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Procore

Sage 300 CRE: Financial Tools Guide

Overview

This guide provides an outline for successfully configuring and using Procore's financial tools (e.g., Budget, Prime Contract, Commitments, Change Orders, etc.) when your company account has enabled the Procore + Sage 300 CRE integration. You'll learn how to properly configure each tool as well as how perform common financial tasks according to Procore's recommended best practices. Information specific to Sage 300 CRE is also included to highlight important factors to take into consideration, as well as convey how the different tools and assets relate and link to one another to provide a complete and accurate financial record of all project related tasks.

Procore Financial Tools

The sections below detail Procore's financial tools when your company and project is configured to use the Procore + Sage 300 CRE integration. 

Set Up and Manage a Project's Budget

The Budget tool provides Procore users with the ability to build and manage a comprehensive budget for a construction project. With this tool, you can plan for and update project costs, as well as track the costs that accrue for the budget during the budget period. Because your budget contains financial information, a budget is typically only shared with your internal project users and hidden from clients and subcontractors.

Budget Setup

With the Procore + Sage 300 CRE integration, data can be synced bi-directionally. A bi-directional sync means you have the option set up your budget in one system and then sync the data into the other as follows:

Budget Modifications 

After you sync the budget for the first time, you can make updates to the budget throughout the lifecycle of project and then sync those updates to Sage 300 CRE:

  1. A project manager (or a user with 'Admin' permission on the Budget tool) will update the budget:

  2. A project manager (or a user with 'Admin' permission on the Budget tool) will send the budget modification to the ERP Integrations tool so it can be reviewed by an accounting approver. See Send a Budget to ERP Integrations for Accounting Acceptance.
  3. An accounting approver will accept the budget (see Accept or Reject a Budget for Export to Sage 300 CRE). Once accepted, the system exports the budget data from Procore and syncs it to Sage 300 CRE. 
  4. When the export is successful, go to the Job Cost function in Sage 300 CRE and choose Tasks > Post Entries. You must manually post the entries to Sage 300 CRE. See the Sage 300 CRE Help system for instructions.

Create and Approve the Project's Prime Contract

Note: Prime Contract data in Procore is NOT synced between Procore + Sage 300 CRE. There is no requirement to enable or setup the Prime Contract tool with this integration. 

After your budget is set up and visible in the project's Budget tool, you can create your project's Prime Contract. This is where all of your owner invoices (i.e., owner billings) and prime contract change orders will be created and managed (Note: The Budget can be used to create the Prime Contract, if the two are identical, or if the Prime Contract is a division-level summary of the Budget). Often times, the internal Budget and the client-facing Prime Contract are different levels of detail, where the Prime Contract is not just a division level roll-up of the Budget. 

There are three ways to setup the Prime Contract tool:

After setup is complete, it must be approved before users can create change orders, owner invoices, or issue payments in Procore. See Approve a Prime Contract.

Create Commitments & Manage Changes Orders

After your project's Prime Contract is approved, you can set up your commitments in Procore. A commitment represents a contractual obligation to pay another entity (e.g., a supplier, subcontractor, or consultant) and you can create two (2) types of commitments: Subcontracts and Purchase Orders.  As the project progresses, you may encounter additional costs at which point you can create and track changes using Commitment Change Orders (CCOs). 
Note: The Procore + Sage 300 CRE integration does NOT sync Prime Contract data.

Commitments

With Procore + Sage 300 CRE, you must create your subcontracts and commitments in Procore and then export them to Sage 300 CRE.

  • Subcontracts. Subcontracts represent the contractual agreement between a General Contracting company and the contractors that will be performing the scope of work on site. Subcontracts are either created from a winning bid or are created manually in the Commitments tool. To learn more about the workflow, see Export a Commitment to Sage 300 CRE.
    Note: When you link a subcontract line item back to a Prime Contract line item, the connection will be reflected on the following Prime Contract related reports: Buyout Report, Job Cost to Budget Comparison Report, etc.  When you select the related Cost Code for the Subcontract or Purchase Order that it's associated with, the connection is automatically reflected on all Budget related reports: Budget Detail Report, Budget Summary Report, etc. Commitment line items will appear on the budget just like commitment change orders.
  • Purchase Orders. Purchase orders are legal offers between you and vendors for the purchase of goods and/or services. To learn more about the workflow, see Export a Commitment to Sage 300 CRE.

Commitment Change Orders (CCOs)

The Procore + (e.g., Sage 100 Contractor (BETA), Sage 300 CRE, Spectrum, QuickBooks, or Viewpoint Vista) integration lets you sync Commitment Change Order (CCO) data (i.e., changes to subcontracts and purchase orders) between the two systems. CCO data is stored in the Commitments tool. However, you may use other tools to create CCOs (depending upon the tools that are enabled on the integrated project):

Important! Prime Contract Change Order (PCCO) data is NOT synced with the Procore + (e.g., Sage 100 Contractor (BETA), Sage 300 CRE, Spectrum, QuickBooks, or Viewpoint Vista) integration. To learn about PCCOs, see the Procore Financial Tools User Guide.  

Change Orders and Change Events Tools

In Procore, a change event can be created for anything on a project that is anticipated to result in an additional cost. The goal of the Change Events tool is to track changes that result in additional costs. If you have enabled both the Change Events and Change Orders tools on your project, use the steps below to create commitment change orders.

  1. Create a Change Event:
  2. Create and Review an Request for Quote (RFQ):
    1. Create RFQs. Create an RFQ to get a quote from subcontractors for pricing. 
    2. Review RFQ Responses. Review your subcontractor's RFQs responses to evaluate the quotes they have submitted to determine if you want to create a change order from an RFQ. 
  3. Create a CCO From a Change Event 
  4. Send a CCO to an Accounting Approver for Export to Sage 300 CRE 
    Note: If you need to make changes to a CCO before the data has been accepted by an accounting approver for export to Sage 300 CRE, see:
    1. Retrieve a CCO from ERP Integrations Before Export to Sage 300 CRE 
    2. Resend a Rejected CCO to an Accounting Approver for Export to Sage 300 CRE 
  5. Accept or Reject a CCO for Export to Sage 300 CRE 
Change Orders Tool

If the Change Events tool is NOT enabled your project, your team may decide to use only the Change Orders tool. After you have built out your commitments, you can create change orders to account for additional costs. Typically, a prerequisite for creating a CCO is to first create a Potential Change Order (PCO). 

  1. Create a Commitment Change Order from a Potential Change Order
    • After creating a PCO, you can create a CCO that acts as a request for pricing from the subcontractor who will be responsible for the scope of work outlined in the PCO.
    • You can compare the CCO to the corresponding PCO and view your variance between the PCO and CCO. 
  2. Send a CCO to an Accounting Approver for Export to Sage 300 CRE
    Note: If you need to make changes to a CCO before the data has been accepted by an accounting approver for export to Sage 300 CRE, see:
  3. Accept or Reject a CCO for Export to Sage 300 CRE 

Manage Billing and Payments

Note: Budget and Commitments data is synced between Procore and Sage 300 CRE. However, Prime Contract data is NOT currently synced with the Procore + Sage 300 CRE integration.

Payment Applications and Requisitions

As the project progresses, and the contracts have been created and approved, subcontractors can bill you for completed work via requisitions and you can create payment applications to the owner, which can then be emailed to the party that is being requested for payment.

After payment applications and requisitions are complete, you can create payments in Procore to keep a record of payments received. 

Payments

  • Create a Payment. This tracks payment applications made on the Prime Contract side.
  • Add Payments Issued. This tracks draw requests made on the Commitments side.
    Note: When you consistently update the "Payment Issued" tab, the "Paid To Date" column on your Budget reports will automatically be updated to reflect those changes.
  • Forecast to Complete
    All items mentioned above will roll into the Budget tab because they are connected via cost codes and their line item types. As a result, you'll be able to use the "Forecast to Complete" feature to accurately forecast the current estimated additional cost of each line item.
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