How to Create a Schedule of Values Template
Build the allocation first and the billing columns second. A reliable template lets another person see where the contract value went, which cells they should edit and how the totals are checked.
Updated October 7, 2026 · PayAppPro editorial team
1. Map the agreed scope
Start with the executed agreement and the reviewer’s required format. List recognizable scopes or phases, including work near completion such as testing and turnover. Assign stable item numbers.
Allocate the contract price across those scopes. Reconcile included allowances, overhead and profit so nothing appears twice. Do not use a convenient round-number split if it cannot be explained from the agreement and estimate.
2. Separate setup from period inputs
| Column | Purpose | Editable? |
|---|---|---|
| A/B | Item number and work description | Setup; changes controlled |
| C | Scheduled value | Approved setup or revision |
| D | Completed work from prior application | Carry from prior D + E |
| E | Work completed this period | Current input, including installed transfers |
| F | Materials presently stored | Current supported balance |
| G | Completed and stored to date | Formula: D + E + F |
| H | Balance to finish | Formula: C − G |
| I | Retainage, where applicable | According to the permitted method |
Place the application number, cutoff and contract revision near the top. Keep an input legend visible. These are standard output-column meanings; a software worksheet may use different inputs.
3. Add checks beside the working area
For a row at line 12, typical formulas are =D12+E12+F12 for completed and stored, and =C12-G12 for unearned balance. A percentage-complete formula can use =IF(C12=0,0,G12/C12), with a separate flag for earned value on a zero-value line.
- Sum scheduled values and compare the result with the approved contract sum.
- Flag earned values above the scheduled value for review.
- Reconcile retainage to the permitted rate, reductions and releases.
- Keep the prior certified record available for comparison.
Protect formula cells after testing. Protection helps prevent an accidental overwrite; it does not establish that a formula or claim is correct.
4. Test a material transfer before using the file
Try a $20,000 line with $4,000 completed and $6,000 stored in the first application. In the next period, install $2,000 of that stored material and earn $3,000 of additional work. The new row should show D = $4,000, E = $5,000 and F = $4,000. G becomes $13,000.
The earned increase is $3,000. If your template produces a $5,000 increase, it probably counted the transfer twice. If it loses the still-stored $4,000, the carryforward is incomplete.
Column reference: AIA G703–1992 instructions.
5. Obtain approval and save a clean starting copy
Submit the proposed breakdown through the required process before the first billing cycle. Keep a blank master, the accepted SOV, each submitted application and the certified versions separately. A useful filename includes the project, application number and revision.
When a change is authorized, record the approval and update the contract and SOV consistently. Do not change past certified files merely to make the current workbook easier to reconcile.
For a starting file, use the SOV template downloads; for a browser-based starting allocation, use the SOV builder.
Frequently asked questions
Should I copy last month’s total into previous work?
For standard G703 columns, previous completed work is prior D plus E, not the total including still-stored materials.
Should I include every estimate line?
Use the required reviewer format and enough detail to measure progress. The internal estimate can support the allocation without being copied line for line.
PayAppPro provides AIA-style outputs, not licensed AIA Contract Documents. AIA®, G702® and G703® are trademarks of the American Institute of Architects. Confirm the required form and billing rules in your contract. Numerical examples are illustrative, not customer records.