When your company applies the 'Owners English' or 'Specialty Contractors English' point-of-view dictionary, you'll see different tool names and term changes in the user interface. Learn how to apply the dictionary options.
This table shows the differences in tool names (bold) and terms across the point-of-view dictionaries for Project Financials. These dictionaries are available in US English only. The default dictionary is designed for general contractors, which means that you will need to work with your Procore Administrator at your company and your Procore point of contact to access the other dictionary options.
General Contractors English (United States) - Default |
Owners English (Owner Terminology V2) |
Specialty Contractors English (Specialty Contractor Terminology) |
---|---|---|
Invoicing | Invoicing | Progress Billings |
Owner | Funding | Owner |
Owner/Client | Owner/Client | GC/Client |
Prime Contract Change Order | Funding Change Order | Client Contract Change Order |
Prime Contracts | Funding | Client Contracts |
Revenue | Funding | Revenue |
Subcontract | Contract | Subcontract |
Subcontractor | Contractor | Subcontractor |
Subcontractor Schedule of Values (SSOV) | Contractor Schedule of Values (CSOV) | Subcontractor Schedule of Values (SSOV) |
Billing for stored materials is a way to invoice a buyer for part of a contract's value before completing the work. Allowing your subcontractors to bill you for stored materials gives your subcontractors the ability to purchase the materials they need, so they can receive and store those materials on site, so its available when its time to start installing the project work. As work progresses through each billing period, an invoice contact can reduce the value in the 'Stored Materials' column. When the value in the column reaches zero ($0.00) on a subsequent invoice, the materials on the line item are installed and work on the item is complete.
To bill for stored materials in a subcontractor invoice, the invoice administrator must complete these prerequisites at the contract level:
Below are some answers to other common questions about billing for stored materials:
Before creating a subcontractor invoice in Procore, an invoice administrator has the option to mark the 'Enable Billing Separately for Stored Materials' check box setting on the contract. This check box resides on the contract's 'Advanced Settings' tab. It provides the invoice administrator with a way to control how the 'New Materials' column behaves from invoice to invoice. Your invoice contacts do NOT have the ability to change this setting in Procore.
If you are an invoice administrator and have an invoice contact who will be billing your project team separately for stored materials, you will have the option to enable separate billing for stored materials. To enable the setting, place a checkmark in this box. To disable the setting, remove the checkmark. By default, this setting is turned ON.
When turned ON, Procore automatically sets the value of the entry in the 'New Materials Stored' column to zero (0.00) on each new invoice so that the invoice contact can update the entry to the appropriate value. When an entry is made, Procore automatically updates the 'Materials Presently Stored' column with the same value.
To learn how to enter stored materials in an invoice, review this example.
First Invoice. An invoice contact creates a subcontractor invoice for a commitment during a billing period. In an invoice line item, the value in the 'New Materials Stored' column is always set to $0.00 by default. Since the downstream collaborator received materials on-site during this billing period, the invoice contact enters $2,000.00 in the New Materials Stored column (see 1 below). This represents the currency amount of the materials received. After inputting the amount, Procore automatically updates these values (see 2 below) on the line item:
Second Invoice. For the next billing period, the invoice contact needs to submit their next invoice. In all new invoices, the value in the New Materials Stored column is always set to $0.00 by default (see 1 below). However, Procore automatically moves the value from the New Materials Stored column on the previous invoice to the Previous Materials Stored column on the current invoice (see 1 to 2 below). Before making additional data entry, note that the highlighted values (see 3 below) match the values on the first invoice (above).
Next, its time to perform some additional data entry on the line item:
For this entry, the downstream collaborator received an additional $2,500.00 in new materials that are now being stored on the job site (or in a storage facility). The invoice contact enter $2,500.00 in the New Materials Stored column (see 1 below). After the entry, Procore automatically updates these values (see 2 below).
Next, half of the new materials stored on the first invoice were installed on the job site during the current billing period. To address this, the invoice contact takes $1,000.00 from the Previous Materials Stored column (see 1 below) and moves that $1,000.00 to the Work Completed this Period column (see 2 below).
After changing the entry in the Previous Materials Stored column, your system focus might jump to the Work Retainage This Period ($) column. This occurs if the invoice administrator enables the retainage setting on the commitment. To keep to the purpose of billing for stored materials, retainage data entry is not included in this example. However, documentation about retainage is available:
After moving the Previous Materials Stored amount to the Work Completed This Period column, Procore considers the entries to calculate these values:
Third Invoice. For the next billing period, the downstream collaborator has received additional materials have been received, previously stored materials have been installed. The invoice contact creates a new invoice.
On the new invoice:
You can continue creating invoices and entering new line item entries until the Balance to Finish value on a line item reaches $0.00.