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    Schedule of values template

    A schedule of values breaks a contract sum into line items for progress review. Use this worksheet to check the arithmetic of completed work, stored materials, retainage and prior payments for each line, then export the entered values and calculated results as CSV.

    The download is a CSV arithmetic-review worksheet. It contains the inputs, results and totals from this tool; it is not a billing workbook with formulas, a complete payment application or a payment certificate.

    Schedule-of-values review worksheet

    Review scheduled values against previous work, current work and materials still stored. Check the entered retainage assumption and prior payments before interpreting the review change.

    This worksheet is not a pay application or payment certificate. Avoid double counting materials as both installed work and currently stored materials. Apply a single retainage percentage per line. Each line rounds retainage half up to a cent. Confirm contract-specific treatment separately.

    Line 1

    Review method

    Gross completed value = previous work + current work + stored materials. Retainage = gross value × the entered percentage, rounded half up to a cent per line. Net = gross − retainage. Amount for review = net − prior payments. Remaining scheduled value = scheduled value − gross.

    This working worksheet does not certify payment, validate contract terms or replace the project’s approved payment application. Investigate negative review amounts rather than treating them as approved credits.

    How to use the worksheet

    • Use the approved schedule of values and the same billing cutoff for every line.
    • Enter the line label, scheduled value, previously completed work, work completed this period and materials still stored.
    • Enter the retainage percentage and actual prior payments applicable to that line.
    • Calculate, review any errors or negative review amounts, and compare the entries with the supporting project records.
    • Export the CSV for the arithmetic review. Retain the approved billing documents and evidence separately.

    The arithmetic behind each line

    The final formula subtracts the combined completed-and-stored value from the scheduled value. The tool rejects a line when that combined value exceeds its scheduled value. A negative amount for review is flagged for investigation; it is not an approved credit.

    • Completed work plus stored materials = previously completed work + current completed work + stored materials.
    • Retainage = (previously completed work + current completed work + stored materials) × the entered retainage percentage, rounded half up to the cent for each line.
    • Net after retainage = completed work plus stored materials − retainage.
    • Amount for review = net after retainage − prior payments.
    • Remaining scheduled value = scheduled value − (previously completed work + current completed work + stored materials).

    A worked example

    For a fictional $100,000 line, previously completed work is $20,000, current completed work is $15,000 and materials still stored are $5,000. The completed-and-stored total is $40,000. At the entered 10% retainage, $4,000 is retained and the net is $36,000. With $10,000 entered as actual prior payments, the amount for review is $26,000. The remaining scheduled value is $60,000.

    Prior payments are an independent input. Do not assume that the full amount previously earned has already been paid. For example, if actual prior payments were $18,000, the same line would have $18,000 for review instead. These examples illustrate the arithmetic; they do not set payment terms.

    Check the basis before interpreting the result

    Use contract-specific rules for stored materials and retainage. The worksheet applies one retainage percentage per line; it does not resolve different work/material rates, retainage releases or other special terms. Avoid counting materials in both installed work and materials still stored. Confirm that changes to scheduled values belong in the approved billing basis.

    Review the supporting evidence for progress and stored materials. Check whether line descriptions are specific enough to verify, whether prior payments match the payment record, and whether unresolved changes or adjustments need separate treatment. An arithmetically consistent row is not approval to pay.

    Connect the review to cost controls

    Use the payment application checklist for the broader review and the forecasting guide for cost at completion. The amount for review in this worksheet and the cash expected to move in a month are different measures.