Free AIA Schedule of Values (SOV) Template
Need a clean Schedule of Values for your next project? Download a simple, contractor-friendly template in Excel or PDF, and see how it connects to AIA-style G702/G703 billing.
Prefer not to deal with spreadsheets? Our free SOV builder lets you create and export your Schedule of Values in minutes.
What Is a Schedule of Values in AIA Billing?
A Schedule of Values (SOV) is the detailed breakdown of your contract value into line items. If you want to build one quickly, you can also use our free SOV builder.
On many projects, the SOV drives every pay application you submit. It's the backbone of the AIA G703 Continuation Sheet and feeds the monthly G702 summary.
When your SOV is clear and logical, your billing tends to go smoothly. When it's vague or all lumped together, you end up answering a lot of emails about "what exactly is included in this line?"
Download the Free AIA SOV Template (Excel & PDF)
Use these as a starting point and customize them for your jobs:
- Excel (.xlsx) - easy to edit, copy, and reuse across projects
- PDF - easy to share with owners, GCs, and lenders for review or approval
Looking for a G702 or G703 Template?
Most people searching for an “AIA G702/G703 template” actually need two things, and the Schedule of Values is the one that has to come first. The G703 continuation sheet is your SOV — the same line items, with billing columns added on top. The G702 is just the cover sheet that summarises it.
So the template above is the starting point. Build your SOV line items, and the continuation sheet takes shape around them: scheduled value per line, what was billed previously, what you are billing this period, stored materials, and the balance left to finish.
Key Columns to Include in Your SOV
Different projects use slightly different formats, but most SOVs include:
- Item No. – simple line number (01, 02, 03…)
- Description – clear label for the work ("Framing", "Electrical Rough-In")
- Scheduled Value – the dollar value for that line
- Cost Code / CSI Code – if the project uses them
- Notes – optional, for clarifying unusual scopes or inclusions
When the SOV flows into an AIA-style G703, each line will also end up with columns for billing:
- Work completed from previous applications
- Work completed this period
- Materials presently stored
- Total completed and stored to date
- Balance to finish
- Retainage
How to Break Down Your Project
There isn't one correct way to structure a SOV, but a few simple rules help keep reviewers happy:
- Match your contract. Start with the divisions or phases listed in your subcontract or prime contract.
- Group related work. Don't make a line for every tiny task, but don't lump the entire job into Labor & Materials either.
- Think about how you''ll bill. If you're billing monthly, break the work into chunks that will logically progress over time.
- Reflect how you manage costs. If your internal job-cost codes are solid, mirror those in your SOV so accounting and billing line up.
The goal is a SOV that's detailed enough to tell the story, but not so granular that updating it every month becomes a full-time job.
Common SOV Mistakes to Avoid
- One huge line item for "Labor & Materials" – reviewers can’t tell what’s happening.
- Mixing multiple trades or scopes into a single line item.
- Leaving out significant allowances, alternates, or unit price work.
- Not matching the total SOV value to the contract amount (including approved change orders).
- Changing the SOV structure mid-project without agreement from the GC or owner.
A clean, stable SOV reduces billing questions and keeps your pay applications moving through approvals.
Why Templates Often Break Down Over Time
Templates are useful, especially at the beginning of a job. But once recurring pay applications start, spreadsheets usually begin to show their age.
Most teams run into the same issues: different versions of the file floating around, formulas getting changed accidentally, previous billing totals not tying out cleanly, and stored materials or retainage becoming harder to track month after month.
That is why many contractors start with a free Schedule of Values template, then eventually move to a system that stores the SOV once and rolls the billing forward from the same underlying data.
How the SOV Feeds Your AIA Pay Applications
Once your SOV is approved, it becomes the “grid” for your pay apps. If you want to understand how this connects across the full billing workflow, see the G702 and G703 guide.
- Work completed this period
- Materials presently stored
- Retainage calculations
Those line-item updates roll into the totals on your AIA G702 Application and Certificate for Payment, with the AIA G703 Continuation Sheet showing the detail behind each number.
How PayAppPro Automates Your SOV
PayAppPro lets you build and manage your SOV directly in the app so you’re not copying the same spreadsheet from job to job and hoping formulas still work. If you want to connect your SOV directly to monthly billing, AIA billing software lets you generate pay applications from the same underlying data.
- Create and edit SOV line items per project - or start from a CSV export.
- Track work completed, stored materials, and retainage over time.
- Generate AIA-style pay application PDFs from the same underlying data.
- Attach backup documents, photos, and lien waivers per pay app.
You keep the structure and clarity of a traditional SOV template, but the math and roll-ups are handled for you every billing period.
Free Template or Online SOV Builder?
Both can be useful. If you need a quick starting point, the Excel and PDF downloads are a solid place to begin. If you want something cleaner than a spreadsheet, our free online builder is a better fit.
Related Guides
Start from a clean SOV, then generate AIA-style G702/G703 pay applications in just a few clicks.