A Schedule of Values (SOV) is used as a management tool in periodic (usually monthly) payment processing.  It is also a valuable tool in evaluating a project’s progress as measuring a percentage of completion related to schedule and plan.  The schedule of values is broken down into 2 parts:

  1. The Original Contract
  2. Change Orders

The Original Contract portion is definable by the user, and can be broken down into multiple groups/phases.  The Change Order portion can only be populated from the Contract Revision (CR) sections in either the Change Management or Contracts modules.

Objective

To create the Schedule of Values (SOV) that will be used as a basis for invoicing a customer.

Considerations

  • Only users with permissions to add/edit the SOV and Billings in the Billings module will have access to the SOV.
  • The contract information should be set up prior to creating the SOV.

Where is the Billing Module?

The Billing module is located under the Financial menu header at the project level.

 Actions

  • Select:  Add SOV buttonNote: if SOV exists, the button changes to Edit SOVAdd SOV (or Edit SOV if SOV already exists)
  •  Create Group by selecting Group icon 
  •  Create Item by selecting Item icon   
  • Add values to the items under the Scheduled Value column
  • Select Save SOV to save and return to billing log

 

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