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How can I handle CM fees in Portfolio Financials?

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 Note
This information is intended for accounts with Portfolio Financials product in Procore. Please reach out to your Procore point of contact for more information. 

Answer

To add a CM fee to a project, you will need to log it as a cost item in the Cost Tracker. Follow the steps below:

  1. Navigate to the Cost Tracker for the project.
  2. Click Add New Cost Item and enter a name such as 'CM fee'. 
    Note: We recommend being consistent in the naming of CM Fees across your projects for the best possible reporting.

    cm-fee-cost-tracker.png
     
  3. Click the arrow icon-circle-arrow-pfcp.png icon next to the cost item and select Add Contract.
  4. On the contract setup page:
    • Enter $0 as the Total Contract Value.
    • Click the toggle under Cost Breakdown to the OFF position.
    • Select a vendor in the Vendor field.

      contract-overview.png
       
  5. Click Continue. 
  6. In the Contract Room, you will add the CM fee as a change order. See Add a Change Order in Portfolio Financials. If you know the CM fee amount ahead of time, you can add it as one change order. Otherwise, you can continue to add change orders to the CM fee total in increments.