Schedule of values in construction: guide, example and template

Under AIA A201–2017 §9.2, for stipulated-sum and guaranteed-maximum-price contracts, the contractor submits a schedule of values allocating the entire contract sum before the first application for payment. Once approved, it is used to evaluate each application. AIA does not publish a standard SOV form; the G703 Continuation Sheet is commonly used to record it.

• For the owner or GC: it makes overbilling visible — no line can be billed past 100% of its value.
• For the contractor: a clear SOV gets pay applications approved faster, with fewer back-and-forth questions.
• For accounting: mapped to cost codes, it connects billing to job costing and WIP reporting.

1. 1

   Step 1

   Start from the contract sum and your estimate, broken down the way the work will be performed and inspected.
2. 2

   Step 2

   Create one line per trade, phase or system — by CSI division, building area or floor — at a level the owner can verify in the field.
3. 3

   Step 3

   Assign each line a scheduled value from the estimate, spreading overhead, profit and general conditions honestly rather than loading early lines.
4. 4

   Step 4

   Separate long-lead materials that will be stored before installation, so stored-material billing is easy to support.
5. 5

   Step 5

   Check that the lines add up exactly to the contract sum, and map each line to your job cost codes.
6. 6

   Step 6

   Submit the schedule of values for approval before the first pay application, then add approved change orders as new lines.

On a G703-style continuation sheet, the SOV supplies columns A–C (item, description, scheduled value), and each period adds work completed, stored materials, percent complete, balance to finish and retainage. See the full arithmetic in our worked G702/G703 example, and how percent-complete billing works in progress billing.

• Commitment SOV. Each commitment has a Schedule of Values tab that matches the approved agreement.
• Subcontractor SOV. Enabled on the Commitments tool by default, it lets a downstream contractor break their contract into more detailed lines while the commitment SOV stays consistent with the agreement. It works only with the amount-based accounting method, and only the detail lines on the Subcontractor SOV carry over to the invoice — so they must be in place before the sub invoices.
• Invoicing. Procore’s Invoicing tool generates owner and subcontractor invoices against these SOVs by billing period, including retainage, and the legacy owner-invoice export produces an “Application and Certificate for Payment” PDF.
• Accounting sync. Procore notes the Subcontractor SOV does not sync to an integrated ERP — only the commitment’s general SOV does. With Procore’s own QuickBooks Online connector, commitments and prime contracts are not synced at all; subcontractor invoices sync as bills.

Line items can be added or updated as the job changes, and each new pay application starts from the current SOV with previous billings carried forward. See Aequo Build.