Schedule of values template
What is in the template
The template uses the standard AIA G703-compatible column format required by most public agencies and commercial owners. Column totals calculate automatically.
- Item number and description columns
- Scheduled value (original contract amount per line)
- Work completed this period and work completed to date
- Materials presently stored on site
- Retainage percentage and dollar amount columns
- Balance to finish calculation
- Project name, contract number, and period of performance header
When to use a schedule of values
Setting up for the first pay application
The schedule of values is submitted and agreed upon at the start of the project — before the first pay app. It breaks the lump sum contract price into line items the owner uses to verify billing each month. Getting it approved early prevents disputes later.
Monthly progress billing
Each month, the contractor updates the percent complete or dollar amount for each line item. The SOV becomes the source document for the pay application (AIA G702/G703 or equivalent).
Owner or CM requires an itemized breakdown
On publicly funded projects, the owner or construction manager almost always requires a schedule of values before processing any payment. This template provides the standard column format most agencies expect.
Tracking cost against billed amounts
Internally, the SOV helps the project manager compare what has been billed versus what has been spent. Front-loading line items is a common contractor practice, but overbilling early can create retainage problems and owner pushback at closeout.
What a schedule of values is
The schedule of values breaks a lump sum contract into line items so the owner can verify billing each month. Each line item represents a portion of the work with its own dollar value. When line items correspond to physical locations on the project, it is easier to verify progress and resolve billing disputes in the field.
How a schedule of values worksFrequently asked questions
What format is this schedule of values template?
It is an Excel spreadsheet (.xlsx). Open it in Microsoft Excel or Google Sheets. The column formulas calculate totals automatically as you enter values.
Do I need to remove HeavyCivilHelper branding before submitting?
Yes. Per our terms, you must remove or replace any HeavyCivilHelper name, logo, or branding before submitting to an owner, CM, or any other project party.
What is the difference between a schedule of values and a pay application?
The schedule of values is the breakdown of the contract into line items. The pay application is the monthly billing document that uses the SOV to show what percentage of each line item has been completed. The AIA G702 cover sheet plus the G703 continuation sheet (which IS the SOV) are the most common format on commercial and public projects.
How should I set up the line items?
Break the contract into logical work categories — earthwork, drainage, paving, structures, signals, etc. Each line item should be estimable by the owner's representative who walks the site. Avoid creating too many small line items or the review process becomes slow. Typically 10 to 40 line items covers most projects.
What is retainage and does this template handle it?
Retainage is a percentage of each payment (typically 5% to 10%) that the owner withholds until substantial completion. This template includes retainage columns that calculate automatically from the retainage rate you enter in the header.
Can I track schedule of values progress in HeavyCivilHelper?
HeavyCivilHelper tracks field documentation — RFIs, change orders, submittals, directives — not accounting or billing. For billing, use this template alongside your project accounting software.
Track change orders that affect your SOV
When a change order adds scope, your schedule of values needs a new line item. HeavyCivilHelper tracks change orders and extra work by location, keeping the field record synchronized with your billing documents.