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Sage 300 CRE: Financial Tools Guide

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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:

  • Procore-to-Sage 300 CRE®. Create your project's Budget in Procore and then export it to Sage 300 CRE®. For instructions, see Export a Budget to ERP.
    OR
  • Sage 300 CRE® to Procore. Create your project's Budget in Sage 300 CRE® and then import it into Procore. For instructions Import a Budget from ERP.

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 ERP). 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 can be synced between Procore + Sage 300 CRE® if the contract is created in Sage 300 CRE® and then imported into Procore. However, there is no requirement to enable or set up the Prime Contract tool with this integration. 

After setting up the Budget tool, you can begin creating one or multiple prime contracts for your project. With the Prime Contracts tool, your team can replace stacks of paper and expensive printer costs with a central location for digital contract management. 

  • Set Up Your Prime Contracts.  While most Procore customers create a single prime contract for a single construction project, project teams do have the option to create multiple prime contracts in the Prime Contracts tool. For details, see Create Prime Contacts. Similar to budget, you can also choose from two methods for setting up your prime contract: (1) You can manually Update the Schedule of Values on a Prime Contract or (2) you can Import a Prime Contract SOV from a CSV File. When finished with the initial setup, simply approve it. See Approve a Prime Contract.
     Tip
    Does your construction project have multiple funding sources or delivery methods?  Learn why some Procore clients decide to create multiple prime contracts on their Procore project. This is helpful when you have a need to divide the scope of work on a project into multiple phases or stages, however, doing so does present a few considerations.  For more information, see Are there any system limitations when projects have multiple prime contracts?
  • Create and Manage Owner Invoices. After your prime contract is set and you've set up the Commitments tool as described below, you can also create and manage your owner invoices. An owner invoice is an itemized record of a financial transaction between a project owner and a company responsible for completing work. Typically, it is issued by a general contractor and submitted to a project owner to signal that a payment is due for completed work. See Create Owner Invoices.
  • Create a Payments Received Log.  After you receive your payment, you can also create a log to track the payments you've received. Your budget and budget reports are automatically updated to reflect your entries. For details, see Create a Payment Received for a Prime Contract.

To learn what else you can do with the Prime Contracts tool, see Prime Contracts.

Create Commitments & Manage Change 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. 

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 ERP.
    Note: When you link a subcontract line item back to a Prime Contract line item, the connection will be reflected on related Prime Contract reports, such as the Buyout Report, Job Cost to Budget Comparison Report, and more.  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. 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 ERP.

Commitment Change Orders (CCOs)

The Procore + (e.g., Integration by Procore: Viewpoint® Spectrum®, Integration by Ryvit: Viewpoint® Vista™, QuickBooks®, Sage 100 Contractor®, Sage 300 CRE®, etc.) integration lets you sync commitment change order  data (i.e., changes to subcontracts and purchase orders) between the two systems. commitment change order data is stored in the Commitments tool. However, you may use other tools to create commitment change orders (depending upon the tools that are enabled on the integrated project):

Important! Prime contract change order data can be exported to ERP integrations with the Procore + (e.g., Integration by Procore: Viewpoint® Spectrum®, Integration by Ryvit: Viewpoint® Vista™, QuickBooks®, Sage 100 Contractor®, Sage 300 CRE®, etc.) integrations only if the Prime Contract is synced.   

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 from a Change Event. 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 Commitment Change Order From a Change Event 
  4. Send a CCO to ERP for Accounting Acceptance
    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 ERP
    2. Resend a Rejected CCO for Export to ERP 
  5. Accept or Reject a CCO for Export to ERP
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 commitment change order is to first create a potential change order. 

  1. Create a Commitment Change Order from a Potential Change Order
    • After creating a potential change order, you can create a commitment change order that acts as a request for pricing from the subcontractor who will be responsible for the scope of work outlined in the potential change order.
    • You can compare the commitment change order to the corresponding potential change order and view your variance between the potential change order and commitment change order. 
  2. Send a CCO to ERP for Accounting Acceptance
    Note: If you need to make changes to a commitment change order 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 ERP 
Commitments Tool
  1. Create a Commitment Change Order
  2. Send a CCO to ERP for Accounting Acceptance 
    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 ERP 

Manage Billing and Payments

As the project progresses, and the contracts have been created and approved, subcontractors can bill you for completed work using subcontractor invoices. You can also create owner invoices for submitting payments to the project owner.