Schedule of Values Template (Excel)

Who uses it, and when

What is in the file

Schedule of values

The header with the retainage rates for work and for stored materials, then one row per line item: item number, description, scheduled value, the amount from previous applications, work this period, materials presently stored, and, computed, total completed and stored, percent complete, balance to finish and retainage. A line billed above its scheduled value turns red.

Application

Contract sum to date (original plus change orders), total completed and stored, retainage, total earned less retainage, previous certificates, the current payment due and the balance to finish, with a check that the schedule total equals the contract sum.

Instructions

How to fill it, step by step.

Column by column

Item no. and description

One line per meaningful part of the work, often by specification section or by trade and area. Separate labor and material lines where the owner asks for them.

Scheduled value

The value of the line. All lines add up to the contract sum to date; change orders are added as new lines.

From previous applications

The total completed and stored on the previous application, for this line.

This period

The value of work completed on the line since the last application.

Materials presently stored

Materials delivered and stored, on site or off site as the contract allows, not yet installed.

Total completed and stored to date

Computed: previous plus this period plus stored.

% complete and balance to finish

Computed: total to date over scheduled value, and what is left to bill.

Retainage

Computed with the rates in the header: one rate on work, another on stored materials, as many contracts distinguish them.

How to use it

1. Enter the retainage rates your contract sets for work and for stored materials, and the period covered.
2. Break the contract sum into line items with a scheduled value each, and have the owner accept the breakdown before the first application.
3. Each period, enter the work completed this period and the materials stored for every line; copy last period's totals into 'from previous applications'.
4. On the Application sheet, enter the original contract sum, the net change by change orders and the previous certificates: the current payment due computes.
5. Check the line the Application sheet adds: the schedule total must equal the contract sum to date.

Limits

• A generic working document: it does not reproduce any standard form, such as the AIA G702 and G703, and is not affiliated with the American Institute of Architects. The owner's contract decides which form is submitted.
• Retainage is computed at a flat rate per category. Contracts that reduce retainage at 50% completion, or hold it per subcontract, need the formulas adjusted.
• The template computes what is due; lien waivers, certified payroll and other attachments the contract requires are separate.

A worked example

Mistakes to avoid

• Front-loading: inflating early lines to bill ahead of progress. Owners and lenders see it, and it costs trust and later payments.
• Lumping a whole trade into one line. A line nobody can measure is a line the owner's representative will hold back.
• Adding change orders by changing existing scheduled values instead of adding lines. The original contract and the changes should stay readable.
• Billing stored materials without the documents the contract asks for: invoices, insurance, proof of storage location.
• Forgetting to carry last period's totals forward. The previous-applications column must match the last certified application exactly.

Questions

Related

• Pay application calculator
• Change order template
• Construction estimate template