Free Schedule of Values Template

Send cleaner pay apps, faster. This free Excel SOV template calculates totals, retainage, stored materials, and generates a professional cover page automatically.

  • check_circle Auto totals, percent complete, and balance to finish
  • check_circle Built-in retainage and stored materials tracking
  • check_circle Cover page pulls from your project info and contract totals

We’ll email the Excel file in under a minute.

What is a Schedule of Values (SOV)?

A Schedule of Values (SOV) is a line-item breakdown of a construction contract used for monthly pay applications. It helps you track work completed, stored materials, retainage, and the remaining balance to finish.

What’s included in this free template

  • checkExcel format (.xlsx)
  • checkAuto totals and rollups
  • checkRetainage and stored materials
  • checkAuto-generated cover page

How the template works

Our professional Schedule of Values Excel template makes progress billing straightforward. Enter your project information, track your base contract and approved change orders, then update the Schedule of Values continuation sheet each billing period. The workbook formats totals and generates a professional pay application package with a cover page and Schedule of Values.

Follow these 4 steps

  1. 1.Enter project and company information
  2. 2.Add your base contract and approved change orders
  3. 3.Update line items and current-period billing
  4. 4.Review the auto-generated cover page and totals

Step 1: Set Up Your Project Information

Enter your company and project details (project name, contract number, and customer info). This information populates the SOV cover page automatically.

Step 1: Setting up project information in the Schedule of Values template

Step 2: Track Base Contract and Change Orders

Add your base contract and approved change orders so totals stay accurate on your pay application.

Step 2: Tracking base contract and change orders in the Schedule of Values template

Step 3: Update Schedule of Values with Line Items and Current Period Billing Amounts

List your line items and enter current-period billing. Percent complete, retainage, and totals calculate automatically.

Step 3: Tracking work completed in the Schedule of Values template

Step 4: Generate a Professional Cover Page

Your cover page pulls from your project info, contract totals, and line items. No copy/paste needed.

Step 4: Generating a professional cover page in the Schedule of Values template

Why Use Our SOV Template?

Skip hours of spreadsheet setup and send a professional, accurate pay app every month.

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Pre-formatted Structure

Ready-to-use layout with all essential columns for line items and values.

calculate

Automatic Calculations

Built-in formulas automatically calculate totals, percentages, and balances.

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Professional Cover Page

Auto-generated cover page that pulls in contract totals and billing amounts.

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Save Time

Pre-built structure eliminates setup time and ensures accurate tracking.

inventory

Stored Materials

Track materials presently stored on site for accurate billing.

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Industry Standard

Professional formatting accepted by GCs and owners alike.

Want to skip spreadsheets entirely?

SimpleSOV helps you create, manage, and roll forward SOVs and pay apps in the cloud, without the spreadsheet chaos.

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Frequently Asked Questions

Common questions about Schedules of Values and our template.

What is a Schedule of Values?

A Schedule of Values (SOV) is a line-item breakdown of a construction contract used for monthly pay applications.

  • Shows scheduled values by scope
  • Tracks work completed to date and current period billing
  • Includes stored materials, retainage, and balance to finish

How do I fill out a Schedule of Values?

List each work item and assign scheduled values that total your contract.

  • Each billing period, enter work completed this period and any stored materials
  • Review the auto-calculated totals and percent complete
  • Confirm retainage and balance to finish before submitting your pay app

What should be included in an SOV?

An SOV typically includes the line items, values, and progress needed to support monthly billing.

  • Item number and description of work
  • Scheduled value for each line item
  • Previous and current period work completed
  • Stored materials, total completed to date, percent complete
  • Balance to finish and retainage

Why is a Schedule of Values important?

A Schedule of Values makes construction billing clearer and more accurate for contractors and owners.

  • Standardizes progress billing and approvals
  • Helps track completion and remaining scope
  • Creates a clean record of payments and balances

Ready to Simplify Your Construction Billing?

Get started with our free Schedule of Values template and streamline your pay application process today.