Financial Management: Q1 2023 Release

To reduce the hours spent grouping multiple lines to create multiple variations across commitment contracts, Procore is adding the ability to create commitment variations in bulk to the  Change Events tool. This is helpful when a change event impacts multiple commitment contracts and allows users to bulk-select multiple change event line items to create commitment variations across multiple commitments.

After initiating the bulk creation process, Procore generates the new variation(s) and places them into the 'Draft' status. It's important to leave the page open until the automatic creation process is complete. To learn more, see Bulk Create Commitment Variations from a Change Event. 

For companies using the Project Financials and Workforce Management tools with the Procore Labour Productivity Cost Budget View you can log any additional production quantities or hours associated with your change event line items. This is helpful when project owners request out-of-scope design changes after your project's budget is locked.

To enhance the user experience, Procore is relocating the 'Production Quantities' tab to the change event create/edit page. To learn how to update production quantities in the new card, see Record Changes to Production Quantities in a Change Event. 

For customers using  Project Financials and who have completed the migration to the new budget changes feature from the legacy budget modifications feature, Procore is adding a new setting to prevent change event line items from having both a revenue impact and budget impact. When the new setting is turned ON, you can restrict a change event line item so it can only be associated with one other financial object at a given point in time — either a budget change or a head contract variation.

To learn about the new setting, see Prevent Budget Changes and Head Variations on the Same Change Event Line Item in the Configure Settings: Change Events tutorial. 

For Procore customers using the  Variations tool, Procore is adding a new option that lets users create a change event line item from a line item on a variation's Schedule of Values. See Create a New Change Event Line Item from an SOV Line Item.  This provides users with multiple ways to Link a Schedule of Values Line Item to a Change Event Line Item to ensure that your project's related financial objects remain in sync. 

In addition, when change events are linked to variations they will now have the ability to edit those change event line items as long as the variation is in an ‘editable state’. When users update a budget code in one of Procore's Project Financials tools, Procore automatically updates that budget code on corresponding financial line items, as long as those line items are in an editable state. To learn more, see How are financial line items and budget codes updated across change objects?

For customers using the  Financial Management tools, Procore introduced a new Budget Changes feature on October 16, 2022. Budget Changes eliminates reliance on the Head Contracts tool by allowing you to implement workflows and approvals to guide the budget change process. Budget Changes resolves customer-reported issues with legacy Budget Modifications and harmoniously connects with the Change Events tool to create one place to track and manage all impacts of change across your project.

Budget Changes will replace Budget Modifications on October 16th, 2023, but your company can begin using Budget Changes now. A self-serve migration tool is available to help migrate your existing budget modifications to budget changes. You have until October 16th, 2023 to complete the migration process, at which time Procore will automatically migrate any remaining customers to the new feature. To learn more, see Budget: New 'Budget Changes' Feature for Change Management in Project Financials. 

Procore is enhancing its Work Breakdown Structure feature to provide users with 'Admin' level permissions on the Project Admin tool with the ability to deactivate project-level budget codes (see Deactivate Budget Codes on a Project). This prevents team members from assigning unneeded or unwanted codes to your project's financial line items. You can also reactivate codes as needed. See Activate Budget Codes on a Project. In addition to these updates, Procore is also adding the ability to edit your project's budget code descriptions. See Edit Budget Code Descriptions on a Project.

To learn more, see Work Breakdown Structure: Activate & Deactivate Project Level Budget Codes. 

For companies using the Procore + DocuSign^© integration, Procore is refreshing the user-facing banners in Procore to provide users with an improved experience. This includes adding a new Refresh button to several banners to give users with linked DocuSign® accounts the ability to send their own refresh requests. This synchronises Procore with the most current information available from DocuSign®.  After submitting a refresh request, users must wait five (5) minutes before performing another refresh.

To learn more about the updated banners, see What do the different DocuSign® banners in Procore mean?

For customers using the Project Financials + CMiC, users can now import Potential Change Items (PCIs) created in CMiC into Procore. This eliminates time and effort spent performing double-entry in both systems and integrates the data with Procore's Head Contact Change Orders (PCCOs).