In construction, a Schedule of Values is a defined list of tasks that make up the work for a job as outlined in the original contract. Each line item contains one of these tasks as well as its determined value. The Schedule of Values can be created under the Contract tab in RedTeam. You may import values from the Project's Estimate, or from the Schedule of Values from another Project. Cost codes are a good way of organizing your tasks into a Schedule of Values. You will only need to create a Schedule of Values when working with a Construction Management or Fixed Price Proposal. T&M Proposals do not utilize a Schedule of Values.
1. Manage Schedule of Values for a Proposal
The Schedule of Values can be managed in a Project that is in Request, Proposal, or In Progress status. Often, a Schedule of Values is created during the process of preparing a Proposal for the Customer. Proposals are prepared while a Project is in Request status, which we will focus on in this article.
Later, this Schedule of Values becomes the basis for your Customer Billing (Applications for Payment). It may be modified or updated prior to Billing.
When Importing an SOV from an Estimate, RedTeam will ask you to specify two pieces of information: Import Basis and Allocation Method. Import Basis allows you to choose how you would like to group the items from your estimate into line items on your SOV: by Cost Code, Cost Division, or Assembly Allocation Method allows you to choose whether you want two line items broken out for Overhead and Fee (No Allocations), Overhead distributed among line items and one line item broken out for Fee (Allocate Indirect Costs), or no line items broken out and Overhead and Fee distributed among line items (Allocate Indirect Costs and Profit). As long as a customer billing has not been created yet, you can always re-import the SOV if you choose to change the Import Basis or Allocation Method after importing
Steps:
From the Project's Home menu, under the heading Financial Management, click "Schedule of Values".
OR from the project's Contract tab, click the Manage Icon to the left of the heading and select "Schedule of Values".
Click the New icon (+).
Select "Add Schedule of Values" to create one line item.
Select "Add Schedule of Values Heading" to create headings and group similar items.
Select "Import SOV from another Project" to use the same SOV on this Project from another Project.
Select "Import SOV from Estimate" to import the line items from your Estimate as the SOV.
To Arrange line items and Headings on the SOV, click the more options icon and select "Arrange".
2. Import Schedule of Values
In construction, a Schedule of Values is a defined list of tasks that make up the work for a job as outlined in the original contract. Each line item contains one of these tasks as well as its determined value.
Because cost codes are a good way of organizing your tasks into a Schedule of Values, you may want to import your Schedule from the Project's Estimate to save time, or from the Budget if your project is already in progress. Alternately, you may want to import a Schedule from a different Project or from an Excel or Numbers template. To do this, follow the instructions below.
Steps:
Click the New (+) Icon & select "Import SOV from another Project"; enter the project number and scope you wish to import from and click "Continue".
OR Select "Import from Estimate", choose import and allocation criteria, and click "Continue".
OR Select "Import from Budget", select your allocation criteria and click "Continue" (this can only be done if the project is In Progress)
OR Select "Import Schedule of Values" to download an Excel or Numbers template, fill in the template with your SOV items, then copy/paste to import.
3. Edit or Delete a Scheduled Value
In construction, a Schedule of Values is a defined list of tasks that make up the work for a job as outlined in the original contract. Each line item contains one of these tasks as well as its determined value. To edit or delete these values from your Schedule of Values, follow the instructions below. The option to delete a line is only available if it has not yet been charged in a customer billing.
Steps:
Locate the Value item in the Schedule of Values.
Use the "Edit" and "Delete" icons to make changes to Scheduled Values.
4. View Schedule of Values
The View option allows you and other RedTeam users to see the complete Schedule of Values document as it will appear to the recipient. Once in View mode, you have the option to Print or Email the complete document.
Steps:
From the Home menu, click "Schedule of Values".
Or from the Project's Contract tab, click the Manage icon to the left of the heading and select "Schedule of Values".
The screen will display the current SOV, as well as the Period Ending (last Pay App it was billed on) and % Completed.
To print the Schedule of Values, click the View icon.
General Conditions for Link SOV to Budget projects
General Conditions (GC) refer to a category or line item within the Schedule of Values (SOV) that represents the costs associated with the overall management and administration of a construction project. Within the Schedule of Values, specific line items are typically assigned to direct construction activities such as labor, materials, and equipment. However, certain costs related to the overall project management and administration, which are not directly tied to specific construction activities, are grouped under the General Conditions category. For these types of projects, using SOV types provides the ability to differentiate the items designated as General Conditions versus Cost of Work.
For Projects with the “Link SOV to Budget” Preference on, SOV line items can be associated with these SOV Types:
Cost of the Work
General Conditions
Allowance
Overhead
Profit
Creating or Renaming SOV Types
Further distinctions can be made between the different SOV types by creating or updating the SOV type names in Configuration. Here you can create "Aliases" for the available SOV types to better illustrate what the SOV type is to be used for or provide even more granularity to billing sent to customers.
Steps:
Access Configuration from the left side menu
Select "Schedule Of Values" under "Projects"
Click the New Button "+" in the top right corner to create a new SOV. The Type, Name, Description, and ShortName can than be filled out for the new SOV.
Existing SOVs can be edited by selecting the Edit button (pen icon). The Type, Name, Description, and ShortName can then be updated. Note: Changes to existing SOVs will also update the information on any projects they have been used on.
SOVs can be deleted if the Delete button (trash can icon) is blue. If they have been used on any projects the Delete button will be greyed out. The SOV can be deactivated (won't be accessible on new projects) by selecting the Edit button and changing the Status to "Inactive"
Selecting SOV types on a Project
If the "Link SOV to Budget" preference is enabled, the type of SOV can be selected as SOV (Schedule of Values) items are added, imported, or updating the type of existing items. When a SOV is imported from the Estimate, all Cost Code and Supplemental Markup items by default are “Cost of the Work” and the type can be adjusted after the import. Overhead and Profit SOV items will be automatically assigned as well. If SOV items are added manually, the type is selected as they are created for the project.
The Allowance type is what was previously known as “Owner’s Contingency” and has the same functionality.
Actual Costs may only be applied to specific SOV types:
Cost of the Work = No restrictions
General Conditions = No restrictions
Allowance = Restricted
Overhead = N/A (Cost Codes are not associated with this SOV type)
Profit = N/A (Cost Codes are not associated with this SOV type)
Steps to edit existing SOV items type:
Click the Home button
Click on Schedule of Values
Click the Edit button (pen icon) next to the value item you want update
Click the "Type" drop down to view the list of available SOV types
Select the SOV type to designate the value item to
Click the Save button in the top right to complete the update process
