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(Beta) Configure a Funding's Advanced Settings

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 In Beta
This content is for participants in the Project Financials: Modernised Experience for Main Contracts beta program. 
 Limited Release
flag-us.png The Funding tool is available as a limited release for Procore customers in the United States who have implemented the Procore for Owners point-of-view dictionary. To learn more, see What tool names and terms are different in Procore for main contractors, owners and speciality contractors?

Objective

To configure the advanced settings on a funding. 

Background

If you are a user with the required user permissions, you can edit the settings on the 'Advanced Settings' tab of a funding. Settings include choosing an accounting method for the Bill of Quantities (BOQ), enabling financial markup, as well as other funding, comments and payment settings.

Things to Consider

  • Required User Permissions:
    • 'Admin' level permissions on the project's Funding tool.
  • Additional Information:

Steps

Edit the Advanced Settings

  1. Navigate to the project's Funding tool. 
  2. Locate the funding to work with. Then click its Number link. 
  3. Click the Edit Advanced Settings button. 
    prime-contract-edit-advanced-settings.png
  4. Choose from these options:

Turn Financial Markup ON and OFF on a Funding

You can turn the Financials Markups tab ON and OFF on individual fundings. The default setting is ON. To learn more, see Add Financial Markup to Funding Variations.

prime-contract-enable-financial-markup.png

Under the 'Financial Markup' section, do the following:

  • To turn the 'Financials Markup' tab ON, place a tick in the Enable Financials Markup box. 
    OR
  • To turn the 'Financials Markup' tab OFF, remove the tick from the Enable Financials Markup box. 

If this is the only setting you want to change, click Save. Otherwise, continue with the next step.

Set Up Funding Payment applications on a Funding

If you are planning to generate payment applications to send to a project's funding source for the work your team performs, you use the controls in this section to set up the payment applications feature for a funding. 

  1. Scroll to the 'Funding Payment applications' section. 
  2. Choose to enable or disable the following options:
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    • Enable Funding Payment applications. To turn the funding feature ON for this contract, place a tick in this box. ON is the default setting. To turn this feature OFF, remove the tick. 
    • Enable Completed Work Retention. To turn the completed work retention feature on, place a tick in this box. ON is the default setting. To turn this feature OFF, remove the tick. 
    • Enable Stored Material Retention. To turn the stored material retention feature on, place a tick in this box. ON is the default setting. To turn this feature OFF, remove the tick. 
    • Level of Detail to Display Variations. This setting determines how Procore displays variations in the 'Detail' tab of the payment application. Your options include:
      • Line items in each Potential Variation (PV). This is the default setting. This setting lists all of the line items for all  PCOs related to the funding. 
      • Funding Variation (FV). This selection lists only the FCOs related to the funding. 
      • Potential Variation (PV). This selection lists only the PVs related to the funding. 
    • Approve Contractor Payment applications when Owner Approves Funding Payment application. Place a tick in this box so that once a funding source approves the funding, the subcontractor payment application is also approved. This function is only enabled when you choose to automatically populate your funding payment applications with data from your contractor payment applications. To learn more about automatically populating payment applications, see Create a Funding Payment application.
    • Show Cost Code on PDF. Place a mark in this tickbox to show cost codes on the PDF. There is no 'Cost Code' column in the Configurable PDF tab, but cost codes will show in headers if grouped by cost code.

If these are the only settings you want to change, click Save. Otherwise, continue with the next step. 

Turn Payments Received ON and OFF on a Funding

You can turn the Payments Received tab ON and OFF on individual fundings. The default setting is ON.

  1. Scroll to the 'Payments Received' section. 
  2. Choose from these options:
    • To turn the 'Payments Received' tab ON, place a tick in the Enable Payments box. ON is the default setting. 
    • To turn the 'Payments Received' tab OFF, do not check in the Enable Payments box. 

If these are the only settings you want to change, click Save. 

Set the Accounting Method on a Funding

Before users start adding line items to the funding,  choose the accounting method to use. The method cannot be changed after line items are created. 

  1. Scroll to the 'Bill of Quantities' section.
  2. Choose one (1) of these options:
    prime-contracts-schedule-of-values.png
    • Amount Based
      Choose this method to enter a lump sum amount for a line item on a BOQ. This is the default setting. 
    • Unit/Quantity Based
      Choose this method when ordering materials in quantity. With this method, users enter a quantity and unit price for the line item on your BOQ and Procore automatically calculates the total for the line item for you.
  3. After you select the option that you want to use, click Save.