Schedule of Values Template
The Schedule of Values (SOV) Template helps construction project managers, contractors, and owners break down a project’s total contract value into measurable components for progress billing, cost tracking, and financial transparency. By organizing work items, scheduled values, billed amounts, and remaining balances in one place, this template streamlines billing cycles, supports compliance, and reduces disputes.
What is a Schedule of Values Template for Construction Project Managers?
A Schedule of Values template is a structured cost breakdown tool that allocates the contract sum across specific work items and milestones. It ensures project managers and contractors can track progress, manage retainage, and align billings with actual completion.
What problem does the Schedule of Values Template solve?
Eliminates billing confusion by clearly showing what has been billed vs. what remains
Improves communication between project managers, contractors, and clients
Ensures compliance with standard construction billing practices (AIA-style progress payments)
Provides a transparent record for audits, payments, and cash flow management
How to use the Schedule of Values Template?
Enter project details (contract number, client, billing period).
Break down work into line items (e.g., site prep, foundations, roofing).
Assign a scheduled value to each line item.
Update % complete and record current vs. previous billings.
Track retainage and remaining balance.
Review totals at the bottom for a clear snapshot of project financials.
FAQs
Q1: Who should use this template?
This template is designed for construction project managers, contractors, quantity surveyors, and owner representatives who handle progress billing and cost tracking.
Q2: Can I adapt this template for different project sizes?
Yes. Whether you’re managing a small renovation or a multimillion-dollar build, you can adjust the line items and values to fit your scope.
Q3: How often should I update the Schedule of Values?
It’s best to update the SOV at every billing cycle (typically monthly) to reflect progress, payments, and retainage.
Miro Features Used
This template was built using:
Tables to structure cost breakdowns
Frames to organize sections (project info, work items, totals, notes)
Sticky notes for flexible comments, adjustments, or approvals
Video Walkthrough
📹 A step-by-step video guide is also available to help you get the most out of this template.
Goodluck
Khawaja Rizwan
