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Create a Budget Modification

Objective

To transfer money from one line item on a (locked) budget to another without using a Prime Contract Change Order. 

Background

The budget modification feature is designed to provide project manager's with the ability to accurately adjust a project's current budget. With this feature, you can create modifications that transfer allocated funds between budget line items, which provides you with the flexibility to accurately adjust the budget as allocation amounts change over the course of a construction project. 
Note: If your company has enabled the company's ERP Integrations tool, see Can budget modifications from Procore be exported to an integrated ERP system?

Things to Consider

  • Required User Permission:
    • To create a budget modification, 'Standard' level permission or higher on the project's Budget tool.
    • To configure the Budget tool, 'Admin' level permission on the project's Budget tool. 
  • Prerequisites:
  • Limitations:
    • By default, the Budget tool supports modifications that transfer amounts from one (1) budget line to another, which results in a "net zero" transaction and updates the Original Budget and Budget Modification amounts.
      (Note: If you want your project's budget to perform addition/subtraction to increase/decrease its totals, a user with 'Admin' level permission to the Budget tool can click the Configure Settings  icon and then place a checkmark in the 'Allow Budget Modifications Which Modify Grand Total' box). 
    • Budget modifications may not be visible to your client.
    • If you added a budget line item for $0 after locking the budget, you will not be permitted to delete that budget line item should it be associated with a budget modification.
  • Additional Information:
  • If your company has enabled the ERP Integrations tool:

Steps

  1. Navigate to the project's Budget tool.  
  2. Determine where you're going to make your budget modification. Be sure to take notice of the specific Cost Codes and Categories of the affected line items. (e.g. 02-900; M)


     
  3. Click the Create Budget Modification button.  (The button will not be visible if the budget is not locked or you do not have at least 'Standard' level user permissions.)
  4. Specify how you're going to reallocate/transfer the amount. In the example below, we're transferring $2000.00 to a line item that belongs to a different cost code division.


     
  5. Click Create.
  6. Changes are highlighted under the "Budget Modifications" column. Related sub-totals will also reflect the changes accordingly. Subtracted amounts are enclosed in parentheses. (e.g. ($2,000.00)) Results from Example 1 are shown below.


     
  7. Remember, you can view the "Budget Modifications" report to view a detailed record of all changes including the name of the person who made the change, as well as a timestamp. (A link to the report can be found in the right pane under the Budget tab.)

Next Step 

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Last modified
15:43, 20 Jun 2017

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