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Budget: 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: July 14, 2022 | Limited Release Updated: August 29, 2022  | Annoucement Updated: September 28, 2022
Phased Release Started: Monday, October 3, 2022


 

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

Procore is pleased to announce the start of a phased release for the 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 the existing experience.

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. 

 Important
  • The new Budget Changes feature requires your existing budget modifications data to be migrated to a new format. It also requires API endpoint updates. For important information about the migration process and the API requirements, see the Common Questions below.
  • Procore's migration process will be available to a limited number of Procore customers on Monday, October 3, 2022. It is expected to be available to all Procore customers by mid-October 2022.

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: Latest Cost, Latest Price, and None. 
    Example
    Below are the new 'Budget ROM' configuration options in the 'Configure Settings' page of the Change Events tool. 
    change-events-budget-rom-settings.png
  • Add new source columns and create new calculated 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 calculated 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

Please be aware of the following limitations: 

Common Questions

Do we have to migrate to the budget changes feature?

Yes. Procore's new Budget Changes feature was designed in response to user feedback and is a substantial upgrade to budget modifications. Procore is working with all Procore customers to migrate their existing budget modifications data to the new budget changes format. Procore is providing customers with more than one (1) year to complete this migration process by October 2023. 

How long can we continue to use budget modifications?

The new Budget Changes feature is designed to replace the existing budget modifications feature. Starting in October 2022, Procore will be working with Procore customers to migrate their existing budget modifications data to the new format required for the Budget Changes feature by October 2023. Once you complete this migration, you will no longer have access to the budget modifications feature. If you have any questions before your company starts the migration, contact your Procore point of contact. 

To learn about the migration process, see Migrating to Budget Changes from Budget Modifications.

Do we need to update our API integration before migrating to budget changes?

Yes. Your Procore API endpoints will need to be updated as follows:

  • If you have a Procore-built ERP Integration (see ERP integrations), your API endpoints have already been updated to support the migration to the budget changes feature. If you have any questions about the migration, contact your Procore point of contact.
  • If you have a custom API integration built by Procore Technical Services, please do NOT perform the migration to budget changes on your own. To avoid unexpected results, it is important that you plan and schedule your migration to the budget changes feature. To schedule your migration, please send an email to apisupport@procore.com
  • If you have developed an API integration on your own or with a third-party technology partner, you must update your integration’s API endpoints before you can start using the budget changes feature. See the Which API endpoints are being deprecated? below for the affected API endpoints. 
     Important
    How much time do we have to update our API integrations to the new API? To support our customers in their long-range planning processes and to provide users with ample notice of this update requirement, Procore expects to sunset these legacy endpoints in October 2023. 

Which API endpoints are being deprecated?

Procore is notifying our customers now that the following endpoints are listed as deprecated in the icon-external-link.png Reference documentation on icon-external-link.png developers.procore.com. Procore expects to sunset these legacy endpoints in October 2023: 

  • List Budget Modifications - GET /rest/v1.0/projects/{project_id}/budget_modifications
  • Show Budget Modification - GET /rest/v1.0/projects/{project_id}/budget_modifications/{id}
  • Create Budget Modification - POST /rest/v1.0/projects/{project_id}/budget_modifications
  • Update Budget Modification - PATCH /rest/v1.0/projects/{project_id}/budget_modifications/{id}
  • Delete Budget Modification - DELETE /rest/v1.0/projects/{project_id}/budget_modifications/{id}

Can we sync budget changes with our integrated ERP system after the migration? 

Yes. If you have a Procore-built integration and you have completed the migration process, you can sync budget changes with the ERP Integrations tool. 

Can we sync budget modifications with our integrated ERP system after the migration? 

No. If you have completed the migration process, you will no longer be able to sync your budget modifications data with the ERP Integrations tool.

Are there any other requirements? 

Yes. The migration process also requires the users at your Company to use the modernized Change Events experience. To learn about the experience, see Project Financials: Modernized Change Events Experience.

How will a migration to budget changes affect reporting?

If you have included budget modifications in your existing reports, you will need to be aware of the following: 

  • Budget Snapshots

    • Budget modifications will continue to be available and reportable.

    • Budget changes will show once new snapshot(s) are created.

  • Enhanced Reporting for Financials. See Reports: Enhanced Reporting for Financials.
  • Company and Project level Reports
    • Budget modifications are removed.

    • Budget changes are NOT supported by your existing Company and Project level reports. 

       Important
      • To preserve your historical budget modifications data, always download a copy of your reports before performing this migration. 

      • If you have legacy reports that contain budget modification data, please note that you will need to recreate those reports if you want them to include budget changes. To quickly re-create those reports after the migration, it is recommended that you download your existing report(s) to use as a reference. 

  • Procore Analytics

    • Budget modification dashboards will be hidden.

    • Budget changes dashboard will show historical data.

See Also

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