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Procore

Add Financial Markup to Funding Change Orders

 Limited Release
flag-us.png flag-canada.png The Funding tool is available as a limited release for Procore customers in the United States and Canada who have implemented the Procore for Owners point-of-view dictionary. To learn more, see What dictionaries and languages are available in the Procore web application?

Objective

To add financial markup to a Funding Change Order (FCO).

Background

In Procore, the term financial markup is used to refer to an increase that is applied to the cost of a product or service in order to arrive at its final cost. The Funding tool lets users with 'Admin' permission set the markup amounts on your line items automatically. Using the settings in the project's Funding tool, you can set two types of financial markup:

  • Horizontal Markup. A horizontal markup calculates the markup amount on an individual line item. 
  • Vertical Markup. A vertical markup calculates the markup amount as a subtotal on all of the line items on an FCO. 

In addition, you can associate your financial markup settings to cost codes, categories, and sub jobs. This ensures that the financial markup on your project's FCOs is reflected accurately on your project's budget.

Things to Consider

  • Required User Permissions:
    • To add financial markup, 'Admin' level permissions on the project's Funding tool.
    • To view financial markup on the change order's Schedule of Values (SOV), 'Standard' level permission on both the project's Change Orders and Funding tools. 
  • Additional Information:
    • If you do NOT map the financial markup to a specific budget code, it appears in the budget as an unbudgeted line item.
  • For companies using the icon-erp-synced2.png ERP Integrations tool: Show/Hide  
    • Integration by Procore: Viewpoint® Spectrum®: Vertical and Horizontal.
    • Integration by Ryvit: Viewpoint® Vista™. Vertical and Horizontal
    • QuickBooks® Desktop. Markup is NOT supported. 
    • Sage 100 Contractor®. Markup is NOT supported. 
    • Sage 300 CRE®. Only vertical markup is supported when the following is true:

Prerequisites

Steps

  1. Navigate to the project's Funding tool.
  2. Locate the funding to work with. Then click its Number link.
  3. Click the Financial Markup tab. 
     Note
    The 'Financial Markup' tab must be enabled in the funding's Advanced Settings tab. See Enable Financial Markup on a Funding.
  4. Under Add Markups to Get Started, you have these options:
    financial-markup-empty-state.png
  5. Enter information in the Markup List as follows:
    • Markup Name. Enter a name for the financial markup. 
    • Markup Percentage. Enter the percentage for the markup.
    • Compounds Markup Above. Move the toggle to the right to compound your new markup. This setting is turned OFF by default. 
      add-vertical-markup.png
  6. Under Maps To, do the following:
    • Budget Code. Select the budget code that the markup percentage will be applied to. To learn more, see What is a budget code in Procore's WBS? 
    • Applies To. Choose the cost types that the markup percentage will be applied to. By default, Procore lists all of your existing cost types, so you can click the X on each cost type object to remove it. See What are Procore's default cost types? and Add Company Cost Types. If you want to remove one or more cost types, click the 'x' next to the desired selections.
  7.  For companies using the icon-erp-synced2.png ERP Integrations tool: 
    • ERP funding Item. Select the desired Schedule of Values (SOV) line item from the project’s funding. This ensures that the estimated value (the SOV value without vertical markup) and the revenue value (the SOV value with vertical markup) are synced to the line item that you specify in the integrated ERP system.
       Notes
      This field is only visible when:
      • Your company account has enabled the ERP Integrations tool.
      • The ERP Integrations tool is configured to use either the Integration by Ryvit or Sage 300 CRE®. 
      • You are creating vertical markup on a funding change order.
    • Export Markup to Estimate. Select this checkbox to enable the ability to sync financial markup on a funding to the cost estimate in ERP. This checkbox is only available to customers with the Sage 300 CRE® integration,  Integration by Procore with Viewpoint® Spectrum®, or Integration by Ryvit with Viewpoint® Vista™ . 
  8. Click Save.