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Procore

Add Financial Markup to Client Contract Variations

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 Limited Release
flag-us.png flag-canada.png  The Client Contracts tool is available as a limited release for Procore customers in the United States and Canada who have implemented the Procore for Speciality Contractors point-of-view dictionary. To learn more, see What dictionaries and languages are available in the Procore web application?

Objective

To add financial markup to a Client Contract Variation (CCV).

Background

In Procore, the term financial markup is used to refer to an increase that is applied to the cost of a product or service in order to arrive at its final cost. The Client Contracts tool lets users with 'Admin' permission set the markup amounts on your line items automatically. Using the settings in the project's Client Contracts tool, you can set two types of financial markup:

  • Horizontal Markup. A horizontal markup calculates the markup amount on an individual line item. 
  • Vertical Markup. A vertical markup calculates the markup amount as a subtotal on all of the line items on a client contract variation. 

In addition, you can associate your financial markup settings to cost codes, categories and sub jobs. This ensures that the financial markup on your project's client contract variations is reflected accurately on your project's budget.

Things to Consider

  • Required User Permissions:
    • To add financial markup, 'Admin' level permissions on the project's Client Contracts tool.
    • To view financial markup on the variation's Schedule of Values (SOV), 'Standard' level permission on both the project's Variations and Client Contracts tools. 
  • Additional Information:
    • If you do NOT select a cost code or cost type for the financial markup, it will appear as:
      • Cost Code=None
      • Cost Type=None
  • For companies using the icon-erp-synced2.png ERP Integrations tool: Show/Hide  
    • Integration by Procore: Viewpoint® Spectrum®: Vertical and Horizontal.
    • Integration by Ryvit: Viewpoint® Vista™. Vertical and Horizontal
    • QuickBooks® Desktop. Markup is NOT supported. 
    • Sage 100 Contractor®. Markup is NOT supported. 
    • Sage 300 CRE®. Only vertical markup is supported when the following is true:

Prerequisites

Steps

  1. Navigate to the project's Client Contracts tool.
  2. Locate the client contract to work with. Then click its Number link.
  3. Click Financial Markup.
    client-contracts-financials-markup-tab.png 
     Note
    This tab is only available if it has been enabled in the client contract's Advanced Settings tab. See Enable Financial Markup on a Client Contract.
  4. Under Financial Markup Settings, you have these options:
    • New Horizontal Markup. Click this button to display the markup in the same row as the line items. 
    • New Vertical Markup.  Click this button to display the markup below the line items. 
       Notes
      This opens a page when 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. 
      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 Client Contract Item. Select the desired Schedule of Values (SOV) line item from the project’s Client Contract. 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
      This 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 client contract variation.
    • Export Markup to Estimate. Select this checkbox to enable the ability to sync financial markup on a client contract 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.