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How do contract approvals work 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

After you click Add Contract (shown below), you will be prompted to set up an approval package.

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Steps

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Step 1: Begin Contract Setup

You will need to enter the vendor name and add the Schedule of Values.

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Step 2: Set up the Contract Package

You can choose to add any comments or recommendations in the text box. You will also be able to review the contract proposal against other project costs, as well as attach any supporting files to the approval package.

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Step 3: Review Approvers

The next step is to review the approvers in the queue.

approvers.png

Step 4: Review and Send

At this point, you will review the approval package and initiate the process.

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Note: While individual approvals are pending, the approval workflow sheet shows the following:

pending-approval.png

After all parties have approved, you will be notified to finalize the contract. You will finalize the contract by clicking Finalize Contract Settings. finalize-contract-settings.png

After the contract is finalized, you will be directed to the Contract Room portal—the two-way interface where your vendor will upload invoices and change orders.