1 of 13

Budget Modification to Budget Changes Conversion

Fun with Financials

Cindy Ly

Principal Strategic Product Consultant - Financial Adoption

2 of 13

About Me

2

Degree in Building Construction Management �Purdue University

10 years in the Industry �8 years - Hatch Associates - EPCM - Iron and Steel (Coke Batteries, Blast furnace Relines, Aluminum Rolling Mills)

  • Estimator/Materials Management/Commissioning/

Project Controls

​

2 years - Tough Mudder - Event Production

  • Construction Manager

​

Strategic Product Consultant - Financial Adoption �Have worked with over 300 clients in helping them with their financials at Procore -

Fun Fact - I Love Financials �Left industry to become a yoga teacher in Europe, all my paths lead me back to financials!!

Cindy Ly

SPC - Financial Adoption

​

3 of 13

Budget Modifications Vs Budget Change

Takeaways

Use Case Scenario - Contingency

3

  • A Link to this Slide Deck Can be accessed to where you signed up under Reference Material

4 of 13

​

Budget Modifications vs Budget Changes

5 of 13

Are you still using Budget Modifications?

6 of 13

6

7 of 13

Budget Modifications Vs Budget Changes

Are you still using Budget Modifications?

Budget Modifications

Budget Changes

  • Siloed only to the Budget Tool
  • Legacy Feature
  • Replaced with Budget Changes

​

  • Connection from Budget Changes to other financial tools
  • Flexibility

​

7

8 of 13

Use Case Scenario 1

Transferring one line item to another

Budget Modifications

Budget Changes

  • Transfer from one line item to another in the budget tool

​

    • ​
  • Can still Transfer from one line item to another
  • Flexibility to move money from multiple line items to 1 budget code (buyout savings)
  • Status Changes

8

9 of 13

Use Case Scenario 2

​

Contingency Usage - with the transfer shown on the Pay Application

Budget Modifications

Budget Changes

​

  • Change Order Transfer - (0 Dollar Change Order to show transfer)
    • Potential Prime Contract Change Order→ Change Order

​

​

  • Create a Budget Change and allow the change to show on the Owner Invoice
  • ​

9

10 of 13

Budget Settings

10

11 of 13

Things to consider

11

Company Level Change

  • Doing this conversion will change your whole company
  • Keep in mind what it does to your ERP Integration

​

Change is Hard, But worth it

​

  • The connection of Budget changes to change events is huge!!
  • Contingency
  • Invoicing - Just got easier

12 of 13

Outcomes

Problem

BC Migration

Shareable Content

Migration Analysis

12

References-

​

Use the Procore Sandbox to test out Budget Changes

​

Project set up and Testing

  • Support doc on Budget Changes
  • 44 Min Video on setting up change events and budget changes

​

Conversion:

​

Extra Credit -

Workflows!!

Can also be done with Budget Changes -

13 of 13

13