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50 votes
Hi team, thanks for your engagement and support on this idea. We appreciate the need to have account codes allocated to projects. We will open this idea up for the community to add their votes/support on it. Feel free to share this with your peers and others who may find this feature beneficial. Cheers!
Lucy Edmonds
supported this idea
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51 votesLucy Edmonds
supported this idea
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![VitoEnergy Ltd - Cost of Sales Summary[18].xls](https://assets.uvcdn.com/pkg/icons/files/default-sm-0cef6018a827be3ab2ea6d3f2f15c8f8aec45cbb4e04b84be42d172e9a83870b.png){kind=icon}
We use Xero Projects to manage work in progress (WIP) for our clients. At present, there is no report that shows project expenses broken down by the nominal account (general ledger account) they have ultimately been allocated to.
Description of the problem
Preparing our management accounts currently involves a significant amount of manual work. For each reporting period, I have to spend around three hours manually reconciling reports by:
Running an account transactions report for our WIP account.
Going through each individual project to identify which expenses relate to that project.
Determining which expense account each cost should ultimately be transferred to.
Manually reconciling multiple reports to calculate the correct WIP balance.
This process is time-consuming and increases the risk of manual error.
How we would use this feature
We would like a report that lists project expenses by both project and general ledger account code.
This would allow us to:
See the total costs incurred on each project.
Identify which nominal account each expense belongs to.
Calculate the true work in progress balance for each project.
Produce more accurate monthly management accounts without relying on manual reconciliations.
Impact on our business
A report with this functionality would provide significant time savings by removing around three hours of manual reconciliation each reporting period.
It would also improve the accuracy of our financial reporting by reducing manual intervention and ensuring that work in progress is allocated correctly between the balance sheet and profit and loss account. This would enable us to produce more reliable management accounts and make the month-end process considerably more efficient.