Schedule of Values
Learn how to use your Schedule of Values Template in Excel or Google Sheets. Follow the quick start steps below, or browse the FAQs and troubleshooting tips for more guidance.
Quick Start
Follow these quick steps to start using your template right away.
Set Up Your Project
Open the main tab and enter your project name, contract amount, and billing period details. Review the sample items and replace them with your own schedule of values if needed.
Enter Your Line Items
Add your descriptions, scheduled values, and any previous billings. The template automatically calculates current billing amounts, remaining balances, and running totals for each line.
Generate Your Billing Summary
Review the summary section to see total billed to date and remaining contract value. This section updates automatically and forms the basis of your client-facing billing documents.
Template Overview
Get to know how each tab works. Every sheet in your template has a clear purpose, from setup to the final outputs that keep your project organized.
Schedule of Value Tab
Purpose
The Schedule of Values tab is where you build and update each payment application.
📄 You organize your line items, enter billing amounts for the current period, track cumulative progress, and generate a clean payment request for your client.
This template keeps the workflow straightforward while still giving you the structure used in standard billing forms.
Why It Works
Most of the calculations are automated. Once your line items and billing amounts are entered, the spreadsheet handles:
• 🧮 Cumulative totals
• 📈 Percent complete
• 📘 Remaining balance
• 🔄 Retainage
• ✔️ Current payment due
You focus on entering accurate values, and the sheet takes care of the math.
Each billing cycle becomes its own tab, giving you a clean historical record for every application.
Try This in Your Template
1. Enter your project information
At the top of the sheet, update the client information, contractor information, project name, application number, and date.
📝 These fields appear on your final billing, so review them carefully each cycle.
2. Organize your Schedule of Values
Use the Type column to structure your billing:
• ◯ creates a category
• ◆ creates a standard line item
• CO creates a change order line
Examples:
◯ Site Work
◆ Excavation
◆ Grading
◯ Concrete
◆ Footings
◯ Change Order
CO Added Stone
This keeps your SOV clean and easy to read.
3. Enter the value for each line item
💵 Add the scheduled amount for every ◆ or CO line.
These values roll up automatically and are used to calculate percentages, balances, and retainage.
4. Bill the current payment application
For your first application:
• Enter the amounts you want to bill into the billing column for the period
• Leave previous amounts blank
For later applications:
• Move your prior billing amounts into the cumulative column
• Enter your new billing for the current period
• The sheet updates all totals automatically
The cumulative amount must always reflect everything billed to date.
5. Update retainage and previous payments
You can update:
• Percent retainage on completed work
• Percent retainage on stored materials
• Previous payments (Line 7)
For your first application, Line 7 is zero.
For later ones, Line 7 should match the prior application’s total earned amount.
6. Prepare your next billing cycle
When you are ready for Application #2, #3, #4, and so on:
Duplicate the entire tab
Update the application number and date
Update Line 7 with the previous application’s total
Move all prior billing amounts into the cumulative column
Enter the new billing for the current period
The template automatically recalculates completed work, retainage, and payment due.
Always review your numbers before submitting. Even with formulas, every application must be checked manually.
Tips for Success
• 🧩 Use ◯ rows to keep your SOV grouped and readable
• 🔁 Duplicate the tab for each new payment application
• ✔️ Double check all prior billing amounts before moving them forward
• 📘 Use consistent descriptions across applications
• 🖨 Export as PDF when sending to clients
• 👁 Review totals carefully, especially when change orders are involved