Schedule of Values
A Schedule of Values (SOV) is a detailed breakdown of your main contract that itemizes the work to be performed and the value of each component. Once the main contract is created, you can add an SOV from selected items within the Budget tab, import an existing SOV, or manage SOV items manually.
In this article:
- Create the Schedule of Values
- Import Schedule of Values
- Add or Delete Subitems in the Schedule of Values
- Batch Associate Budgets
- Spread Markup Budget Value in Schedule of Values
- Lock and Unlock the Schedule of Values
- Delete the Schedule of Values
- Frequently Asked Questions
- Related Articles
Create the Schedule of Values
You can create an SOV from the Budget tab, which automatically links budget items to your main contract.
Create the SOV from the Budget Tab
To create the SOV from the Budget tab:
Select the Budget tool from the left navigation.
Select the Budget tab.
Click the
icon.Select the budget items for the main contract.
Note: Budgets can only be added in batches of 200, so for larger budgets, add them in multiple batches.Click Create Main Contract SOV.
Select the name of the main contract using the drop-down list.
Use the radio button to bring in either each line item or bring in only certain budget code segments.
Tip: You can also create from the top-level hierarchy only. The owner can review the budget faster when only the top level of the hierarchy is used for the main contract.Click Create.
The main contract SOV will now be created automatically and link to the budget. This connection allows members to see what they will be paid and what they need to pay their suppliers.
Import Schedule of Values
You can import a SOV to your main contract from an existing spreadsheet or document.
To import a Schedule of Values:
- Select the Budget tool from the left navigation.
- Select the Main Contract tab.
- Select the More menu
of the main contract. - Choose Import Schedule of Values.
- In the new window, click Choose File. You can add a file from your computer. You can download an example document by clicking Document Template. Fill it out with values and then import.
- After you choose a document, click Import.
Add or Delete Subitems in the Schedule of Values
You can add individual subitems to your SOV or remove items as needed.
Add Subitems
To add subitems to the main contract:
Select the Budget tool from the left navigation.
Select the Main Contract tab.
Click the
icon.Select the More menu
in the desired row.Select Add Subitem. A new line will appear under the main contract.
Fill in the required information in the new row, for example, choose the budget code to link a main contract to a budget. Either type in a value or associate it to a budget code by selecting within the budget code column; the value will auto-populate.
After adding the subitems, you may want to toggle the Preserve the Main Contract value option. See the Spread Markup Budget Value section to learn more.
Delete Subitems
To delete items from the schedule of values, follow the same procedure but select Delete from the More menu.
Batch Associate Budgets
The Batch Associate Budgets option is useful when fees are not openly disclosed to the customer and need to be spread over main contract SOV line items.
To batch associate budgets to the main contract SOV:
Select the Budget tool from the left navigation.
Select the Main Contract tab.
Click the
icon.Click the More menu
next to a main contract.Choose Batch Associate Budgets.
Select budgets. Note that the selection limit is 200.
Selecting from the Batch Associate Budget window means that the original unit cost of the main contract item will be overridden and will show the new selected budget item value. If you do not want this, toggle the Preserve Main Contract value option to spread over its subitems proportionally, according to the associated budgets. See the Spread Markup Budget Value section to learn more.
Note: If Fixed Price is set as contract type, the setting to preserve main contract value will be toggled on by default. This setting assumes that fee or markups details may not be shared with the owner, so autodistributed markups in change orders to the work line items too.
Click Associate Budgets.
Hide Budget Associated Items
Budgets may have several associated items that you can hide in the main contract view. To do this:
- Click the More menu .
- Select Hide Budget Associated Items.
Spread Markup Budget Value in Schedule of Values
As a general contractor, you may have an internal budget price and a selling price. In case these two are different, there is an option to track two sets of values within Cost Management. In this scenario, an owner sees the full price with markups included without making them visible from an owner's collaborative perspective.
Once choosing Fixed Price for the main contract's type, you'll gain an option to preserve the main contract value when associating it with a budget. Markup cost item value will be spread to nonmarkup cost items.
You'll find information that a markup is included. If an OCO is added to the main contract before Fixed Price is selected, automatically spread markup after the type is switched to Fixed Price.
An option to choose to preserve the main contract value shows:
- When linking a budget to a main contract in the Budget Code or Budget Name columns
- While batching associate budgets
From an owner's perspective:
- The Markup Summary section in the flyout panel is no longer visible.
- While responding to an OCO or COR, the unit cost is showing as a sum of the amount and spread markup in the Scope of Work section. The markup list is not visible for an owner.
- Markup cost items and the Markup Summary section are hidden in the budget payment application, and an owner sees the full price with all markups without marking them.
Lock and Unlock the Schedule of Values
If you have full control permission for the Main Contract tab, you can lock the main contract SOVs to avoid inconsistency, unplanned changes in projects, and errors.
Lock the SOV
To lock the Schedule of Values:
- Click the More menu of the main contract.
- Select Lock Schedule of Values.
Unlock the SOV
To update the main contract SOV again, unlock it first by following the same steps and selecting Unlock Schedule of Values.
Delete the Schedule of Values
To delete the schedule of values in Cost Management, you must have full control permission for the Main Contract tab. Deleting the SOV may have an impact on other parts of your project. Make sure you deleted any associated budget payment applications first.
Delete Associated Budget Payment Applications
To delete an associated budget payment application:
Select the Budget tool from the left navigation.
Switch to the Budget Payment Application tab.
Select a main contract and then a billing period from drop-down lists.
Click Status Change.
Revert the payment application's status to the Draft or Revise and Resubmit.
Click the More menu
.Click Delete Payment Application.
Click Delete in the pop-up window.
Repeat the action for every billing period within the payment application connected to the main contract.
Delete the SOV
After deleting associated budget payment applications, you can delete the main contract SOV:
- Select the Budget tool from the left navigation.
- Switch to the Main Contract tab.
- Click the Edit icon
. - Select the main contract SOVs you want to delete. Click the More menu next to it.
- Click Delete and confirm.
Frequently Asked Questions
How to change the SOV when it's already in use?
If cost payment applications are linked with the contract, the SOV is locked. It's impossible to change SOV amount for this scenario. However, there are two options that can resolve this issue:
- Option 1: Delete all cost payment applications and then change the SOV of the contract
- Option 2: Add a SCO (Subcontractor Change Order) from this contract to update the values.