The Q2 '2024 Financial Management Quarterly Release rolls out the week of May 13-18, 2024.
Release Includes:
Latest Cost/Price available as columns in Budget
Clients will be able to track Latest Cost and Latest Price as source columns in company-level Budget views. These new columns will allow for Budget management using the most updated cost and revenue values as change progresses throughout the project.
With Latest Cost/Price Columns, clients can have a real-time pulse on changing expenses and revenue. This instant visibility allows for more proactive insight, ensuring projects remain both profitable and on target.
Ability to create or delete Budget Snapshot via the API
Procore now will allow the ability to create and delete Budget Snapshots through the API! Project teams will now be able to set regularly scheduled snapshots for time-in-place reporting.
Budget Changes on Owner Invoicing
Procore is excited to announce Budget Changes on Owner Invoicing! The highly-anticipated feature allows clients to directly include approved budget changes in owner invoices, improving transparency with the use of contingency funds. Users can simplify their billing process and reduce the need for separate Prime Contract Change Orders. This feature is only available for clients that are opted into the Modernized Owner Invoice Experience, and are migrated to the new Budget Changes tool
To learn more see About Budget Changes on Owner Invoices
WBS Custom Description Setting
Procore has added the ability to Enable/Disable the creation of Custom Budget Code Descriptions as a Company Level Configuration. This will allow for greater control on a Company’s WBS and how it can be updated across all projects. To learn more see, Work Breakdown Structure
Field Initiated Change Orders
In response to a popular request received from Procore users on feedback.procore.com, you can now configure Procore to provide your project collaborators with the permission they need to create and submit their own Commitment Change Orders when the project's Change Events tool is enabled.
With this new release, your team can now grant your collaborators the appropriate access permissions--which allows your contractors and vendors to submit their own Commitment Change Orders. To eliminate double-entry, Procore also automatically creates the required change event using the information from the Commitment Change Order.
If you are using single-tier Change Orders, please reach out to your Procore Point of Contact to update Company Admin settings!
To learn more see Allow Collaborators to Submit Field-Initiated Change Orders
Change Events - Create/Edit Modernization
Procore is excited to announce a new Change Event creation and editing experience. This update improves ease of use, especially for those new to Procore Financials. The Create/Edit interface for new and existing change events now matches that of the list page, making it easier to get up and running quickly.
With this update, we’ve also unlinked “Scope” and “Revenue ROM” allowing the “Scope” field to be more flexible with the added fields of “Expecting Revenue” and “Line Item Revenue Source”. This allows for more customized definitions of scope and allows for each Change Event to match Client’s unique needs. Client’s will also have new Change Events settings that can automate the population of budget impact or Budget ROM so that it pulls from latest Cost or Latest Price. This is available after migrating to the new Budget Changes tool
Additionally, Project level settings will give customers the option to turn off the auto-create Change Event functionality when creating a Budget Change.
To learn more, see Change Events: New Create and Edit Experience
Reporting and API Support for Change Order Workflows
Procore has updated Enhanced Reporting and API support on Two-Tier Change Orders for participants in the Workflows Beta program. A new 'Workflows' column is now automatically added to the ‘Financials' in the Project level Enhanced Reporting tool.
API support will allow for greater flexibility for those clients that utilize non-Procore built integrations with their Workflows.
To learn more see, Workflows Tool
Owner Invoicing: NetSuite
Procore is releasing Owner Invoicing for the Netsuite integration! These updates are specifically designed for our clients who utilize the Netsuite integration who would like to sync their Owner Invoices with their ERP account. To learn more, click here
Sage Intacct Prime Contract Import & PCCO Export
Procore is pleased to announce that accounts using the ERP Integrations tool can now export Prime Contracts created in Sage Intacct to Procore's Prime Contracts tool. With this update, you can also export Prime Contract Change Orders (PCCOs) created in Procore into Sage Intacct. To learn more see, Project Financials + Sage Intacct® Connector
ERP Permissions Update
Procore is pleased to announce the ability for Procore users with “Directory Admin” permissions and “Can push to accounting” permission can now edit the ERP Permissions settings for their colleagues without calling into support or their Procore Point of Contact to do so. This applies to all integrations. To learn more see, Grant Accounting Approver Privileges
