SOV Schedule of Values Template guide

How to Create a Schedule of Values Template

Your Schedule of Values (SOV) is the backbone of progress billing. If it’s clean and stable, pay apps are easy. If it’s messy, you’ll spend your life fixing formulas and answering “why doesn’t this tie out?”

Quick answer:
A good SOV template needs stable line items, locked math, and columns that match a continuation sheet workflow (G703-style): scheduled value, previous work, this period, stored, total to date, retainage, and balance to finish.
PayAppPro generates AIA-style outputs and is not affiliated with or endorsed by the American Institute of Architects (AIA). AIA®, G702® and G703® are registered trademarks of the AIA. Official AIA Contract Documents are offered by ACD Operations, LLC.

What Your SOV Template Needs to Include

A Schedule of Values breaks a contract into line items that you update every billing period. A “good” template is less about pretty formatting and more about making sure your numbers reconcile with the billing workflow.

Even if you never touch official AIA documents, mirroring a continuation-sheet structure makes your billing easier for owners, GCs, and lenders to review. In plain English: it reduces “please revise and resubmit.”

Minimum SOV columns (don’t overthink it)
  • Line # (stable: 01, 02, 03…)
  • Description (phase/trade/cost code)
  • Scheduled Value (the budget for that line)
  • Previous Work (earned through last period)
  • This Period (earned this billing period)
  • Materials Presently Stored (if allowed)
  • Total Completed & Stored to Date
  • Retainage (per line or overall, depending on contract)
  • Balance to Finish

If you want to see how this ties to the “summary” page math, use: G702 calculator and filled-out G702 example.

A Sample SOV Template Layout

Here’s a simple layout you can use in Excel or Google Sheets. Keep the columns consistent and avoid “creative” formatting. Reviewers like boring.

# Description Scheduled Value Previous Work This Period Stored Materials Total Completed Retainage Balance to Finish
1 Site Preparation $12,000 $0 $12,000 $0 $12,000 $1,200 $0
2 Concrete Foundation $30,000 $10,000 $5,000 $0 $15,000 $1,500 $15,000

In a real template, your bottom totals should tie back to your current contract value (original contract ± approved change orders). If your totals don’t tie, your pay app won’t tie.

Step-by-Step: Building a Reliable SOV Template

1) Start with the executed contract scope

Pull line items from the contract/subcontract scope, cost codes, or the GC’s billing structure. If your owner/GC/lender expects certain buckets, align to them.

2) Choose line items that explain the work (without creating chaos)

A good “rule of thumb” approach:

  • One line per major phase/trade (sitework, concrete, framing, MEP, etc.), or
  • Align to cost codes / CSI divisions when those are actively used on the job.

Too few lines makes it impossible to review. Too many lines turns billing into an unpaid hobby.

3) Use locked formulas (and protect them)

At the line-item level, keep math simple and consistent:

  • Total Completed = Previous Work + This Period + Stored Materials
  • Retainage = (Total Completed × retainage %)
  • Balance to Finish = Scheduled Value − Total Completed

Once formulas work, lock/protect those cells. Most spreadsheet mistakes happen by accident, not malice.

4) Keep line numbers stable across billing periods

Don’t renumber midstream unless you enjoy explaining yourself. Reviewers compare pay apps period-over-period. If Line 07 was “Framing” last month and “HVAC” this month, you’re going to get questions.

5) Treat stored materials like a moving bucket

Stored materials should not just grow forever. As materials are installed, stored typically decreases while work-in-place increases. If stored never backs out, reviewers often flag it as double counting. If you need help here, read: how to bill stored materials.

6) Update the SOV when change orders are approved (not “someday”)

Approved change orders should update both the contract sum and the SOV. Add a line or adjust scheduled values, then keep the numbering consistent so the audit trail stays readable.

Classic kickback: the contract sum changed, but the SOV totals didn’t. Then the summary (G702-style) doesn’t reconcile with detail (G703-style) and the reviewer rejects it.

Why Excel SOV Templates Break So Easily

Excel is great until the job gets busy. Then these things show up:

  • Someone drags a row and breaks a formula range.
  • A column gets inserted and references shift.
  • Multiple versions float around with slightly different math.
  • Retainage rules change mid-project and nobody updates the template cleanly.
  • Totals drift and don’t tie out to summary numbers.

If your pay apps get rejected a lot, use: G702/G703 rejection checklist.

Why Many Contractors Move from Templates to Software

Once you’re doing multi-month billing (or multiple projects), babysitting an SOV spreadsheet stops being worth it. Software exists for one main reason: to make the numbers behave.

With PayAppPro, you don’t build “templates.” You set up the project SOV once and then update billing periods:

  • Single source of truth: SOV stays consistent over time
  • Rollforward math stays aligned (previous / this period / totals)
  • Retainage handled consistently
  • Guardrails to reduce overbilling beyond scheduled values
  • Clean AIA-style PDF exports for summary + detail
Create Your First SOV in PayAppPro

Build a clean SOV once, then generate AIA-style pay applications without wrestling spreadsheets.

Related Guides

FAQ: SOV Templates

Fast answers for the “am I setting this up right?” questions.

A Schedule of Values (SOV) is a line-item breakdown of the contract. Each line has a description and a scheduled value, and you update progress each billing period to support pay applications.

At minimum: line number, description, scheduled value, previous work, work this period, materials presently stored (if allowed), total completed and stored to date, retainage, and balance to finish.

Use enough lines to explain the scope clearly without turning billing into a spreadsheet marathon. A common approach is one line per major phase/trade, or align to cost codes/CSI divisions when that’s how the project is managed.

Approved change orders should update the contract sum and the SOV. Add new lines or adjust scheduled values so your totals match the current contract value—then keep line numbering stable so reviewers can compare period to period.

Common causes include broken formulas, totals that don’t roll forward consistently, line totals exceeding scheduled values, stored materials getting double-counted, retainage being applied inconsistently, and SOV totals not tying to the pay app summary.