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(Beta) Configure a Prime Contract's Advanced Settings

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 In Beta
This content is for participants in the Project Financials: Modernized Experience for Prime Contracts beta program. 

Objective

To update advanced settings for a prime contract using the controls in the Prime Contracts tool's Advanced Settings tab.

Background

If you are a user with 'Admin' level permissions on the Prime Contracts tool, the steps below show you how to edit advanced settings for the project's prime contract. This includes choosing an accounting method for the Schedule of Values (SOV), enabling financial markup, owner invoice settings, comments settings, and payment settings. In addition to these Advanced Settings, additional contract configuration settings are on the tool's Configure Settings page. See Configure Settings: Prime Contracts.

Things to Consider

  • Required User Permissions:
    • 'Admin' level permissions on the project's Prime Contracts tool.
  • Additional Information:

Prerequisites

Steps

Edit the Advanced Settings

  1. Navigate to the project's Prime Contracts tool. 
  2. Locate the prime contract to work with. Then click its Number link. 
  3. Click the Edit Advanced Settings button. 
    prime-contract-edit-advanced-settings.png
  4. Choose from these options:

Turn Financial Markup ON and OFF on a Contract

You can turn the Financials Markups tab ON and OFF on an individual prime contract. Procore's default setting is ON. To learn how to use this feature, see Add Financial Markup to Prime Contract Change Orders.

prime-contract-enable-financial-markup.png

Under the 'Financial Markup' section, do the following:

  • To turn the Financials Markup tab ON, place a checkmark in the Enable Financials Markup box. 
    OR
  • To turn the Financials Markup tab OFF, remove the checkmark from the Enable Financials Markup box. 

If this is the only setting you want to change, click Save. Otherwise, continue with the next step.

Set Up Owner Invoices on a Contract

If you are planning to generate invoices to send to a project's owner or a client for the work your team performs, you use the controls in this section to set up the owner invoice feature for a prime contract. 

  1. Scroll to the 'Owner Invoices' section. 
  2. Choose to enable or disable the following options:
    prime-contract-owner-invoices.png
    • Enable Owner Invoices. To turn the owner invoice feature ON for this contract, place a checkmark in this box. ON is the default setting. To turn this feature OFF, remove the checkmark. 
    • Enable Completed Work Retainage. To turn the completed work retainage feature on, place a checkmark in this box. ON is the default setting. To turn this feature OFF, remove the checkmark. 
    • Enable Stored Material Retainage. To turn the stored material retainage feature on, place a checkmark in this box. ON is the default setting. To turn this feature OFF, remove the checkmark. 
    • Level of Detail to Display Change Orders. This setting determines how Procore displays change orders in the 'Detail' tab of the prime contract. Your options include:
      • Line items in each Potential Change Order. This is the default setting. This setting lists all of the line items for all potential change orders related to the prime contract. 
      • Prime Contract Change Order. This selection lists only the change orders related to the prime contract. 
      • Potential Change Order. This selection lists only the potential change orders related to the prime contract. 
    • Approve Subcontractor Invoices when Owner Approves Owner Invoices. Place a checkmark in this box so that once an owner approves an owner invoice, the subcontractor invoice is also approved. This function is only enabled when you choose to pre-fill your owner invoices with data from your project's subcontractor invoices. To learn more about pre-filling invoices, see Create Owner Invoices.
    • Show Cost Code on PDF. Place a checkmark in this box to show cost codes on the PDF. There is no cost code column in the Configurable PDF tab, but cost codes will show in headers if grouped by cost code.

If these are the only settings you want to change, click Save. Otherwise, continue with the next step. 

Turn Payments Received ON and OFF on a Contract

You can turn the Payments Received tab ON and OFF on an individual prime contract. Procore's default setting in ON. To learn how to use this feature, see Add Financial Markup to Prime Contract Change Orders.

  1. Scroll to the 'Payments Received' section. 
  2. Choose from these options:
    • To turn the 'Payments Received' tab ON, place a checkmark in the Enable Payments box. ON is the default setting. 
      ON
    • To turn the 'Payments Received' tab OFF, place a checkmark in the Enable Payments box. 

If these are the only settings you want to change, click Save. 

Set the Accounting Method on a Prime Contract

Before users start adding line items to a prime contract, you can choose the accounting method that to use. The accounting method cannot be changed after line items are created. 

  1. Scroll to the 'Schedule of Values' section.
  2. Choose the accounting method for the contract:

    prime-contract-accounting-method.png
    • Amount Based
      Choose this method to enter a lump sum amount for a line item on a Schedule of Values. Amount Based is Procore's default setting for contracts.
    • Unit/Quantity Based
      Choose this method when ordering materials in quantity. With this method, users enter a quantity and unit price for the line item on the Schedule of Values and Procore automatically calculates the total for the line item for you.
  3. Click Save.