This announcement represents a single point in time. Future releases may impact the information below.
Announcement Published: June 01, 2023 | Features Released: August 14, 2023
Financial Management Quarterly Product Release: Q3
This announcement provides information about updates to Procore's Financial Management tools in Q3 2023. These updates will be released gradually throughout the week of August 14, 2023.
To learn more about the new features for the Q3 2023 update, see below.
Change Events - Edit Financial Markup
Procore has added the ability to edit financial markups in the Change Events tool to reflect negotiated revisions and to create parity between the financial impact of Change Events & Prime (Funding) Change Orders. In addition, when creating a new Prime CO from one Change Event, we will pass the adjusted financial markup values from Change Event to the Prime CO/PCO in order to create consistency between internal change and what is present for project approvals. To learn more, see View or Edit Markup Estimates on Change Event Line Items.
Change Events - Create/Edit Modernization
Procore has updated the Change Events tool to provide a more flexible and transparent creation and editing process. We've done this by giving the create and edit pages the same feel as the modernized Change Events list page, allowing users to directly log revenue, cost, and budget impact for each line item as they are created. Previously, users were only allowed to enter a cost ROM upon creation, while revenue values were calculated in the background based on the selected scope. Scope will no longer dictate whether the Change Event will see a revenue impact and users will have more control over how line item values are populated with less guesswork and reliance on background automation.
Note: The new create and edit experience will be available in both sandbox and beta in September. Please reach out to your Procore point of contact for access. To learn more, see Change Events: New Create and Edit Experience.
Budget Changes Migration
A budget change moves your budget's funds from a specific cost or revenue area to another cost or revenue area. Users can create budget changes to ensure your team has a method for moving and auditing budget values between the job activities and work packages associated with your construction project. Budget Changes are replacing the existing budget modifications feature.
Customers can migrate from budget modifications to the Budget Changes feature by 2024. Once you migrate, you will no longer have access to the budget modifications feature. If you have any questions before your company starts the migration, contact your Procore point of contact. To learn more, see Migrating to Budget Changes from Budget Modifications.
Change Order Workflows 2.0
|Self-Serve Workflows are now available for Change Orders! These workflows allow users to configure and assign approval workflow processes for handling the approval of Change Orders on a project to increase financial control and mitigate risk. To learn more, see (Beta) Self-Serve Workflows User Guide.
Custom Fields for Change Orders
Procore has added the ability to create custom fields in the Company level Admin tool for change orders to offer more specific tracking and reporting capabilities. These fields function like other custom fields in Procore and will soon be available in the Company and Project level Reports tools. To learn more, see What are custom fields and which Procore tools support them?
Save Subcontractor Invoices when Utilizing Workflows
Clients who are utilizing the Self Serve Workflow engine on their Subcontractor Invoices will now be able to have Collaborators create and save invoices as a draft before submitting them for approval via the workflow.
To learn more, see Create an Invoice on Behalf of an Invoice Contact.
ERP Direct Exports
|Procore is introducing the ability to send objects directly to ERP! This update is specifically designed for our clients who utilize ERP integrations who would like to streamline their workflows by bypassing the accounting approver step. A new Company level setting will soon be available that will enable the ability to send an object directly to the ERP integration without the manual accounting approver process previously needed. This new setting will improve data synchronization, enhance user experience, and streamline workflows. To learn more, see ERP Integrations: Direct Export.