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Create a Contract Room in Portfolio Financials

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 Note
This information is intended for accounts with Portfolio Financials product in Procore. Please reach out to your Procore point of contact for more information. 

Objective

To create a new Contract Room in Portfolio Financials.

Background

The Contract Room is a shared portal which allows vendors to submit change orders and invoices directly to the project team for approval throughout the duration of the project. Upon approval, change orders and invoices automatically update the project's cost tracker, making it a highly effective tool for streamlining the cost tracking process.

A Contract Room can be created in two ways: by selecting the winning vendor from a bid room, or by adding a contract directly to a cost item from the Project Page.

Things to Consider

  • Required User Permissions:
    • 'Full access' to the project or higher.
  • Additional Information:
    • The Contract Setup page is where you set up the contract's Schedule of Values to reflect that of the signed contract. You will still need to acquire a signed contract outside of Procore.

Steps

To create a Contract Room by selecting a winning bidder:
  1. Navigate to the relevant Bid Room in Portfolio Financials.
  2. Locate the card for the bidder you want to award the job to. 
  3. Click Select This Bidder. 
To create a Contract Room by adding a contract to a cost item:
  1. Navigate to the Project Page in Portfolio Financials.
  2. Locate the cost item you want to add a contract to.
  3. Click the arrow icon-circle-arrow-pfcp.png icon on the cost item and select Add Contract. 
     
 Note
After creating a Contract Room, you will need to complete the setup for it. See Set Up a Contract Room from a Bid Room in Portfolio Financials.