When dealing with a new project, whether a construction contract or any other kind of business, the project owner must worry about tons of different values. Every detail must be well managed, from progress payments to the fixed price of each item.

For helping in this task, there is a tool called schedule of values that can give you a detailed spreadsheet of all values regarding the project. Everything is tracked by this document, from contract price to a detailed schedule of payments.

In this article, we will show you how to create the perfect schedule of values template for your business. This way, you will have a more optimized document to track all aspects of your project and also avoid problems with the cash flow or any other aspect.

Now that you know what a schedule of values is and why it is essential, it’s time to start creating your own template. Follow each step carefully to guarantee the best results out of it:

List of Items

The first thing you will add to your SoV template is the list of all the items involved in the project. You don’t need to use a name. The items are usually listed with a specific project number. 

It is highly recommended that you follow a timeline when listing these items. Start with the project's first steps and leave the final stage items for the end. This way, your document will look way more optimized for the project managers reading it.

Description of the Items

After listing the items involved in the project, list a heading and basic information about each of them. It can be a title and a short description of the process.

Describing what will be done makes it easier for the stakeholders to understand the key steps of your project and what is needed to complete them. Moreover, your document will look way more organized.

Total Cost of Each Item

After filling in the description field of the items, you must write down the estimated cost for each work item. The person responsible for the project management must know the cost of each part of the project.

Not only that but doing this will avoid payment discrepancies when comparing the estimated value and the payment final balance. Guaranteeing the correct price for each step and good cost tracking are vital to all construction projects.

What You Have Been Paid

In almost every construction job, the total contract value is not paid at once, so it is important to note how much you have already been paid to manage the next steps better. From problems with prompt payment laws to project delays, having the wrong value listed can cause many problems.

Percentage of Work Completed

Another indispensable item for your schedule of values template is the percentage of completion for each item. This item is vital to calculate the project’s duration and oversee progress regarding each step.

It can also be great to compare the percentage of work completed with the due date. This will help the project owner to manage time better and avoid project delays.

Current Billing Period Cost

If you want your project to run without cash flow issues or any kind of problem, you must also take note of the cost of the billing period. It must be analyzed every month or week to anticipate any problems or issues along the way.

This way, you can plan any budget relocation and get an approved budget transfer process in an emergency. These problems can happen in any step and part of the project, from the scheduled value construction to the payment of an employee.

Remaining Cost

Next, your schedule of values must have a field to estimate costs for the rest of the project. After deducting the billing costs and the completed tasks, you will stipulate how much it will cost to complete the remaining parts.

Retainage

The last part of the schedule of values is to list the retainage cost for the project. The value usually is around 5% and 10% of the contract amount.

The retainage cost is a part of the total amount retained by who is contracting. This value will be given to the construction company once the project is completed. You must plan your expenses considering that you will only receive this value after completing the project.

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Template #2

Blank schedule of values. Highly customizable template with fields that can be used for any kind of data tracking.

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Template #3

Template with a column guideline. Indicated for managers that need specific categories in a template.

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