Beta update beginning June 1. Procore is launching a new centralized Tax Platform for Financials, now available in open beta. This enhancement empowers Company and Project Admins with robust tools to centrally manage tax codes, track tax impacts, and ensure compliance with complex regional tax requirements. Admins can create and manage tax codes—including standard and exempt rates—set future effective dates, and configure how taxes are applied on invoices (such as gross before or net after retainage). The platform introduces tax groups for handling multiple tax codes per line item, a critical need for regions like Canada. Project Admins benefit from a new Tax section, allowing them to enable or disable tax at the project or object level, filter applicable tax codes, and set default codes for new line items. Join the beta through Procore Explore.
Tax amounts are now natively calculated and stored at the line-item level, improving accuracy and enabling seamless syncing with supported ERPs (currently Sage 300). The system also introduces penny redistribution to ensure precise rounding, and updates PDF exports to display detailed tax breakdowns.
