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At the absolute minimum the rates should be set in place once an invoice has been processed for a project. People commonly work on a project where their internal annual / hourly pay rate increases during the period of the project & therefore the cost of the project increases from THAT point, not back for the entire project, especially where a project is a long or ongoing project. How was this not included in the original outline of the module or at least added since, as Projects has been around for quite some time now.

I can't believe this is still not fixed. What kind of accounting software doesn't lock historic values? It makes the entire concept of Project costing completely useless!

As everyone else has commented this is a critical feature for any user who needs to track time and costs on a project. To not be able to "time stamp" records with the cost rate at that time is a fundamental flaw for any service organisations wishing to use a Project module. Any profitability reporting will be nonsense.

If Xero wish the Project module to be taken seriously this needs fixing as a an absolute priority!

This is a vital capability to improve the projects system which is already lacking a tremendous amount of basic capabilities that we shouldn't have to request.
Projects in its current format leads to businesses having to source and pay for external software and we have found often leads them wanting to opt for competitor accounting packages like sage or QBO.

This is a huge issue. We have projects that span several years and every time pay rates increase, this causes an issue with calculating profitability of projects. It makes the project reports redundant because you can't get an accurate report on the profitability of the project.

Since I submitted this point months ago, still nothing has been done. Xero could you please pay some attention to this. It massively impacts our project costing as some span a period of several years with pay rates changing during this time.

Totaly agree with the earlier comments - has a massive impact on the ability to use Xero for project tracking. You need to resolve this urgently.

Me too, I first reported this in October 2023 and still nothing's been resolved. We need this asap.

This is a blocker for business development. We need this ASAP.

THIS IS A HUGE ISSUE FOR US.

There are several issues with Xero and this is one of the main ones that is making us reconsider Xero as a whole. We cannot run our projects through Xero simply because the historical information is changed once the rates are updated. For example, an apprentice of lets say £6/hr has increased to £15/hr, this is a massive increase on all previous projects, it changes the cost by thousands and is no longer accurate. If we leave the costs as they were originally put in then the new projects information will be wrong, if we update the costs to make the current information right then the historical information is all wrong. It's a lose lose situation!

We are trialling Xero projects currently, unfortunately this will be a deal breaker to continue using the system long term as it means we can't run our projects through it accurately enought to keep track of profitability and work in progress over a financial year.

This is one of the reasons we can't currently use Xero and we're postponing our change over from Quickbooks.