Add Financial Markup to Funding Change Orders
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 ERP Integrations tool: Show/Hide
- Some ERP integrations do not support the sync of horizontal markups, vertical markups, or both. See Things to Know About your ERP Integration for details.