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Add Financial Markup Lines with Revenue ROM to Change Events

Objective

To add markup lines with Revenue ROM to one or more change events.

Background

In order to show the entire potential impact of a change event before a change order is created, estimated markup is calculated and displayed using the Revenue ROM values. You can choose which prime contract to use for markup estimation when creating or editing the change event. Additionally, it is possible to bulk set all existing change events to use a particular prime contract.

Things to Consider

  • Required User Permissions:
    • To edit any change event, 'Admin' permission on the Change Events tool.
      OR
    • To edit only the change events you created, 'Standard' level permission on the Change Events tool.
  • Supported Platforms:
    • Procore Web

Steps

Add Estimated Markup to a Single Change Event

  1. Navigate to the project's Change Events tool.
  2. Locate the change event to add the markup to.
  3. Click Edit.
  4. Under General Information, select a prime contract that has the desired markup settings from the Prime Contract (For Markup Estimates) list.
  5. Click Update.
    Procore will now calculate the estimated markup using the Revenue ROM values on the selected prime contract. See Add Financial Markup to Prime Contract Change Orders.

Add Estimated Markup to All of the Change Events on a Project

Note: Once initiated, this process may take several minutes or longer (i.e., for projects with many line items or markup lines), during which the Change Events tool will be unavailable.

  1. Navigate to the project's Change Events tool.
  2. Click Configure Settings .
  3. Select the prime contract with the markup settings that you want to apply to all of your existing change events in the Default “Change Event Prime Contract (For Markup Estimates)” for New Change Events list.
    Note: If you want to use a different prime contract’s markup, you must re-number the desired prime contract so that it has the lowest number.
  4. Click Copy to Existing Change Events.
  5. Click Confirm.
    Notes:
    • The 'Prime Contract (For Markup Estimates)' field is set to the selected prime contract on all change events. 
    • Markup is calculated using the Revenue ROM values based on the markup settings defined for the prime contract. See Add Financial Markup to Prime Contract Change Orders.

See Also

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

 

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