This announcement represents a single point in time. Future releases may impact the information below.
Feature Released: July 26, 2018
New Expense Allocations Tool for Main Contractors
Procore has designed a new Expense Allocations feature in the Company level Admin tool to provide Main Contractors a statement of cost allocation for the project level. This provides GCs with the ability to bill Procore costs to the owner. As a GC, the costs for your Procore technology investment may be reimbursable. This feature creates the necessary statement of allocation to ensure that you have the proper PDF documentation to recover the cost of your Procore investment.
To use this feature you will need to select the active project to allocate and complete three (3) fields relevant to that project:
- Estimated Start Date
- Estimated End Date
- Estimated Original Contract Value
Based on this information, Procore will generate a statement of cost allocation by multiplying your Basis Points pricing rate on the Date of Allocation by the Contract Value. Procore then generates this statement as a PDF, which you can submit to the owner for reimbursement and keep for your records.
It is important to note that the total amount of cost allocated cannot exceed the cost of your annual Procore licence.