Handbook / The money
Schedule of values and pay applications
For jobs billed on progress against a contract, in the G702/G703 shape everybody already reads.
A schedule of values breaks the contract into billable lines that add up to it exactly. Generating one from the job groups the priced work by cost code, scales each group proportionally, and lets the last line absorb the rounding so it balances to the contract to the cent.
An application for payment
| Column | What it holds |
|---|---|
| Scheduled value | The line's share of the contract |
| Previously billed | Everything certified on earlier applications |
| This period | What you are claiming now |
| Stored materials | Bought and on site, not yet installed |
| Total to date | Previous + this period + stored |
| Retainage | Withheld at the project's rate |
| Earned less retainage | What is actually payable |
| Less previous certificates | What has already been paid |
| Current payment due | The number at the bottom |
Submitting one raises the invoice and emails the owner. Their decision - approved, rejected or paid - is recorded against the application, and approved change orders appear as their own lines so the schedule keeps balancing to the revised contract.
Undoing things
| What happened | The way back |
|---|---|
| Wrong figures before submitting | Edit the draft. Only a draft application can be deleted. |
| Submitted early | The application exists and the invoice has been raised. Void the invoice and record the application as rejected, then raise a corrected one. |
| Regenerating the schedule of values | Refused once applications reference it - the previously-billed column on every later application depends on those lines. |
| Over-billed a line | The next application self-corrects: previously billed is read from what was actually certified. |
Access: Billing management; the schedule of values needs budget management.