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Project Financials: Enhanced Financial Line Item Experience


This documentation details prerelease software. Its accuracy and reliability is not guaranteed by Procore Technologies, Inc. and it is subject to change without notice. It is being provided online for preliminary evaluation prior to an upcoming release. Procore is not responsible for and expressly disclaims all warranties of any kind with respect to this documentation and will not be responsible for any harm, loss, costs, or damages incurred due to its use.

 

Announced: October 24, 2019
Released: November 11, 2019
Updated: December 12, 2019

Project Financials: Enhanced Financial Line Item Experience

To provide you with a modern, consistent experience across Project Financials, Procore is releasing an updated financial line item experience. Users will have the opportunity to opt-in to preview the new experience during an initial rollout period. The initial rollout will update these tools:

  • Change Events
  • Commitment Contracts
  • Direct Costs
  • Prime Contracts 1

1 To receive this update on your project's Prime Contract Change Orders (PCCOs), the project's Change Events tool must be enabled.

Common Questions

As part of this update, a new budget code function has been added to help users select existing and create new cost code/cost type/sub job combinations. For more information, see the answers to these questions below:


What does the new line item experience look like?

The following animated image shows you what the enhanced line item update experience will look like in the Change Events tool. This experience will be consistent in the other Procore tools being updated. 

demo-add-line-item.gif


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How will I know when the new line item experience is available?

When the initial rollout begins, an in-application message will notify you that the new experience is available. To give you more control over the timeline for making a switch, you will be able to opt-in/out-of the experience for a limited time. 


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Can I switch between the new and former line item experience?

Yes, for a limited time. During the initial rollout phase, you will be able to opt-in/opt-out of the financial line item experience at any time. During this phase, Procore will collect user feedback from end users. After the initial rollout is complete, you will be notified when Procore is ready to replace the former line item experience with the updated one. After the switch, you will no longer be able to go back to using the original line item experience. 

To opt-in, click the Try the new Financial Line Item Experience button. 

try-the-new-button.png

To opt-out, click the Go back to original Financial Line Item Experience button. 

go-back-to-button.png


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Why is the new line item experience important?

This update is designed to provide end users with a more modern and consistent experience when adding financial line items. The new line item experience provides users with a method for streamlining data entry as follows:  

  • Select a budget code on-the-fly. See What is a budget code? below. 
  • Instead of using three (3) different drop-down lists to define the cost code, cost type, and sub job, you can now click a button to instantly create a budget code. To learn more, see What is a budget code? below. 
    • A budget code (see ) lists all combinations of cost codes, cost types, and sub jobs that exist on the project's budget. See Enable Sub Jobs or if your project is synced with a supported ERP Integration, see Enable Sub Jobs for Sage 100 or Enable Sub Jobs for Sage 300 CRE.
      Note: The new budget code drop-down list will contain all the existing cost code/cost type/sub job combinations on the budget. If you need to create a new combination that does not exist on the original budget, click the new Create Budget Code button at the bottom of the drop-down list. 
    • With the new experience, all line items added across all Financial tools will now require both a cost code and cost type. For the Prime Contract tool, line item additions will require either (1) a cost code and cost type OR (2) a division and cost type. 
  • Reduce the number of mouse clicks required to create a line item:
    • Use keyboard strokes to add, update, and delete line items. 
    • Press the TAB key to move to the next cell.
    • Scroll actions are now more responsive.
    • Scroll up and down to switch the system focus between line item rows.
  • Change the row numbering and sort order without having to use a drag-and-drop operation.
  • Add a new line item above or below and existing item (Note: The existing option to add a new line item at the bottom on the list remains in the Procore web application).
  • Edit line item values in-line using the View/Save pages. 

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How do I provide feedback to Procore about the new line item experience?

To provide feedback about the new experience, you will need to opt-in to the new line experience. Next, click the Provide Feedback button and type your input in the space provided. Then click Submit

provide-feedback.png


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What is a budget code?

In Procore, a budget code is applied to line items in Procore's financial management tools to give you the ability to categorize line items. It identifies costs for budgetary reporting and consists of a cost code, cost type, and sub job combination (if the sub jobs are enabled on the project). It can also include a division to align with the CSI MasterFormat. For example, 01 General Requirements, 02 Site Construction, and so on. 

What are the components of a budget code?

In Procore, a budget code can consist of the following components:

  • Division & Cost Code 
    Cost codes identify the type of work being done on a project and cost codes are typically assigned to a specific division. Many construction teams choose to base their project's cost code structure on the CSI Master Format. Other teams might design a unique cost code structure to suit their company's specific business requirements. Examples of a division and cost codes include:
    • Division: 03 Concrete
      • Cost Code: 03-000 General
      • Cost Code: 03-050 Concrete Subcontractor
      • Cost Code: 03-100 Concrete Reinforcement
  • Cost Type
    cost type is a set of uniquely identified costs represented by an abbreviation and label. In Procore, several cost types are are defined for use by default: 
    • L=Labor
    • E=Equipment
    • M=Materials
    • C=Commitment
    • OC=Owner Cost
    • SVC=Professional Services
    • O=Other

Notes:

  • The cost types for your project can be customized, so may look different from the ones listed above. See Set Default Cost Types.
  • If your company has enabled the ERP Integrations tool to work with an integrated ERP system where the 'Cost Type' concept is supported, your accounting team might classify their cost codes into different classes. 'Classes' are equivalent to 'Cost Types' in Procore.
  • Sub Job
    For organizations that perform job cost accounting, your company may choose to Enable Sub Jobs on your Procore project.  A sub job is best described as a portion of a Procore project that allows users to compartmentalize job costs within the project. Some reasons for creating a sub job in Procore include: 
    • To track buildings, floors, areas (and so on) as separate line items within the project budget. 
    • To track change orders as separate line items within the project budget.
    • To track follow-up or finishing work for the project.  
What does a budget code look like?

The example following table provides you with an example of a budget code. In this example, the project's cost codes are using the Procore default cost codes based on the CSI Master Format. The cost codes in your specific environment may look different. As you can see in the illustration below, the cost code description appears below the code, to make selecting the correct code from the list simpler. 

Budget Code Division & Cost Code Cost Type
select-budget-code.png Division: 01
Cost Code: 904
S=Subcontract

 The example below shows you the corresponding line item in the budget for the example budget code above:

corresponding-code-in-budget.png 

How do I create a budget code?

With this update, users will have two (2) ways to create budget codes in Procore:

  • Using the Create Budget Code Button
    The 'Create New Budget Code' button that comes with the line item experience allows users to create new, un-budgeted combinations of cost code, cost type, and sub job. To use this button, click the Budget Code cell on a line item. Finally, click the new Create Budget Code button at the bottom of the drop-down list.  
  • Adding a New a Budget Line Item
    Procore will also automatically create budget codes when you add a new line item to your project's budget. See Add a Budget Line Item.  
Do I need additional permissions to create a budget code?

No. To create a budget code, you only need permission to create or edit an item with the corresponding Project Financials tool. For example, to create a budget code while adding a line item to a direct cost, you would need permission to create a direct cost. See Create a Direct Cost.

It is important to note that the budget code feature does NOT allow you to create new budget codes on-the-fly. Instead, it was designed to simplify the process of selecting the three components that comprise an unbudgeted cost code, cost type, sub job combination. An unbudgeted combination simply means that while the separate components (i.e., sub job, cost code, and cost type) exist on the Procore project, they have NOT been added to the project's budget. 

As in previous versions of Procore, sub jobs, cost codes, and cost types will continue to be created with the Company and Project level Admin tools. For details, see one of the links below:

Does the presence of a 'budget code' change how I import direct costs?

No. The budget code feature has no affect on the process for importing direct costs. This is because the components of a budget code consist of a cost codecost type, and sub job (if enabled) combination. You can use the existing import template and steps detailed in Import Direct Costs.


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Which Procore tools will be updated to use the line item experience in the future? 

An update for change orders will follow at a later time, after the initial update.


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What can I expect during the initial rollout? 

During the initial rollout period, you will have the option to opt-in and -out of the line item experience. Procore will also be adding new improvements and addressing customer feedback. Should you decide to opt-out of the new experience during the rollout, be sure to check back so you can see any new improvements and updates in subsequent updates.


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Can I see a list of improvements made during the initial rollout? 

Yes. Procore will be listing any improvements released during the initial rollout period on the List of Improvements below. 


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List of Improvements

This list details the latest improvements to the enhanced line item experience for Project Financials. All of these improvements have been released after the initial rollout:

Improved Keyboard Navigation

Procore has released these navigation improvements:

  • Advance to the next cell in a line item using the TAB key. 
  • Press the ENTER key on appropriate cell’s to reveal its drop-down list. 
  • Delete a line item by tabbing to the vertical ellipsis, pressing ENTER, and selecting Delete from the shortcut menu. 

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Auto-fill Budget Codes

When creating a line item in the Change Events tool, you can now select a Vendor or Contract and the new line item will automatically input the associated Budget Code for you. Note: If there is more than one (1) valid budget code available, the system will not automatically select the code and you will need to choose the one you want. 


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Expanded Decimal Support

You can now add up to four (4) decimal points in the 'Unit Cost' field. 


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Resizable Columns

Hover your mouse cursor over the edge of any column heading and when the border appears, move the double-arrow left or right to resize the column. Note: Any column sizing changes will be available the next time you use the tool, until you change the column width again. 


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Updated the Display of Budget Code Selections

The Budget Code drop-down list has been updated so the selections now show a more complete description for easier selection. The top line shows the code associated with the sub job and cost code as well as the cost type abbreviation. The bottom line is the sub job description, cost code description, and cost type description. 


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Search for Cost Codes when Creating Budget Codes

COMING SOON To make creating budget codes with the financial line item experience easier, Procore will be updating the budget code drop-down to add an autocomplete function. While you are creating a new budget code, you will now be able to starting typing and an autocomplete function will suggest any matching cost code options.


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