it's essential to have the ability to build project budgets that are tracking costs within Xero vs using 3rd party apps that don't communicate properly.

    How soon could Xero add a function like this? It seems the tools are there as you can build a budget with categories and reporting just not for each project.