It can follow the same line items you are using to bill the customer, or you could create a different schedule which would also be called your budget. The internal schedule of values you have is your cost to perform the work. This external schedule of values is what will be your billing. The external version is what you will be charging the customer for the work you are going to perform based on how they need you to break out your scope of work for the schedule of values. Remember there are two schedules of values you are creating, an internal and external version. Finally, each column’s totals are displayed across the bottom of the template. If you need to modify this formula, it’s as simple as changing the percentage in the corresponding cell to the contracted amount (don’t forget to include the % symbol). Any applicable retainage is calculated as well based on the industry-standard amount of 10 percent. Next, your totals to date, percentage of completion, and the balance remaining for each milestone are automatically calculated according to built-in formulas. Any amounts for stored materials relative to specific milestones should be entered in the appropriate adjacent cell. The “Work Completed” section indicates payments from previous applications along with the amount due for the current billing period. Some fields will require your input, while others will update automatically according to preset formula calculations.įor each milestone, you’ll enter an item number, a description of the work to be performed, and the corresponding total scheduled value for each line item, as indicated by the column headings. The main body of the spreadsheet contains fields related to specific work tasks and project milestones. You’ll also find a section related to payment applications, including the application number, date, and billing period. Starting at the top of the spreadsheet, you’ll find fields for project-specific information, including the job number, project identifier, and your business name. Using our free Schedule of Values Excel template is super simple. How to Use Our Schedule of Values Template For example, $150,000.00 is much easier to understand and track than $149,987.62. Round values off to even numbers when you can.Try to maintain a consistent profit margin spread evenly across all of your line items to minimize risk.Costs for things like insurance, bonding, and contingency should be kept separate from actual work items.
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