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(Beta) Add Financial Markup to Funding Change Orders

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 In Beta
This content is for participants in the Project Financials: Modernized Experience for Prime Contracts beta program. 
 Limited Release
flag-us.png The Funding tool is available as a limited release for Procore customers in the United States who have implemented the Procore for Owners point-of-view dictionary. To learn more, see What tool names and terms are different in Procore for general contractors, owners, and specialty contractors?

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 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  

Prerequisites

Steps

  1. Navigate to the project's Funding tool.
  2. Locate the funding to work with. Then click its Number link.
  3. Click Financial Markup.
     Note
    This tab is only available if it has been enabled in the funding's Advanced Settings tab. See Enable Financial Markup on a Funding.
  4. Choose from these options:
    • Add Horizontal Markup. Click this button to display the markup in the same row as the line items. 
    • Add Vertical Markup.  Click this button to display the markup below the line items. 
       Notes
      This opens a page where you can then create your markup.  
  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. 
      prime-contract-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
      The above 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.