Free Schedule of Values (SOV) Template

What Is a Schedule of Values?

A Schedule of Values (SOV) is the detailed breakdown of your contract value into line items. Each line has a description (for example, “Sitework”, “Concrete”, “Windows & Doors”) and a dollar value.

On many projects, the SOV drives every pay application you submit. It’s the backbone of the AIA G703 Continuation Sheet and feeds the monthly G702 summary.

When your SOV is clear and logical, your billing tends to go smoothly. When it’s vague or all lumped together, you end up answering a lot of emails about “what exactly is included in this line?”

Download the Free SOV Template (Excel & PDF)

Use these as a starting point and customize them for your jobs:

• Excel (.xlsx) – easy to edit, copy, and reuse across projects
• PDF – easy to share with owners, GCs, and lenders for review or approval

Key Columns to Include in Your SOV

Different projects use slightly different formats, but most SOVs include:

• Item No. – simple line number (01, 02, 03…)
• Description – clear label for the work (“Framing”, “Electrical Rough-In”)
• Scheduled Value – the dollar value for that line
• Cost Code / CSI Code (if the project uses them)
• Notes – optional, for clarifying unusual scopes or inclusions

When the SOV flows into an AIA-style G703, each line will also end up with columns for billing:

• Work completed from previous applications
• Work completed this period
• Materials presently stored
• Total completed and stored to date
• Balance to finish
• Retainage

How to Break Down Your Project

There isn’t one “right” way to structure a SOV, but a few simple rules help keep reviewers happy:

• Match your contract. Start with the divisions or phases listed in your subcontract or prime contract.
• Group related work. Don’t make a line for every tiny task, but don’t lump the entire job into “Labor & Materials” either.
• Think about how you’ll bill. If you’re billing monthly, break the work into chunks that will logically progress over time.
• Reflect how you manage costs. If your internal job-cost codes are solid, mirror those in your SOV so accounting and billing line up.

The goal is a SOV that’s detailed enough to tell the story, but not so granular that updating it every month becomes a full-time job.

Common SOV Mistakes to Avoid

• One huge line item for “Labor & Materials” – reviewers can’t tell what’s happening.
• Mixing multiple trades or scopes into a single line item.
• Leaving out significant allowances, alternates, or unit price work.
• Not matching the total SOV value to the contract amount (including approved change orders).
• Changing the SOV structure mid-project without agreement from the GC or owner.

A clean, stable SOV reduces billing questions and keeps your pay applications moving through approvals.

How the SOV Feeds Your AIA Pay Applications

Once your SOV is approved, it becomes the “grid” for your pay apps. Each month you update:

• Work completed this period
• Materials presently stored
• Retainage calculations

Those line-item updates roll into the totals on your AIA G702 Application and Certificate for Payment, with the AIA G703 Continuation Sheet showing the detail behind each number.

How PayAppPro Automates Your SOV

PayAppPro lets you build and manage your SOV directly in the app so you’re not copying the same spreadsheet from job to job and hoping formulas still work.

• Create and edit SOV line items per project – or start from a CSV export.
• Track work completed, stored materials, and retainage over time.
• Generate AIA-style G702 and G703 PDFs from the same underlying data.
• Attach backup documents, photos, and lien waivers per pay app.

You keep the structure and clarity of a traditional SOV template, but the math and roll-ups are handled for you every billing period.

Related Guides

• What Is a Schedule of Values (SOV)?
• How to Create a Schedule of Values Template
• How to Fill Out AIA G702 & G703