How do you create a schedule of values?

How To Fill Out and Submit an SOV

Table of Contents

Step 1: Confirm the Contract Price.
Step 2: Add Work Items.
Step 3: Determine Each Item’s Value.
Step 4: Update As Work Is Completed.
Step 5: Review and Confirm Values.
Step 6: Submit With the Application for Payment.

What is G703 continuation sheet?

AIA Document G702®–1992, Application and Certificate for Payment, and G703®–1992, Continuation Sheet, provide convenient and complete forms on which the contractor can apply for payment and the architect can certify that payment is due.

How do I create a rotating schedule?

Creating a Rotating Schedule Template

From Configuration > Scheduling, select the Rotating Schedule Template option.
Under the Rotating Schedule Actions in the left pane, click on the Add button.
Enter a Code to identify this rotating schedule template.
Enter a Description to describe this rotating schedule template.

How do I make a monthly schedule in Excel?

Click File > New. Type Calendar in the search field. You’ll see a variety of options, but for this example, click the Any year one-month calendar and click Create.

What is a G703 form?

What is a SOV document?

The Schedule of Values (SOV) is a document prepared by the Contractor and its Subcontractors to itemize the costs of each work item on a construction project. For most projects that is put together by the project manager and/or cost estimator.

What does SOV mean in accounting?

A Schedule of Values (SOV) is a detailed schedule apportioning the original contract sum and all change orders, among all cost code divisions or portions of the work.

What is the purpose of schedule of values?

A schedule of values is a document submitted as part of the payment process on projects, and it assists with project management. It allocates the entire Contract Sum to various portions of the contractor’s work that are detailed in the construction schedule.