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Procore

Read a Budget

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Objective

To understand how to read and interpret the 'Procore Standard Budget' view, which is the default budget view setting for new Procore projects.

Background

In Procore, the project's Budget tool is setup to use the 'Procore Standard Budget' view. This is a pre-configured view that contains data columns that have been determined to be helpful to project teams that want to develop and design a budget for most construction projects. In addition to the 'Procore Standard Budget' view, companies have the ability to apply other pre-configured views to their project's budget or to design custom views to meet their specific budgeting needs. For details, see Which budget views should I add to my projects? and Set Up a New Budget View. 

To help you get started, this tutorial describes how to read and interpret the 'Procore Standard Budget' view. Keep in mind that your project may use a different view, so the columns described in this tutorial may be different than the ones being used in your project environment. 

Things to Consider

  • Required User Permissions:
    • 'Read Only' level permissions and higher on the project's Budget tool.
      AND
    • To view the direct costs detail in a popup window, 'Read Only' or 'Standard' level permissions with the 'View Direct Cost Details' granular permission enabled on your permissions template.  
  • Additional Information:
    • Procore displays a line item in RED when any calculated column value is negative. 

Steps

  1. Navigate to the project's Budget tool.
  2. Click the Budget tab. 
  3. Click the View menu and choose Procore Standard Budget from the list. 
    Example

    Procore Standard Budget View

    The illustration below shows you the default layout for the 'Procore Standard Budget' view, as it looks when assigned to a project's Budget tool.

    budget-standard-budget-view.png

    Default Columns

    The following table details the default column and layout of the 'Procore Standard Budget' view. 

    Column Name Column  Type Column Format Description
    Description Standard n/a Shows the project's budget code and budget code description. Depending on your budget code, this shows the division, cost code, and cost type associated with the budget line item. If sub jobs are enabled in Procore (see Enable Sub Jobs on Projects for WBS), this column shows the name of the sub job associated with the budget line item.
    Original Budget Amount Standard Currency Shows the original budget amount for the budget line item. 
    Approved COs Source n/a This visible column shows the commitment change orders in the Approved status by default. It also provides advanced options that permit you to include/exclude change orders in other statuses and Prime Contract. This column is also used to calculate the 'Forecast to Complete' value in the budget line item.
    Revised Budget Calculated Currency This visible column shows the total amount of any Budget Modifications + Approved COs. This column is also used to calculate the 'Forecast to Complete' value in the budget line item.
    Pending Budget Changes Source Currency This visible column shows the amounts from pending prime contract change orders in the Pending - statuses for the budget line item. 
    Projected Budget Calculated Currency This visible column Calculates the value of the Revised Budget + Pending Budget Changes values. It also includes a subtotals and grandtotals. 
    Committed Costs 2  Source Currency This visible column shows the commitment costs for subcontracts in the Approved and Complete statuses, purchase orders in the Approved status and change orders in the Approved status. It also provides advanced options that permit you to include/exclude other status options for commitments and change orders.  
    Direct Costs Source Currency This visible column shows direct costs in the Pending, Revise and Resubmit, and Approved status. 
    Job to Date Costs Calculated Currency This visible column shows Direct Costs + Subcontractor Invoices.
    Pending Cost Changes 1  Source Currency This visible column shows subcontracts in the Out for Signature status, purchase order contracts in the Processing, Submitted, Partially Received, and Received Status, and change orders in the Pending - statuses. 
    Projected Costs 1  Calculated Currency This visible column shows Committed Costs + Direct Costs + Pending Cost Changes.This column is also used to calculate the 'Forecast to Complete' value in the budget line item.
    Forecast to Complete Standard Currency This visible column is an automatic calculation of the Projected Budget - Project Costs. 
    Estimated Cost at Completion Calculated Currency This visible column calculates the Projected Costs + Forecast to Complete. 
    Projected Over/Under Calculated Currency This visible column calculates the Projected Budget - Estimated Cost at Completion. 
    Budget ROM Source Currency Shows the budget's Rough Order of Magnitude (ROM) value.
    Budget Changes 1 Standard Currency Shows the amount of a budget change for the budget line item. 
    Revised Budget (+Changes) Calculated Currency Calculates a value for the Original Budget Amount + Budget Changes.
    Projected Cost Budget Calculated Currency Calculates a value of the Original Budget Amount +  Budget ROM + Budget Changes.

    1 The Budget Changes column requires users to migrate their data to the new Budget Changes feature. See Migrating to Budget Changes from Budget Modifications.

    2 This column reflects contract values from Procore's Commitments tool. However, the commitment must be set to a specific status. To learn more, see What are the default commitment statuses in Procore?