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Procore

Set up a Budget in a New Procore Project

Objective

To set up a new budget in a Procore project. 

Background

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

Workflow


How do you want to set up the project's budget in Procore?
How do you want to set up the...


Import a Budget (CSV)
Import a Budget (CSV)


Add a Budget
Line Item

Add a Budget...


Lock a Budget
Lock a Budget


START
START


END
END
BUDGET EXPORTED TO SAGE 100 CONTRACTOR
BUDGET EXPORTED TO...
LEGEND
LEGEND
Optional Step
Optional Step


Send a Budget to
ERP Integrations for Accounting Acceptance

Send a Budget to...


Accept the budget for export?
Accept the budget for export?


Edit a Budget
Edit a Budget


Resend a Rejected Budget to ERP Integrations for Accounting Acceptance
Resend a Rejected Budget t...
/svg>

Steps

  1. Add a Project Budget
  2. Edit a Project Budget
  3. Lock a Budget

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

See Also

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.

If you would like to learn more about Procore’s budget management software and how it can help your business, please visit our construction budgeting software product page here.