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Budget: (Beta) New 'Budget Changes' Feature for Change Management in Project Financials

 This announcement represents a single point in time. Future releases may impact the information below.
Closed Beta Announced: February 16, 2022 | Limited Release Started: Coming Soon!


 

Budget: (Beta) New 'Budget Changes' Feature for Change Management in Project Financials

Procore is pleased to announce the upcoming beta release program for a new Budget Changes feature. Designed to replace Procore's existing budget modifications feature in the future, the new 'Budget Changes' concept provides your team with greater flexibility by eliminating the rigid data entry requirements associated with Procore's existing budget modifications feature. 

With this new feature, users now have the flexibility to configure the business logic that Procore uses to predict the Rough Order of Magnitude (ROM) impact of budgets changes on your project's budget. For example, if you have an 'Out of Scope' budget change that will be adding revenue to your project, your team can tie the 'Budget ROM' value to 'Revenue.' Similarly, if you have an 'In Scope' budget change requiring you to add money to a work package from a contingency fund, you can also to the 'Budget ROM' to 'Cost.' 

After creating a budget change, Procore also automatically creates a linked change event for you, so you can take advantage of Procore's change management feature. 

Key Features

Key features added to Procore include the ability to:

  • Configure ‘Budget ROM’ options in the 'Configure Settings' page of the project's Change Events tool
    Procore has added a new 'Budget ROM' section with three (3) drop-down lists for 'Budget ROM for In-Scope,' 'Budget ROM for Out of Scope,' and 'Budget ROM for TBD Scope.' These settings allow an administrator to define the business logic that Procore uses to automatically populate the 'Rough Order of Magnitude' value in the 'Budget ROM' column, which helps you gauge the impact of a given change on your project's budget. For each available Budget ROM scope, an administrator can choose from these options: Cost, Revenue, and None. 
    Example
    Below are the new 'Budget ROM' configuration options in the 'Configure Settings' page of the Change Events tool. 
    budget-rom-settings.png
  • Add new source columns and create new caculated columns for use in a Procore Budget View
    Your company's Procore Administrator now has the option to add new source columns and to use those columns to create new calcuated columns, so you can view how your budget change adjustments impact your project's Budget tool. To learn how to add these new columns, see Add the Columns for the Budget Changes Feature to a Budget View. To learn about Procore's budget views, see What are Procore's standard budget views? and What are Procore's standard budget views for ERP Integrations? 
    Example

    Below is a look at how the new columns look when a budget view has been updated to include the new columns and is assigned to the view in the project's Budget tool. To learn how to add these new columns, see Add the Columns for the Budget Changes Feature to a Budget.

    budget-changes-in-budget-tool.png

  • Create a new budget change that is automatically linked to a system-created change event from Procore's Budget tool
    Users can create new budget changes using the 'Create New Budget Change' page. After saving a new budget change, Procore automatically creates a new change event in the Change Events tool and links it to the budget change. You can also edit and delete budget changes from the project's Budget tool, as well as include an unlimited number of one- or multi-line item adjustments in each budget change. This is an efficient way to record both net-zero ($0) and/or non-net-zero ($0) changes in your budget. 
    Example

    Below is the 'Create New Budget Change' page in the project's Budget tool. 

    budget-change-add-general-information.png
  • View budget change detail in the Budget tool. A new detail pop-up window lets you view the details of your project's budget changes. 
    Example

    Below is an example of the new Budget Detail pop-up window in the Budget tool.

    budget-changes-in-budget.png

  • Create a budget change from a change event using the new 'Financial Impact' card. When creating a change event for a client contract, funding, or prime contract, you can now include the 'Budget ROM' financial impact for Out of Scope change events to show the latest impact on your project's budget. 
    Example

    Below is the 'Financial Impact' card, included in the Create New Change Event page in the Change Events tool. 

    change-event-financial-impact.png
  • New Columns on the Change Events table in the Line Items tab for participants in the Modernized Change Events beta program. When you create a budget change in the Budget tool, Procore adds an automatically-created change event line item that links to the budget change. There are also new columns to the far right side of the change events table to show the 'Budget ROM,' 'Budget Change,' and the 'Latest Budget Impact' values for your change event line item(s). In addition, the value in the 'Budget ROM' column can be set to update the source for the column using an Automatic, Quantity x Unit Cost, or Manual entry. 
    Example

    Below are the new 'Budget ROM,' 'Budget Change,' and the 'Latest Budget Impact' columns in the Change Events tool.

    complete-view-budget-change-columns.png

    You can also edit the line to update the Budget ROM value using the options in the new 'Budget ROM Source' window. 

    budget-rom-source.png

Limitations

Before participating in the beta program, please be aware of the following limitations: 

See Also

If you would like to ask questions or share any feedback, please contact support@procore.com.