Wondering if there’s a formal way to transfer cost from one job to another? We have a subcontractor that is adding $100K to one project and deducting $100K from another. wondering the best way to do that.
Best answer by greghall01
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Hi Katie - We would probably issue a deduct CO to the sub on one job and issue an add CO on the other job. We would also enter a budget adjustment on each job for their particular budget line (I’m not sure where you would put the other half of the budget change...we tend to use a Contingency cost code for these changes). We would next create an invoice and credit memo for the sub (unless the sub is issuing you an invoice for one job and a credit memo for the other job) and enter those into AP against their subcontracts. I believe that would get everything entered appropriately. Thanks, Greg
+18
Hello @katiedavison,
You mention transferring cost. Are the budgets for the two jobs changing? Or did a subcontract vendor invoice you for the incorrect job? Is the AP Bill already paid (correctly compensating the vendor)?
If the AP is correct (GL is correct too) and the project budgets are correct, and it’s only the COST that needs to be moved from one project to another, you can use Project Transactions screen with a negative entry to the first (incorrect job) and a positive entry to the proper job where the cost belonged. In this case, leave debit and credit account/subaccounts blank on the 2-line Project Transaction. Entering a negative to incorrect job and positive to correct job will move the cost to the correct project in Projects module with no impact on AP, vendor, or GL.
Userlevel 6
+2
Adding to what
Based on your situation, AP Bill Correction, Subcontract Document Revisions, Project Budget Adjustments, Change Order Audit, etc. there are several options available, as you can see within our answers. If you have a different scenario, let us know and we’ll be happy to walk through additional details.
Thank You.
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