What Is a Schedule of Values (SOV)?

A Simple Definition

A Schedule of Values is a detailed, itemized breakdown of the entire project cost. Each line item represents a portion of the total contract, such as staging, sitework, concrete, framing, roofing, or electrical work. The SOV becomes the reference point for every pay application you submit during the project.

Instead of sending one big lump-sum invoice, you bill line by line against the SOV. That’s what owners, architects, and lenders expect when they ask for AIA-style pay applications.

Why the SOV Matters

The SOV keeps everyone on the same page about what’s been billed, what’s left, and how much retainage is being held. Each billing period, you update the same list of line items and report:

• Work completed this period
• Total work completed to date
• Remaining balance on each line item
• Retainage withheld on the job

When the SOV is clean and accurate, pay applications are easier to review and approve. When it’s messy, you end up with questions, rejections, and delayed payments.

How the SOV Ties Into AIA G703

The industry-standard form for a Schedule of Values is the AIA G703 Continuation Sheet. Each row of your SOV becomes a line on the G703. The columns on the form track:

• Original scheduled value for each line item
• Total completed and stored to date
• Work completed this period
• Retainage withheld
• Balance to finish

Those G703 values then roll up into the AIA G702 Application and Certificate for Payment, which shows the project-level summary the owner signs off on.

Common Mistakes Contractors Make

Even experienced contractors run into trouble with SOVs. Some of the most common issues include:

• Building the SOV in Excel with inconsistent formulas and formatting
• Line items that don’t match the actual contract scope
• Incorrect or inconsistent retainage calculations
• Adding or deleting line items mid-project without a clear paper trail
• Sending updated SOVs that don’t match previous pay applications

These problems can slow down approvals, trigger extra scrutiny from owners or lenders, and in some cases cause an entire pay application to be rejected.

How PayAppPro Helps

PayAppPro is designed to take the headache out of building and maintaining a Schedule of Values. Instead of fighting with spreadsheets, you work in a tool built specifically for AIA-style billing:

• Create a clean SOV that aligns with AIA G703 formatting
• Let the system handle retainage calculations for you
• Keep running totals accurate from one pay app to the next
• Prevent duplicate or inconsistent line items across the project
• Generate polished PDF G702 & G703 forms with a few clicks

Once your SOV is set up, each billing period becomes a simple update instead of a rebuild. That means fewer mistakes, faster approvals, and more predictable cash flow.