Owner Financial Management User Guide

• How to set up your Work Breakdown Structure (WBS). Procore provides a default WBS that includes the cost code, cost type, and optional sub job segments. With WBS you can create a company and/or project-level budget code structure for use with the Project Financials tools in Procore. To learn more, see Work Breakdown Structure Setup.

• How to add or import an accurate project budget. Learn how to add budget line items to your project, configure and assign budget views to your project, and set up a forecasting view to identify and track critical project costs. Use data collected from the field to track your project's labor costs and to log production quantities in your budget. Learn how to create budget changes to reallocate funds from one budget line item to another. See Budget Setup.

• How to create one or more funding(s) for your project. Set up your Funding tool and learn about the considerations to keep in mind if your project has multiple funding sources or delivery methods. Manage the upstream invoice process and create a payment received log. See Funding.

• How to manage your project's commitments. Learn about the Commitments tool's configuration settings and how to create commitments for your downstream collaborators. Designate invoice contacts to submit invoices against those commitments and create a payment in the payments issued log. See Commitments.

• How to improve oversight and management project changes. Choose between managing change orders with or without the Change Events tool. Configure your change order tier settings for your contracts. Bring change management to the field––facilitating faster approvals, more accurate communication, and eliminating the need to proceed at risk. See Change Management with Change Events and Change Management without Change Events.

• How to administer the invoicing process for your project's collaborators. Define your billing periods and choose your project's desired method for creating and submitting invoices for your upstream and downstream collaborators. See Invoicing.

• How to create and record payments. Once your upstream and downstream invoices are approved and completed, you can create payments in Procore to keep a record of payments. For upstream payments, see Create a Record for a Payment Received. For downstream payments, see Add a New Payment to the Payments Issued Tab of a Commitment.

Many companies design their budget code structure to align with the CSI MasterFormat. Other companies decide to implement a budget code structure that is unique to their industry, organization, or project environment. Regardless of the structure, you can submit a request to have a Procore representative import segment items for you or you can expedite the import process and perform your own imports using the Procore Imports App.

To learn more about WBS, see the Work Breakdown Structure landing page. We recommend reading About Work Breakdown Structure and reviewing the steps in Create Your Company's Default Work Breakdown Structure and Create Your Project's Work Breakdown Structure with your team.