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Procore

(Beta) Create Funding Variations

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 In Beta
This content is for participants in the Project Financials: Modernised Experience for Head Contracts beta program. 
 Limited Release
flag-us.png flag-canada.png The Funding tool is available as a limited release for Procore customers in the United States and Canada who have implemented the Procore for Owners point-of-view dictionary. To learn more, see What dictionaries and languages are available in the Procore web application?

Objective

To create a Funding Variation (FV).

Background

Use the steps below when you want to create a variation for a funding.

Things to Consider

  • Required User Permissions:
    • 'Admin' level permissions on the project's Funding tool.
  • Additional Information:
  • For companies using the icon-erp-synced2.png ERP Integrations tool: Show/Hide  
    • Integration by Procore: Viewpoint® Spectrum® 
      To successfully export an FV from Procore to Viewpoint® Spectrum®, the following must be true:
    • Integration by Ryvit: Viewpoint® Vista™
      To successfully export an FV from Procore to Viewpoint® Vista™, the following must be true:
      • The Date field on an FV is required.
      • The FV must be in the 'Approved' status.
      • For each associated line item that you add to the variation's Schedule of Values (SOV), you may designate a unique associated Funding line item or the same associated Funding line item for all variation line items.  Note: The Associated Line Item is only visible and available when the ERP Integrations tool has been configured to work with Viewpoint® Vista™ and the export funding variations capability has been switched on in Procore by your Integration Implementation Specialist.
    • QuickBooks® Desktop: 
      • FV exports are NOT supported.
    • Sage 100 Contractor®
      • FV exports are NOT supported.
    • Sage 300 CRE®:
      To successfully export an FV from Procore to Sage 300 CRE®, the following must be true:
      • Title. The FV title must be 30 characters or less. 
      • Number (#). The FV number be five (5) characters or less. 
      • Status. The funding must be in the Approved status.
      • Associated Line Item. For each line item that you add to the variation's Schedule of Values (SOV), you may designate a unique associated funding line item or the same associated funding line item for all variation line items.  Note: The Associated Line Item list is only visible and available when the ERP Integrations tool has been configured to work with Sage 300 CRE® and the export funding variations capability has been switched on in Procore by your Integration Implementation Specialist.

Prerequisites

Steps

  1. Navigate to the project's Funding tool.
  2. Locate the funding to work with. Then click its Number link. 
  3. Click Create and choose the Create Funding VAR option.
    create-funding-co-drop-down.png
  4. Complete the following fields:
    • Sign with DocuSign©
      If the Procore + DocuSign© integration is enabled, a checkmark appears by default. Clear the checkmark from the box if you do NOT want to collect signatures with DocuSign©. 
       Tip
      How do you collect signatures with DocuSign? After the data entry for the subcontract is complete, change its status to 'Approved' and click the Complete with DocuSign button. This launches the DocuSign® application. If you have not previously signed in, you will be prompted to Sign In to DocuSign®. After you are signed in, you can proceed with Prepare a DocuSign® Envelope for Signature. 
    • Variation #
      Accept the default contract number, enter a new number for this contract or create a custom numbering scheme for this contract and future contracts.
       Notes
      • If you plan to create multiple variations, Procore automatically assigns new numbers in sequential order. For example; 001, 002, 003 and so on. 
      • To use a custom numbering scheme, enter any set of alphanumeric characters and Procore automatically assigns new numbers in sequential order using your custom scheme. For example, enter FV-1, FV-01 or FV-001. 
    • Date Created
      Shows the date and time the funding variation was created. You cannot change this date.
    • Revision
      Displays the funding variation's revision number. When a funding variation is first created, its revision number is zero (0). A funding variation could have multiple revisions because of feedback from a reviewer/approver. 
    • Created By
      Displays the name of the user that created the funding variation. You cannot change this name.
    • Title
      Enter a title for the funding variation. 
    • Status
      Select the current status of the funding variation. To learn more, see What are the default statuses for variations in Procore? 
    • Private
      Mark this checkbox if you want to make the funding variation 'Private' and visible only to users with 'Admin' on the Funding tool. 
    • Due Date
      Select a due date for when the funding variation must be approved by. 
    • Progress Claimd Date
      Select the date when the funding variation was progress claimd.
    • Designated Reviewer
      Select the Procore project user at your organisation who will be responsible for approving or rejecting this funding variation later.
       Important
      • The 'Designated Reviewer' can submit an approve or reject response when a variation is in these statuses:
        • Pending - In Review
        • Pending - Revised
      • To send an email notification to the 'Designated Reviewer' to notify that person that a variation is awaiting their response, you have these options:
        • You can forward the funding variation to the 'Designated Reviewer' by email. See Forward a Variation to a Project User by Email. 
        • The pending funding variation will also be listed in the 'My Open Items' area in the Project Home page.
      • After the 'Designated Reviewer' submits an approve or reject response, the 'Reviewer' field (directly below the 'Designated Reviewer' field) shows the date/time stamp of that person's response. The 'Reviewer' field is only visible to the 'Designated Reviewer.'
    • Paid Date
      Select the date that payment was received for the funding variation.
    • Description
      Enter a more detailed description of the funding variation.
    • Program Impact
      If this funding variation is expected to impact the construction project's program, enter the estimated number of additional days this would add to the program. 
    • Revised Substantial Completion Date
      Enter an updated substantial completion date for the project. 
       Note
      If the substantial completion date is enabled on the Funding tool, Procore updates the funding variation's 'Revised Substantial Completion Date' field after the funding variation is placed into the Approved status. See Configure Settings: Funding. 
    • Executed
      Mark this checkbox after the funding variation is fully executed.
    • Variation Requests
      If the Funding tool is configured for three (3)-tier variations, select any variations related to this funding variation from this drop-down list. See Configure the Number of Variation Tiers for the Funding Tool.
    • Potential Variations
      If the Funding tool is configured for two (2)-tier variations, select any potential variations related to this funding variation from this drop-down list.  See Configure the Number of Variation Tiers for the Funding Tool.
  5. Choose one (1) of these options:
    • To create the funding variation, click Create.
      OR
    • To create the funding variation and send email notifications, click Create & Email.