How to Create a Schedule of Values Template
A solid Schedule of Values (SOV) template is the backbone of clean construction billing. Whether you’re building an Excel sheet or moving to software, here’s how to structure your SOV so it actually works with AIA-style pay applications instead of fighting against them.
What Your SOV Template Needs to Include
A Schedule of Values breaks your contract into individual line items, each with its own value. A good template doesn’t just look organized – it lines up with how AIA-style pay apps (especially the G703 Continuation Sheet) actually work.
Your SOV template should include at least:
- Line item number (01, 02, 03…)
- Description of work (concrete, framing, roofing, etc.)
- Scheduled value (the dollar value assigned to that line)
- Work completed from previous applications
- Work completed this period
- Total completed and stored to date
- Materials presently stored (if your contract allows it)
- Retainage (by line item or overall, depending on the project)
- Balance to finish
Even if you’re not submitting official AIA forms, mirroring this structure makes your paperwork easier for owners, GCs, and lenders to review – and that usually means faster approvals.
A Sample SOV Template Layout
Here’s a simple layout that follows the spirit of the G703 but is still easy to read in Excel or Google Sheets:
| # | Description | Scheduled Value | Previous Work | This Period | Total Completed | Stored Materials | Retainage | Balance to Finish |
|---|---|---|---|---|---|---|---|---|
| 1 | Site Preparation | $12,000 | $0 | $12,000 | $12,000 | $0 | $1,200 | $0 |
| 2 | Concrete Foundation | $30,000 | $10,000 | $5,000 | $15,000 | $0 | $3,000 | $15,000 |
In a real template, totals at the bottom should roll up to the current contract amount (original contract plus/minus approved change orders).
Step-by-Step: Building a Reliable SOV Template
If you’re building your own SOV template in Excel, here’s a straightforward way to set it up without painting yourself into a corner later:
1. Start with the Contract
Pull your scope and dollar values directly from the executed contract or subcontract. Use the same major buckets the GC or owner sees – that makes it much easier for them to connect your billing to the paperwork.
2. Break the Work into Logical Line Items
Too few lines and everything is a mystery. Too many lines and billing becomes a spreadsheet marathon. Aim for:
- One line per major trade or phase (Sitework, Concrete, Framing, etc.), or
- Lines that follow the project’s cost codes/CSI codes if those are well defined.
3. Set Up Clean, Locked Formulas
Use formulas for totals, retainage, and balance to finish – and then lock those cells so they can’t be overwritten by accident:
- Total Completed = Previous Work + This Period + Stored Materials
- Retainage = (Total Completed × retainage %)
- Balance to Finish = Scheduled Value – Total Completed
Once they’re working, protect the sheet so people can edit values but not the math.
4. Keep Line Numbers Stable
Try not to renumber or shuffle lines halfway through the job. Reviewers compare billing period to billing period; if line 07 is “Framing” one month and “HVAC” the next, someone is going to have questions.
5. Separate Stored Materials from Installed Work
Don’t bury stored materials in your “this period” column. Use a separate “Materials Presently Stored” column so it maps to how the G703 is laid out and you can clearly show when materials move from stored to installed.
6. Add Version Control
Include a small header with a revision date or version. When the SOV changes (for example, new change orders are added), bump the version so everyone can tell they’re looking at the latest copy.
Why Excel SOV Templates Break So Easily
Excel is great until a project gets busy. Then all the little risks start to show up:
- Someone drags a row and breaks a formula range.
- A column gets inserted for “notes” and half the references shift.
- Different team members save their own versions with slightly different math.
- Retainage or stored-material rules change mid-project and the template isn’t updated cleanly.
- The format doesn’t quite match what the GC or lender expects on a G703-style continuation sheet.
None of this is exciting work – but it’s exactly what causes pay apps to get kicked back with “please revise and resubmit.”
Why Many Contractors Move from Templates to Software
As soon as you’re handling multiple projects or multi-month billing, babysitting an Excel template stops being worth the time. That’s usually when contractors decide they’d rather have the structure built in.
With PayAppPro, you don’t have to design the template at all. The system:
- Stores your SOV per project in an AIA-friendly format
- Keeps previous work, this period, stored materials, and retainage in sync
- Prevents over-billing a line beyond its scheduled value
- Rolls line-item math into G702/G703-style PDFs automatically
- Lets you attach invoices, photos, and lien waivers to each pay app
You still decide what to bill. The software makes sure the numbers line up and the format stays consistent.
Related Guides
Build a clean SOV once, then generate AIA-style G702/G703 pay applications without wrestling spreadsheets.