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  3. Can revenues from one project be shared with another project?

Can revenues from one project be shared with another project?

Specific transfers where there is sharing of specific revenues are done using 1 of 2 methods depending on whether or not the sharing department is in the same Department.

Same Department
Entry is input using a Journal Entry using a source code of O60. Account number will stay the same.

For example:
Department A deposits check received, booking it to 40791, miscellaneous receipts. Research determines that one-half of the revenue belongs to Project B, so needs to transfer half to Project B.

Project A40791500.00
Project B40791-500.00

Different Department
Entry is input using the IDT System. Using transaction type IDJ, Project B would “charge” Project A $500 and use account 40791 for both the Biller and Payer sides of the transaction.

Read more:

Journal Entry Manual

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Updated on June 29, 2022

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