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).