To set up a new budget in a Procore project.
When starting a new Procore project, you'll want to set up your budget in the Project level Budget tool. There are two ways to add your budget data. You can upload your budget data by entering your data in Procore-built Comma Separated Values (CSV) file or you can manually add line items to the budget. The next step is to review your budget, making sure that each line item is using the correct project cost code. When you are certain that all the line items in your original budget are accurate, you will then lock the budget to preserve the original values of your project's budget. Once the project starts, a locked budget ensures that all of the change orders and budget modifications are properly tracked throughout the lifecycle of your project.
Things to Consider
- Required User Permission:
- 'Standard' or 'Admin' on the Budget tool
- For companies NOT using the ERP Integrations tool, Procore provides the Procore Standard Budget View. You can also create additional budget views. See Set Up a New Budget View.
- For companies using the ERP Integrations tool: Show/Hide
Ensure that your Procore Administrator has assigned an appropriate ERP budget view to the project. For details, see Set Up a New Budget View.
After creating all of the desired line items on your budget and locking it, you must send it to the ERP Integrations tool for acceptance by an accounting approver. Upon acceptance, Procore syncs the budget data with your integrated ERP system. For details, see:
- Sage 100 Contractor®: Send a Budget to ERP Integrations for Accounting Acceptance
- Sage 300 CRE®: Send a Budget to ERP Integrations for Accounting Acceptance
- Viewpoint® Spectrum®: Send a Budget to ERP Integrations for Accounting Acceptance
- QuickBooks®: Send a Budget to ERP Integrations for Accounting Acceptance
- Integration by Ryvit: Send a Budget to ERP Integrations for Accounting Acceptance
Add a Project Budget
There are two ways to add budget data to a new Procore project:
- You can import your project's budget data by adding your data to a Procore-built CSV template and then importing it into the Budget tool. For instructions, see Import a Budget. This is the most common method.
- You can create a budget in Procore by manually adding line items to the project's Budget tool. See Add a Budget Line Item.
Edit a Project Budget
After you add your budget data to the project's Budget tool, its important to review it closely and to make any necessary adjustments. You want to review and edit the budget before you lock it. This is because once the budget is locked, your original budget can no longer be edited. This is to preserve the integrity of your project's original budget, so your team can track the budget and changes that impact your budget throughout the lifecycle of a project. See Edit a Project Budget.
Lock a Budget
Once you've locked the project's budget, the 'Original Budget' values can no longer be edited to preserve those values. From that point forward, changes can only be made by creating change orders or budget modifications. This ensures that your project team retains an accurate historical record of all changes and the impact of those changes to the original budget. This provides the project team with a clear understanding of how the iterative changes being made over time have contributed to the current budget. See Lock a Budget.
Note: A budget does NOT have to be locked in order to create commitments and change orders that affect budget line items. However, to ensure that the correct cost codes are available for use and to ensure that all of your project's budget line items are accurately tracked, it is strongly recommended that you lock the budget before proceeding with any of these activities.
Once your original budget is locked, it is recommended that you set up your prime contract next. However, you can also begin creating commitments.
The Integration by Ryvit is the product of a partnership between Procore and Ryvit, a third-party developer. Viewpoint, Inc. is not affiliated with this connector. All Viewpoint® Vista™ marks and logos are owned by Viewpoint, Inc.