What Is a Schedule of Values (SOV)?

A Simple Definition

A Schedule of Values is a detailed, itemized breakdown of the entire project cost. Each line item represents a portion of the total contract, such as mobilization, sitework, concrete, framing, roofing, or electrical work. The SOV becomes the reference point for every pay application you submit during the project.

Instead of sending one big lump-sum invoice, you bill line by line against the SOV. That’s what owners, architects, and lenders expect when they ask for AIA-style pay applications (G702 & G703), and it’s what helps them say “yes” to your billing faster.

What a Schedule of Values Usually Includes

The exact layout will vary by project, but most SOVs share the same core pieces:

• Line item number (1, 2, 3...)
• Description of work (“Concrete foundation”, “Lighting”, “Roofing”)
• Scheduled value (dollar value for that line item)
• Cost code / CSI code (when the job uses formal coding)
• Notes or clarifications, if something might raise questions

When the SOV is used with an AIA-style G703, each line also gets columns for:

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

Mini SOV template (typical columns)

If you’re building an SOV from scratch, these are the columns reviewers and accounting teams most commonly expect:

Want the full downloadable version? Start with Free SOV Template (Excel/PDF) or the step-by-step: How to Create an SOV Template.

Why the SOV Matters

The SOV keeps everyone aligned on three basic questions:

• What’s been billed so far?
• What’s left on the contract?
• How much retainage is still being held?

Each billing period, you update the same list of line items and report:

• Work completed this period
• Total work completed and stored to date
• Remaining balance on each line item
• Retainage withheld on the job

When the SOV is clean and consistent, your pay applications are much easier to review and approve. When it isn’t, you end up with questions, redlines, and delayed payments.

Quick Example of a Simple SOV

Here’s a simplified example of how an SOV might look on a $250,000 job:

Each month, you’d show how much of each line is complete, how much is stored, and how much is left. That structure is what reviewers want to see when they’re deciding whether to approve your pay app.

How the SOV Ties Into AIA G703 (and G702)

The industry-standard form for a Schedule of Values on AIA-style jobs is the AIA G703 Continuation Sheet. Each row of your SOV becomes a line on the G703, and the columns track:

• Original scheduled value for each line item
• Total completed and stored to date
• Work completed this period
• Retainage held
• Balance to finish

Those G703 totals then roll up into the AIA G702 Application and Certificate for Payment, which shows the project-level summary the owner or architect signs off on.

Common Schedule of Values Mistakes

Even experienced teams run into trouble with SOVs. Common issues include:

• One giant line like “Labor & Materials” that tells reviewers nothing
• Line items that don’t match the actual contract or executed SOV
• The SOV total not matching the contract value (including change orders)
• Retainage applied differently from one billing period to the next
• Adding or deleting line items mid-project with no clear revision trail
• Keeping different versions of the SOV in separate spreadsheets and emails

Any of these can slow down approvals or get an entire pay app sent back. A good SOV is boring – in a good way. It doesn’t change every month, and it always ties out to the contract.

Signs Your SOV Is in Good Shape

• The total SOV value always equals the current contract sum.
• Line item descriptions make sense to someone who hasn’t walked the job.
• Change orders are clearly reflected (new lines or adjusted values).
• Each new pay app builds on the last instead of “starting over.”
• The GC or owner rarely asks you to “relabel” or “re-explain” lines.

Schedule of Values FAQ

How PayAppPro Helps You Manage SOVs

PayAppPro is built to take the busywork and risk out of managing Schedules of Values. Instead of juggling Excel files for each job, you work in a system that thinks in AIA-style G702/G703 terms from the start:

• Create a clean SOV for each project that aligns with AIA G703 formatting
• Let the system handle retainage and balance-to-finish math for you
• Keep running totals accurate from one pay app to the next – automatically
• Track stored materials and change orders by line item
• Generate polished, accurate pay application PDFs in just a few clicks

Once your SOV is set up in PayAppPro, each billing period becomes “update the progress and download the PDFs” instead of “chase formulas in a spreadsheet at midnight.”