BUDGETING

BUDGETING MANUAL

Creating the project budget is outlined below. Care must be taken to ensure that the budget is established accurately at the onset of every project. Continue scrolling down the page or click on a specific topic to learn about each step in detail.

REQUIREMENTS


The project must be linked to the ERP to synchronize and view financial information from Vista.

BUDGET CREATION


Default settings for the Budget tool are not to be modified.


Navigate to the Admin tab and apply all applicable cost codes to the project. Select the codes from the Viewpoint Vista Standard Cost Codes list on the left then click Copy Selected Codes. Pressing the Ctrl key while left-clicking the mouse will select
multiple, non-sequential codes, while pressing the Shift key and left-clicking the mouse will select a continuous range of codes. The selected codes will appear in the Project Cost Codes list on the right. Changes are saved automatically. Alternatively,
Copy All Codes from Viewpoint Vista Standard Cost Codes then upon completion of the budget navigate back to this screen and remove unwanted codes by selecting all Project Cost Codes and clicking Delete. Only those cost codes that are not used will
be removed. Cost types have been pre-determined and are not necessary to modify. Contact the KBDG Procore administrator if there are questions or a specific need arises.


Watch this short video to see it in action!


Navigate to the Project’s Budget tool. There will be three options available for entering the budget into Procore. Those options are described below in the order in which they appear in Procore.

OPTION 1: CREATE NEW BUDGET LINE ITEM

This is the simplest method to enter a budget, however, is also most time consuming. Select a Cost Code from the dropdown, enter a Cost Type and Amount then click +Add. Repeat until the budget matches the prime contract value, including
profit, then click Save. Once complete, click Lock Budget to prevent unwanted changes. Click Send to ERP to synchronize the data with Vista (the job and cost codes must be synced with Vista for
this to work) and CREATE A SNAPSHOT to archive the original budget.

OPTION 2: IMPORT BUDGET CSV

The fastest method to enter a budget, however, does require care and attention to detail to ensure a successful import. Download the template using the hyperlink provided
in Procore, located on the right side of the Budget tool and as pictured to the right. Open the downloaded CSV file and enter the values for the applicable cost codes. Cost types are required and must match one of the following options exactly:
LABOR, MATERIAL, SUB, or OTHER - anything other than these will fail to import. Only those lines with a cost type and value will be imported into the budget. See example below –
note there are no dollar signs, commas or other formatting for either amounts.

OPTION 3: ENTER THE BUDGET IN VISTA

Optionally the budget may be entered in Vista following the routine steps then imported into Procore. The accounting approver must take steps to accept the budget for the sync to begin. Upon doing so the budget will be visible in both systems after the
synchronization has completed, usually within a couple of minutes. Once the budget is complete click Lock Budget then CREATE A SNAPSHOT to archive
the original budget.


As a project progresses, dollar values are aggregated in the budget table - this is true for both revenue and cost items, including costs-to-date. Many of these fields are hyperlinks that, when clicked, will reveal the underlying information. Generally,
these items are either blue or red in color (e.g. Budget Modifications, Approved COs, Pending Budget Changes, Committed Costs, Job to Date Costs, Pending Cost Changes and Forecast To Complete). Clicking on any of the linked field will open a new
window and list all the related information in an organized manner.


Place the mouse on a column heading and a tooltip will appear identifying what items
and associated statuses are included in that columns calculations. Commitments, Change Events and Change Orders will appear in the budget as they are generated and based on their status. Pending items will be included in columns aptly labeled with
pending (e.g. Pending Budget Changes, Pending Cost Changes) and those that are approved will be included in columns with a final status (e.g. Approved COs, Committed Costs).

*As of this writing, any items with a status set to Draft will not be reflected in the budget.


Often times when viewing the budget the screen is covered with numerous lines and can be distracting. Clicking the icon (aka chevron) to the left of each level of the budget will expand or collapse a group of items to conserve space on the screen.
When collapsed, the chevron points right, when expanded it points down. Note the orientation of the chevron in each of these examples. Clicking the chevron to the left of Description will expand/collapse all cost codes in the budget. Clicking the
icon to the left of the Project Name will expand/collapse all divisions in the budget. Clicking the icon to the left of the division will expand/collapse all cost codes within that division.


From time-to-time it may be necessary to re-allocate dollars between cost codes. This should only be done when transferring money into or out of
contingency, allowances or scope packages (i.e. curbs and gutters budgeted separate from paving then later included in a paving scope). Modifications are not to be used for shuffling dollars between line items to generate a “pretty report”. Be advised
that modifications can only transfer money from one code to one other code (it is not possible to split or join multiple codes into a single entry) and once created they cannot be deleted. Click Create Budget Modification and enter the information, including notes, to describe the transfer. Click Create.
The allocated dollars are seen in the column labeled Budget Modifications and can be viewed in detail by clicking the corresponding values.


Forecasting in Procore is easy and intuitive. By default, the calculation method for each line item is set to automatic and is identifiable by a lightning bolt icon to the left of the Forecast To Complete value. Automatic calculation simply subtracts
the current projected costs, including commitments and approved changes, from the current budget. To change the forecast value and calculation method scroll to the Forecast To Complete column and left-click the desired item to be updated.
In the subsequent window select Manual Entry and add lines as necessary to provide detailed and accurate forecast information. It is expected that the calculation method
is changed to Manual Entry for each line where committed and/or actual costs are anticipated to provide for accurate forecasts by the Project Manager.
When finished, click Done. The Forecast To Complete column is updated to reflect those detailed entries and the lightning
bolt is no longer visible.
Future edits can be made by repeating the actions outlined above. Upon creating a snapshot all financial entries are preserved for historical record.


VIEWS

In lieu of numerous reports the budget is visible in differing formats by changing views. As of this writing, Procore ERP Budget is required to view job cost information from Vista.

SNAPSHOTS

Snapshots are liken to projection batches in Vista, however, they can be retrieved faster and reviewed at any time during the course of the project. Project financial
information is archived within each snapshot as of the date & time it is created and behave exactly like the current view (e.g. hyperlinks, filtering, etc.) only the information contained within it cannot be modified. Snapshots are not automatically
generated, however, should be created just prior to monthly status reports in Vista as they are a means to archive forecast values and notes. The estimated cost at completion for each cost code in Procore should be entered for the corresponding
Phase in Vista. At the time of this writing snapshots do not automatically transfer information into Vista, however, this may change as Procore continues to make improvements to their system.

When creating a snapshot use the following naming convention: ORIGINAL BUDGET for the initial creation of the budget then MMM_YYYY (e.g. JAN_2018).
Because these can be created at-will and as many times as desired, use the following naming convention when creating more than one within the same month: MMM _YYYY_# (e.g. JAN_2018_1). Include a brief description of the snapshot,
such as “Original budget imported from Vista” or “Original budget created in Procore” or “January “2018 Cost Projections” then click Create. View a previously saved snapshot by selecting it from the dropdown in the Budget toolbar.
When viewing a snapshot there is a visual indication noting the snapshot date, time, creator and description across the top of the page.

GROUPING

Information can be grouped by any of the visible columns. These settings are included with each view. Do not modify them.

FILTER

Filters further refine the visible information. Select from the dropdown then use the resulting checkboxes to drilldown to the desired data.
Groups and filters are user-specific and persistent until they are cleared by clicking Clear All.


Generate a digital or hard copy report by clicking Export. This dropdown is located on the right side of the budget and directly above the column headings.
Clicking on either of the two options will produce the following results:

  • PDF - Generates the report in a new browser tab for viewing, printing, or downloading a PDF version of the budget
  • CSV - Downloads a .csv file directly to the computer

View the budget information in full screen on your computer by clicking the icon with four arrows. Procore offers three pre-built reports which are extremely valuable and available in the sidebar along the right side of the screen:

  • Budget Modifications – Summary of all budget modifications
  • Buyout Summary Report – Summarizes the current commitment related costs against each budget line item by vendor
  • Budget Detail Report - Shows all changes, budget modifications, commitments, change orders and forecasts associated with each line on the Budget


Upon completion of the budget and Send to ERP has been clicked. The accounting approver must navigate to the company level tool ERP Integrations. Within this area steps must be completed to successfully push the budget information
to Vista. Those steps are not outlined in this manual; however, it is important to know that this intermediate step is required otherwise nothing will appear in Vista.


No matter which option is chosen above, the resulting list of phase codes in Vista must be linked to Contract Items and Interfaced per routine. Failing to do so will leave the project in a Pending status within Vista preventing its use.


PC = Project Coordinator PM = Project Manager PX/BUL = Project Exec. / Bus. Unit Leader
TASK PC PM PX/BUL
Establish & Create Budget in Procore 2 1
Review Budget for Accuracy and Conformance with Prime Contract 1 2
Lock Budget 2 1 2
Send to ERP 2 1 2
Maintain Budget, Including Modifications 1 2
Create Monthly Snapshots 1 2