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Procore (en-GB)

Set up a Budget in a New Procore Project

Objective

To set up a new budget for a Procore project. 

Background

After creating a new Procore project and verifying the cost code setup is as you want, you'll want to set up your project's budget. There are two ways to add data to the project's Budget tool. You can import your budget line items or you can manually add the line items. Next, you should review your budget—making sure every line item is assigned to an appropriate project cost code. When you are certain all the line items in your budget are accurate, you then lock the budget to preserve the original values. A locked budget ensures that all variations and budget modifications are properly tracked throughout the project lifecycle. 

Things to Consider

Prerequisites

Steps

  1. Add a Project Budget
  2. Edit a Project Budget
  3. Lock a Budget

Add a Project Budget

There are two ways to add budget data to a new Procore project: 

  • You can import your project's budget data by adding your data to a Procore-built CSV template and then importing it into the Budget tool. For instructions, see Import a Budget. This is the most common method. 
  • You can create a budget in Procore by manually adding line items to the project's Budget tool. See Add a Budget Line Item.

Edit a Project Budget

After you add your budget data to the project's Budget tool, its important to review it closely and to make any necessary adjustments. You want to review and edit the budget before you lock it. This is because once the budget is locked, your original budget can no longer be edited. This is to preserve the integrity of your project's original budget, so your team can track the budget and changes that impact your budget throughout the lifecycle of a project. See Edit a Project Budget.

Lock a Budget

Once you've locked the project's budget, the 'Original Budget' values can no longer be edited to preserve those values. From that point forward, changes can only be made by creating variations or budget modifications. This ensures that your project team retains an accurate historical record of all changes and the impact of those changes to the original budget. This provides the project team with a clear understanding of how the iterative changes being made over time have contributed to the current budget. See Lock a Budget.
 

 Note

A budget does NOT have to be locked in order to create purchase orders, subcontracts and variations that affect budget line items. However, to ensure that the correct cost codes are available for use and to ensure that all of your project's budget line items are accurately tracked, it is strongly recommended that you lock the budget before proceeding with any of these activities. 

Once your original budget is locked, it is recommended that you set up your main contract next. 

 

If you would like to learn more about Procore’s budget management software and how it can help your business, please visit our construction budgeting software product page here.