How to Create a Schedule of Values Template

What Your SOV Template Needs to Include

A Schedule of Values breaks your contract into individual line items, each with its own value. To create an effective template, you need fields that mirror the AIA G703 Continuation Sheet, because that's the industry standard for commercial billing.

Your SOV template should include:

• Line item number (1, 2, 3…)
• Description of work (concrete, framing, roofing, etc.)
• Scheduled value (the cost allocated to that line)
• Work completed from previous applications
• Work completed this period
• Total completed to date
• Materials stored (if applicable)
• Retainage (typically 5–10%)
• Balance to finish

Even if you aren't submitting AIA forms, structuring your SOV the same way makes your billing cleaner, easier to review, and more consistent from month to month.

A Sample SOV Template Layout

Why Excel Templates Often Fail

Most contractors start with Excel templates, but they quickly run into problems:

• Formulas break as the project evolves
• Columns don’t stay consistent from one pay app to the next
• Retainage is miscalculated or applied unevenly
• Stored materials aren't tracked accurately
• The structure doesn't match G703 requirements
• Reviewers reject billing because the format isn't standardized

Templates may work for very small projects, but for multi-month or multi-phase work, they become difficult to maintain without errors.

How to Build a Reliable Template

If you still want to build an SOV template manually, follow these best practices:

• Use locked cells for formulas so they aren’t accidentally overwritten
• Use consistent line item numbering that never changes
• Always include a version number or revision date
• Separate stored materials from work in place
• Use data validation to prevent incorrect entries
• Mirror the AIA G703 column order as closely as possible

Even with these precautions, Excel templates require careful maintenance and frequent checking.

Why Most Contractors Switch to Software

Most GCs and subcontractors eventually stop using spreadsheet templates because the stakes get too high: a single formula error can get a pay application rejected, delay payment, or cause disputes.

With PayAppPro, you don’t need to build or maintain your own SOV template. The system:

• Generates SOVs automatically in AIA-friendly format
• Tracks progress from one billing period to the next
• Handles retainage and stored materials
• Prevents broken formulas and inconsistent data
• Prepares complete G702 & G703 PDF billing packages

You set up your SOV once - and every pay app updates cleanly with no manual editing.

Downloadable Templates (Optional)

If you still prefer to work in spreadsheets, you can export your SOV from PayAppPro as a PDF and keep it for record-keeping. We also plan to offer downloadable Excel versions formatted to match AIA-style layout.

Build Better SOVs with PayAppPro

PayAppPro was designed for subcontractors and GCs who want clean, accurate billing without spreadsheet headaches. Whether you're preparing your first pay app or managing billing for multiple projects, the system ensures your SOV is properly structured from day one.