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Procore

Set up a Budget in a New Procore Project

Objective

To set up a new budget for a Procore project. 

Background

After creating a new Procore project and verifying the cost code setup is as you want, you'll want to set up your project's budget. There are two ways to add data to the project's Budget tool. You can import your budget line items or you can manually add the line items. Next, you should review your budget—making sure every line item is assigned to an appropriate project cost code. When you are certain all the line items in your budget are accurate, you then lock the budget to preserve the original values. A locked budget ensures that all change orders and budget modifications are properly tracked throughout the project lifecycle. 

Workflow


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START


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END


Set Up a Budget in a New Procore Project
Set Up a Budget in a...
Choose from these options
Choose from these options




Create a Budget Modification
Create a Budget Modi...
Add a Partial Budget Line Item
Add a Partial Budget...
Delete a Budget Line Item
Delete a Budget Line...
Do you want to add or import your budget line items?
Do you want to add or import your budget line...


Import a Budget
Import a Budget
Import
Import


Add
Add
Add a Budget Line Item
Add a Budget Line Item
Do you want to make any final edits before locking the project's original budget?
Do you want to make any final edits before loc...


Lock a Budget
Lock a Budget
Choose from these options
Choose from these options




Add a Budget Line Item
Add a Budget Line Ite...
Delete a Budget Line Item
Delete a Budget Line...
Use the Forecast to Complete Feature
Use the Forecast to C...


Create a Budget Snapshot 1
Create a Budget Snaps...
Any final changes to your original budget?
Any final changes to your orig...


Unlock a Budget
Unlock a Budget
Update the Budget
Update the Budget
How do you want to update the project's current budget?
How do you want to update the project'...
Original Budget
Original Budget
Do you want to create the prime contract's SOV from the project budget?
Do you want to create the pr...
Choose from these options
Choose from these options



View Budget Reports
View Budget Reports
Create Custom Budget Reports
Create Custom Budget...


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END
Run reports?
Run reports?
With Change Orders
With Change Orders
Do you need to change a commitment contract or a prime contract?
Do you need to change a commitment contract...
LEGEND
LEGEND
Optional Step
Optional Step
Project Manager
Project Manager
1 Procore recommends always taking a snapshot after locking your project's original budget. 
1 Procore recommends always taking...
Continue to the 'Prime Contract' workflow
Continue to the 'Prime Contrac...
Continue to the 'Commitment Change Order Tiers' workflow
Continue to the 'Commitment Ch...
workflow#Commitment_Change_Order_Tiers
Continue to the 'Prime Contract Change Order Tiers' workflow
Continue to the 'Prime Cont...

Things to Consider

Prerequisites

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 purchase orders, subcontracts, 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. 

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 .