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Add Financial Markup Lines with Revenue ROM to Change Events

Objective

To add financial markup lines with 'Revenue ROM' to a change event

Background

The 'Revenue ROM' feature in Procore is designed to reflect the potential impact of a change event on your project's budget before your team creates a change order. With this feature, Procore uses the value in the 'Revenue ROM' column to automatically calculate the estimated markup. You can choose which prime contract to use for estimating markup at the time you create or edit a change event.

If you have the required user permissions, you can also apply a setting in the Configure Settings page of the project's Change Events tool to specify the prime contract to use for estimating markup as follows:

  • You can select which prime contract to use to estimate markup on all new change events.
  • You can copy the prime contract setting to estimate markup on all existing change events.

Things to Consider

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

Steps

Add Estimated Markup to a Single Change Event

  1. Navigate to the project's Change Events tool.
  2. Click the Summary tab. 
  3. Locate the change event to work with. 
  4. Click the Edit button next to that change event. 
  5. In the 'General' tab, under 'General Information' scroll down to the Prime Contract (For Markup Estimates) drop-down list.
  6. Select the appropriate prime contract from the drop-down list. 
  7. Click Save
    Procore calculates the estimated marking using the 'Revenue ROM' values from the selected prime contract. To learn how to add financial markup to your prime contract change orders, 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 the New Change Events list.
     Note
    If you decide to use the markup settings from a different prime contract, you must re-number the prime contract you choose so 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.

 

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 .