Add Financial Markup to Commitment Change Orders

Objective

To add financial markup to a commitment change order.

Background

To learn about markup, see What is the difference between horizontal and vertical financial markup?

Things to Consider

• Required User Permissions:
  • 'Admin' level permissions on the project's Commitments tool.
• Additional Information:
  • Financial markup is distributed proportionally on each line item in a change order's Schedule of Values (SOV).
  • Financial markup is applied to the cost codes and categories on those SOV lines in the budget.
  • Horizontal markup is included in the SOV's subtotal and is included in the vertical calculation when the markups are used in conjunction. 
• Limitations:
  • After you apply financial markup to a commitment change order, the change order cannot be added to a subcontractor invoice. 

Prerequisites

• Enable Financial Markup on a Commitment

Steps

1. Navigate to your project's Commitments tool.
2. Click the Contracts tab. 
3. Locate the purchase order or subcontract to work without. Then click its Number link to open it. 
4. Click the Financial Markup tab. 

    Notes

   • If the 'Financial Markup' tab is NOT visible, check the More menu to see if it is listed.
   • If 'Financial Markup' is not available in the More menu, the feature is likely disabled on your project. To learn more, see Enable Financial Markup on a Commitment.    

5. Under Financial Markup Settings, you have these options:
   • New Horizontal Markup. Click this button to display the markup in the same row as the line items. 
   • New Vertical Markup.  Click this button to display the markup below the line items. 

      Notes

     • To learn about the differences between markup types, see What is the difference between horizontal and vertical financial markup?
     • You can apply financial markup settings on a per-change order basis.
     This opens a page when you can then create your markup.  
6. Enter information in the Add Horizontal Markup or Add Vertical Markup window as follows:
   
   
    
   • Markup Name
     Enter a name for the financial markup. 
   • Markup Percentage
     Enter the percentage for the markup.
   • Compounds Markup Above
     Choose from these options:
     • To calculate the markup amount on the change order subtotal using the defined 'Markup Percentage', move the toggle to the right so it's in the ON position.
     • To turn this feature off, move the toggle to the left. 
7. Under 'Applies To' in the Cost Types box, all available cost types are listed by default. See What are Procore's default cost types? and Add Company Cost Types. To remove one or more cost types, click the 'x' next to the desired selections.
8. Click Save.

See Also

• Create a Commitment Change Order