Projects - Transfer funds from one Project to another
Right now there’s no functionality in Xero Projects to transfer or "reallocate" funds from one Project to another.
As a charity, from time-to-time we need to reallocate funds from one project to another (for example if we have not received enough money to complete a particular project we reallocate the funds assigned to that project to a similar one to honor our donor's preferences).
I have tried looking in Manual Journals but there is no option there either. The only option I can find is to locate each invoice or "receive money" and change the project allocation. This is tedious as each project has many donors.
As a solution, I suggest that "Projects" be added to the Manual Journals, which would allow such transfers to be made (like transferring between tracking categories but for Projects).
Another option is to have a "transfer" or "reassign" button in each "project" that will transfer funds directly from one project to another. For example, transfer from X Project to Y project.
A solution to the absense of this feature will be a huge help for all NFP and charity Xero clients and be beneficial for other clients who may have multiple projects for a single customer (i.e. to transfer any surplus funds from a completed project to a new or different project).
Brett Letcher
shared this idea
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Freya Pieroz
commented
@Haider Ali that works, except if the number of units is important; Xero will let negative values/unit prices be assigned to projects, but not negative units. I.e. you can assign 1 x -$100 but not -1 x $100. For one of my clients, the number of hours worked and therefore on-billed is essential to track, and so I track that external to Xero when I would much rather do it solely within the accounting program.
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Haider Ali
commented
Have you tried using a Bill or Invoice as a substitute for manual journal.
You can create a bill (or invoice if dealing with receipts) with two lines posted to same nominal code, with same net and tax amounts, one with positive amount and the other with negative amount, and assigned each line to to different projects (make sure you select project name, not customer name).
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Dee Cuzner
commented
I'm having the same issue, I need to cross charge when 1 department does work for another. I moved from Sage in 2017 and they had it on their project system back then so you'd think it would be an easy solve
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Sue Miller
commented
I am currently trying to sort this issue out too, has a solution been found?