Update the Schedule of Values
ImportantBefore you get started, important things to know about the Schedule of Values:
What is the accounting method? An invoice administrator sets the accounting method for your contract. This cannot be changed. To learn more, see How do I set the accounting method for a contract or funding?
For companies using a multi-tier change order configuration setting for Contract Management in Project Financials:
The 'Change Orders' section is only visible and available when the company's Procore Administrator has enabled the two (2) or three (3) tier change order configuration on the commitment. See Configure the Number of Commitment Change Order Tiers.
After expanding a line in the 'Change Orders' section, click the commitment change order line(s) and potential change order line(s) in order to expand them until you reach the data entry line items.
Before you get started, important things to know about the Schedule of Values:
What is the accounting method? An invoice administrator sets the accounting method for your contract. This cannot be changed. To learn more, see How do I set the accounting method for a contract or funding?
For companies using a multi-tier change order configuration setting for Contract Management in Project Financials:
The 'Change Orders' section is only visible and available when the company's Procore Administrator has enabled the two (2) or three (3) tier change order configuration on the commitment. See Configure the Number of Commitment Change Order Tiers.
After expanding a line in the 'Change Orders' section, click the commitment change order line(s) and potential change order line(s) in order to expand them until you reach the data entry line items.
Amount-Based Accounting Method
Use this method to invoice lump-sum amounts for the invoice line items on the A Schedule of Values (SOV) is a list of line items that details all of the agreed-upon costs (for example, labor, materials, and so on) on a project. Abbreviated as SOV, it itemizes the contract amount into individual pay items to show how the entire contract sum is allocated to all of the project's work. An SOV is also based on the project's approved budget and commonly used to determine progress payments to the contractor(s).
Click here for more detailed information about the Amount Based accounting method.
The amount-based accounting method requires data entry of lump sum amounts for each line item on the Schedule of Values. Note that Procore uses your entries to automatically calculate and update values in other columns.
Review each line item on the Schedule of Values:
Item Number. Shows the line item number.
Budget Code. Shows the budget code assigned to the line item.
Description of Work. Shows the description for the line item.
Scheduled Value. Shows the scheduled value for the line item on the commitment contract. This is the line item's contract value.
Work Completed from Previous Application (%). If previous invoices were created for this commitment, this cell shows a percentage value that represents the work completed during previous billing periods.
Enter your bill for work completed during the current billing period:
Work Completed this Period. Enter an amount for the current billing period.
ExampleIf you completed half of the work for the line item, enter the amount in the Work Completed This Period column. For example, enter $250.00. Procore automatically calculates and updates these columns for the line item:
Total Completed & Stored to Date ($). If the line item has a scheduled value of $500.00, Procore adds $250.00, which is 50%. This represents the amount of the total work for the line item on this invoice plus any amount(s) from past billing periods.
Total Completed & Stored to Date (%). If the line item has a scheduled value of $500.00, Procore changes the column value to 50%, which corresponds to your entry of $250.00. This represents the amount of the total work for the line item on this invoice plus any amount(s) from past billing periods.
If you received materials this billing period and are storing them on the job site (or in a storage facility), you have this option:
Conditional: New Materials Stored. Enter the amount of any new materials being stored for the current billing period. Your entry should exclude any costs entered in the 'Work Completed this Period' column.
NoteIf the invoice administrator turned ON the 'Enable Billing Separately for Stored Materials' setting for the commitment, enter a dollar amount for materials for this billing period. Your entry automatically calculates the values in these columns: 'Total Completed & Stored to Date ($) %' and 'Total Completed & Stored to Date (%).'
Previous Materials Stored. If this is the first invoice, this value is $0.00.
NoteIf there are previous invoices, this value shows the cumulative amounts entered in 'New Materials Stored' on those invoices. An invoice contact cannot modify this setting.
Materials Presently Stored. Shows the amount of the materials being stored during the current billing period.
Total Completed & Stored to Date ($). Shows the amount of the work completed and materials stored on the job site for the current invoice and on invoice(s) for past billing period(s).
If you are submitting an invoice requesting to release a retainage amount:
Total Retainage Released. Enter the amount of retainage that you are requesting to be released this billing period.
NoteNote that you can request the amount to be released, but you are not permitted to change the retainage rate.
Total Retainage. Shows the cumulative amount of retainage released for the line item.
Continue the steps above for each line item.
Unit-Based Accounting Method
Use this method when invoicing for materials you've ordered in quantity. With this method, you either enter a percentage value 'Total Progress' column or a monetary value in the 'Work Progress' column. Procore automatically calculates and adjusts the other entries on the line item for you. If you want to release retainage, you can enter a dollar amount in the 'Retainage Released' column needed.
Click here for more detailed information about the Unit-Based accounting method.
The Unit-Based accounting method requires you to enter a quantity and unit price for each line item on the SOV. With this method, Procore automatically calculates line item totals for you.
NoteAn asterisk (*) in the list below indicates that you can edit the value of the SOV line item on your invoice.
An asterisk (*) in the list below indicates that you can edit the value of the SOV line item on your invoice.
Quantity
Shows the total number of units for the line item.Unit Price
Shows the expense incurred for each unit for the line item.Value
Shows the total dollar amount of the line item. This is the sum of the Unit Price + Quantity values.Previous Quantity
Shows the total number of units invoiced in previous billing periods.Previous Value
Shows the total dollar amount invoiced in previous billing periods.Total Progress %.*
Enter a percentage amount that reflects your total progress. Your entry must reflect the cumulative progress of any previous billing periods and the current billing period.New Quantity.*
Enter a new quantity to reflect the quantity being billed this period on the new invoice. NoteA
calculator icon indicates that Procore automatically calculates the line item's Amount based on the entries in the Qty, UOM, and Unit Cost fields. Click here to see an example.New Value.*
Enter a new value to reflect the value of the line item being billed this period on the new invoice. NoteA
warning icon indicates a user's Amount entry overrides the automatic calculation with a custom amount. Click here to see an example.Retainage Released.*
Enter a dollar amount of retainage to be released this billing period.Total Retainage
Shows the total dollar amount of retainage to be released for the line item.