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View the Cost Tracker 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 view information in a project's Cost Tracker in Portfolio Financials.

Background

The Cost Tracker section in Portfolio Financials is used to track committed and forecasted costs against your budget over the course of a project.

Things to Consider

  • Required User Permissions:
    • 'Limited' access to the project or higher. 
      Note: Users with 'Limited' access can only view cost items on the Cost Tracker that they have access to. 

Steps

  1. Navigate to the Cost Tracker section of the Project Page. 
  2. View information as necessary. The following components make up the Cost Tracker:

    cost-summary-tracker-overview.png  
     

number1.png  Cost Summary: This section provides an overview of the project's financial status based on data points that have been entered for the project in Procore. See Cost Summary below. 

number2.png  Sections: A section in the Cost Tracker is a grouping of cost items. To add a section, see Add a Section to the Cost Tracker.

number3.png  Cost Items: A cost item in the Cost Tracker is an individual cost in a project that is attributed to one vendor. If you click on a cost item's name, you will be be directed its Bid Room or Contract Room (if set up). Text underneath the item indicates the current status of the cost item. 

 Tip
See Cost Tracker Columns Overview for details about the columns in the Cost Tracker. 

 

Cost Summary Overview

Procore captures several key data points for cost tracking, as outlined below:
Note: Data points are also calculated for each individual cost item.

cost-summary.png

Tip! You can hover over Forecast, Committed, and Remaining in your project to see how the values are calculated.
 

number1.png  Overall Project Budget: The amount that you (or another member of your organization) entered as the total budget for the project.

number2.png  Forecast: The amount that you are anticipating to spend. Forecast amounts are calculated as Committed Costs plus (+) Pending Change Orders plus (+) Holds.

number3.png  Committed Costs: Costs you are committed to spending. Committed Costs amounts are calculated as Awarded Contract Amounts plus (+) Approved Change Orders.

number4.png  Invoiced: The total amount of approved invoices.

number5.png  Remaining Costs: The remaining amount to be invoiced. Remaining Costs are calculated as Forecast minus (-) Invoiced.
 

Cost Tracker Column Overview

The following columns exist on the Cost Tracker:
 

cost-tracker-column-names.png

 

number1.png  Cost: The name of each section or cost item.

number2.png  Budget: The budget amounts set for each item. You can see the overall budget for the project next to 'Total' at the top of the column, and each cost item's budget across from the relevant line items.
Note: If you click the vertical ellipsis icon-ellipsis-vertical.pngicon, you can add a budget revision that will replace the original budget. See Budget User Guide.

number3.png Current Forecast: The amounts that you are anticipating to spend. 

number4.png  Committed: Committed costs on the project .

number5.png  Pending Change Orders (COs): Total amount of pending change orders.

number6.png  Holds: The dollar amount of holds that have been added to cost items.
Note: If you have not set a hold amount, it will appear empty, or with a plus icon-grey-plus-pfcp.png icon if you hover over the box. Holds can be placed on a cost item to indicate an expected spend that has not yet been submitted as a change order. See Add or Manage Holds in the Cost Tracker.

number7.png  Invoiced: The total amount of approved invoices.

number8.png  Pending Invoices: The amounts of pending invoices.

number9.png  Remaining: The remaining amount to be invoiced.