Project Financials: Enhancements for Unit-Based Financials

Procore is excited to announce the general release of several new enhancements for unit-based financials. This update, formerly known as the Unit of Measure (UoM) beta program, was tested by beta program participants throughout 2019. These enhancements provide you with the ability to input unit-based quantities on your budget's line items and to automatically calculate the 'Original Budget' amount. For more detail about these updates, see the List of Unit-Based Enhancements below.

Tip

Did you know that you can plan, manage and track costs in greater detail with unit-based budgets? In a related release, the labour hours submitted in Procore's Timesheets tool can be configured to automatically update your budget line items to provide you with real-time insight into your project's labour costs. For details, see Project Financials: Real-Time Labour Costing with Field Productivity.

List of Unit-Based Enhancements

We're adding the following enhancements to Procore's Project Financials tools:

Important

For companies using the ERP Integrations tool, using the unit-based enhancements in Procore has no impact on your integrated ERP system. However, for this initial unit-based release, keep in mind the ERP connectors do NOT sync values between Procore and any integrated ERP system. Currently, the sync is amount-based only and you would need to manually enter the units in both Procore and in your intergrated ERP system. Customers using third-party accounting integrations on the Procore App Marketplace will have access to the public API endpoints.

New Unit of Measure (UOM) Drop-Down List
Automatically Calculate the 'Original Budget' Amount with Unit-Based Data Entries on Line Items
Add UoM Line Items in Bulk Using an Updated Budget Import Template
New Unit-Based Columns for Use in Procore Budget Views and Reports

New Unit of Measure (UoM) Drop-Down List

As a first step towards providing Procore users with standardised units of measurements, Procore had added a new UoM drop-down list to the enhanced line item experience on Procore's Project Financial tools. This list replaces the existing free-form text entry UoM field. For existing line items, the free-form text entries will remain. However, when adding adding new line items or when editing an existing one, you must select one of the default UoMs from the master list. To review the units of measurement on the master, see Which units of measurement are included in Procore's master list?

Note

Did you know the new drop-down list sets the stage for another Procore update that let's your company's Procore Administrator create a custom UoM list for use on the projects in your company's Procore account? To learn more about that release, see Financial Management: Consistent & Custom Units of Measure (UoM).

New UOM List	Added to these Tools	Purpose	For details, see
	Budget	Create budget line items that include Unit Qty, UoM and Unit Cost.	Add a Budget Line Item
	Change Events	Capture unit changes through UOM on Rev ROM and Cost ROM	Add Change Event Line Items

Automatically Calculate the 'Original Budget' Amount with Unit-Based Data Entries on Line Items

Procore updated the recently enhanced line item experience on the Budget and Change Events tools to modify how these three (3) columns function: Unit Qty, UoM, and Unit Cost. When creating a new budget line item with unit cost details, you can choose an 'Automatically Calculate' option button that looks at your data entries in the unit-based cells to calculate the value in the 'Original Budget' cell. You can also manually override the automatic calculation by selecting the exclamation point (!) option button and entering a value in the 'Original Budget' cell.

Add UOM Line Items in Bulk Using an Updated Budget Import Template

If you plan to import the line items on your project's budget, your Procore project's downloadable budget import template will include columns for entering the unit-based details for each line item: Unit Qty, Unit of Measure, and Unit Cost.

There is also a Manual Calculation column where you can choose true or false for each line item that you import (see Manual Calculation (Column D) illustrated below):

Choose 'True' to indicate that you want to enter the 'Budget Amount' manually. This means you want to enter an amount in the Budget Amount cell. You can also enter the line item on the budget after the import is complete.
Choose 'False' to indicate that you want Procore's budget tool to automatically calculate the 'Budget Amount.' This means you can leave the Budget Amount cell blank.

For more learning resources about the import template:

To learn how to download the template and import a budget, see Import a Budget.
To add a Unit of Measure, select an option from the Unit of Measure drop-down list in the template as pictured below. Selections in this list are created by your company's Procore Administrator. See Update a Unit of Measure on the Unit of Measure Master List.

New Unit-Based Columns for Use in Procore Budget Views and Reports

You can now add the following columns to your company's budget views and custom reports:

To learn how to set up budget views in the Company Admin tool, see Add a Budget View for Real-Time Labour Costing.
To learn how to set up custom company and project reports, see Create a Custom Company Report and Create a Custom Project Report.

Column Name	Column Type	Procore Tool	Where do users enter data?	Add Column as a Filter in a Report?
Budget Unit Qty	Standard	Budget	Entered in the Unit Qty field on a budget line item for a specific cost code/cost type combination.	No
Budget UOM	Standard	Budget	Entered in the UOM field on a budget line item for a specific cost code/cost type combination	No
Budget Unit Cost	Standard	Budget	Entered in the Unit Cost field on a budget line item for a specific cost code/cost type combination	No
Main Unit Qty	Source	Main Contract	Entered in the Unit Quantity field on a Main Contract Variation or Main Potential Variation	Yes
Direct Costs Unit Qty	Source	Direct Costs	Entered in the Unit Qty field on a direct costs line item.	Yes
Change Event Unit Qty	Source	Change Events	Entered in the Unit Qty field on a change event line item.	Yes
Timecard Entry Hours	Source	Timesheets	Entered as Labour Hours on a timesheet.	Yes

Common Questions

Which tools are affected?
Which tools are required to use the new functionality?
Want to learn more?

Which tools are affected?

The Project Tools that that have been updated with the unit-based financials enhancements are as follows:

Budget
Change Events
Variations
Reports

Which tools are required to use the new functionality?

The following list details the required and optional tools to use the new functionality:

Budget (Required)
Variations (Required)
Direct Costs (Optional). Required only to track Actuals against Budgeted Unit Qty. This allows you to pull the Unit Qty entries from direct cost line items into a budget view.
Field Productivity (Optional). Required only to use the new Real-Time Labour Costing feature. See Add a Budget View for Real-Time Labour Costing.
- Timecards
- Timesheets
- My Time (Android)
- My Time (iOS)

Want to learn more?

You can watch a recorded webinar where we review the upcoming release of these new unit-based enhancements for financials and real-time labour costing. Click here to watch now.