Managing construction finances can be one of the most challenging aspects of any project. Cost often gets buried in scattered spreadsheets, progress updates fail to meet consistency, and payment disputes become almost inevitable.
That’s where the Schedule of Values (SOV) becomes paramount. It gives contractors, project managers, and the client a structured outlook of how the total contract value is distributed across different phases of work. From site preparation to finishing touches, it makes it easy to count and map every dollar.
But not every format is worth putting effort into. You need a comprehensive template that not just records figures but offers transparency, efficiency, and control. With our Schedule of Values Template and its built-in formula functionality, you can calculate totals efficiently and ensure accurate and hassle-free billing.
Before we dig into how to incorporate information in the template, let’s understand some advanced functionalities.
What is Work Completion % Vs. Schedule Value Graph?
Simply put, the chart shows the relation between progress made and the budget check.
- The Scheduled Value represents the budgeted cost linked to each line item or activity in the Schedule of Values. For example, site preparation may be allocated $30,000, framing $60,000, and roofing $40,000.
- The % completion shows the actual progress of each activity, how much of the scheduled work has been completed at a given point.
Reading the chart
The chart visually compares work completion and schedule value side by side:
- Blue bars represent the dollar values scheduled for each work item.
- Line/markers indicate the percentage of completion achieved for that item.
Overall, this allows project managers and owners to determine whether the work completed aligns with the planned value, identify tasks that are behind or ahead of schedule, and assess the budget usage in relation to the visible progress on site.
What Does the Summary Section Indicate
On the upper right side of the template, there is a summary box that combines the key financial indicators from the entire SOV sheet. It includes:
- Scheduled Value: The sum of all line items currently planned or budgeted (which may differ from the total contract value if changes are made) (e.g., $477,000).
- Amount Billed for this Period: The value of work invoiced during the current billing cycle (e.g., $75,000).
- Value of Stored Materials: The total worth of materials delivered and stored on site but not yet installed (e.g., $28,000).
- Total Value of WC/SM: The combined value of work completed (WC) and stored materials (SM), showing the financial worth of progress to date (e.g.,$153,000).
- Balance to Finish: The remaining contract value that needs to be billed or completed (e.g., $324,000).
How to Fill the Schedule of Values Template
If you have the right template, filling in the rows and columns is quite straightforward. This structured template allows you to present activities and the cost of a project in a clear, accurate layout without any hassle.
Step 1: Prepare project info
First of all, you need to gather information on the contract number, total contract value, billing period dates, previous pay applications, and the current list of work items (Work Breakdown Structure or WBS items). Moreover, you must have a supporting backup (such as timesheets, material receipts, and delivery tickets) prepared for each line item.
Step 2: Fill the header fields
Once you gather all the required information, complete the header sections.
- Enter your Company Name, Address, and Email.
- Put the Application No., Application Date, Period to (end of the billing cycle), and Contract No into their fields.
- Now, enter the Total Contract Value (the contract lump sum). This cell is used later for the balance calculations.
Step 3: List WBS items in respective areas
In each row, list your Work Breakdown Structure items. Each row has Item No. And a short Work Description, such as Evacation, Foundations, and Site preparation.
The template is organized into different Areas (e.g., Area 01, Area 02). Each area represents a main or “mother task”, such as location, phase, or building section. Within each area, you can list subtasks that belong to it, numbered as 1.1, 1.2, 1.3 (under Area 01), and 2.1, 2.2, 2.3 (under Area 02), and so on.
Step 4: Enter the scheduled values for each item
The Scheduled Value column is designated for the budgeted amount for each item. Carefully, add the allocated amount for each line. Moreover, a common practice is to use consistent units (currency) and round to the nearest dollar.
Step 5: Enter work completed amounts
You will see two columns for the work completed section: the Amount Previously Billed (APB) and the Amount Billed This Period (ABTP). Once you enter the values in each column, you will automatically get the accumulated total for a specific item (APB + ABTP).
You can reuse this sheet for the next billing cycle. Just move your previous ABTP amounts into the APB column, and enter the new figures for this period. This way, you can keep tracking your total billed amount without rebuilding the chart.
Step 6: Add value of stored materials (if any)
Here, you will mention the dollar value of materials that are delivered and stored on site but not installed yet. These are added in progress when allowed by contract. After entering values in this column, you will get results in the total value of WC/SM $.
Step 7: Set how retainage is applied
Review your contract to confirm how retainage should be calculated. Depending on your agreement, retainage may apply to:
a) Work only
b) Work + Stored Materials
c) be excluded for specific line items.
In the template, the “Retainage %” column automatically applies the selected percentage to the Amount Billed for this Period (ABTP) for each line item. You can adjust the percentage if certain items are exempt or follow different terms.
We know that managing retainage and billing cycles can seem overwhelming. To make this process seamless, you can use our Payment Schedule Template.
Step 8: Check the chart
The chart, one we explained above, updates automatically once you input the scheduled values and the completed amount. It visually represents % of the work done and the budgeted dollar amount you entered against specific work.
Step 9: Verify the summary table
Review the summary table and verify that the schedule value, the amount billed for this period, the value of stored materials, and other metrics total accurately reconcile with your financial records.
Step 10: Review and reconcile
Make sure the sum of scheduled values is either equal to the Total Contact Value or that you have a reconciliation row (contingency, allowances). Additionally, check any item where the % completion is greater than 100%. It usually indicates overbilling or a schedule value too low. Adjust the value or investigate the cause.
Once you have input all the information and values in the template, review it thoroughly before saving or submitting the draft.
Get More Done with Less Effort!
In case you’re wondering how to build the layout from scratch, don’t worry! Our template is editable, allowing you to use it immediately to fill in activities, costs, and percentages without worrying about formatting. Moreover, its pre-built formula protection provides the flexibility to perform error-free calculations and save time. Lastly, it offers a clean, well-organized structure that you can present confidently to clients and stakeholders.
Final Thoughts
Managing construction finances can be an uphill battle, and managers often lose in juggling numbers. Well, this is not the case if you have a well-structured Schedule of Values. It converts complexity into clarity, giving you full visibility over where every penny is going and how much progress has been made.
With the ready-to-use templates, you can skip the guesswork, reduce billing disputes, and build stronger trust with clients, all while saving time. Don’t let paperwork slow down your progress – download the template today.
