Specialty Contractor Financial Management User Guide

After setting up the Budget tool, you can begin creating one or multiple client contracts for your project. With the Client Contracts tool, your team can replace stacks of paper and expensive printer costs with a central location for digital contract management.

• Set Up Your Client Contract. While most Procore customers create a single client contract for a single construction project, project teams do have the option to create multiple client contracts in the Client Contracts tool. For details, see Create Client Contacts. Similar to budget, you can also choose from two methods for setting up your client contract: (1) You can manually Update the Schedule of Values (SOV) on a Client Contract or (2) you can Import a Client Contract SOV from a CSV File. When finished with the initial setup, simply approve it. See Approve a Client Contract.

   Tip

  Does your construction project have multiple funding sources or progress billing requirements? Learn why some specialty contractors decide to create multiple client contracts on their Procore project. This is helpful when you have a need to divide the scope of work on a project into multiple phases or stages, however, doing so does present a few considerations. For more information, see Are there any system limitations when projects have multiple client contracts?

  An alternate way to manage these types of requirements is to use the Sub Job feature. To learn more, see What's the difference between a job, a parent job, and a sub job?

• Create and Manage Owner Invoices. After your client contract is set and you've set up the Commitments tool as described below, you can also create and manage your owner invoices. An owner invoice is an itemized record of a financial transaction between your client and you. Typically, the itemized breakdown is dictated by the general contractor and then you submit your invoice data to them, so they can then submit their invoice to the project owner when payment is due. See Create an Owner Invoice.

• Create a Payments Received Log. After you receive your payment, you can also create a log to track the payments you've received. For details, see Create a Payment Received.

To learn what else you can do with the Client Contracts tool, see Client Contracts.