Submit your SOV for approval

Modified on Mon, 25 Nov at 4:52 AM

The 'MY Progress' screen in the SOV module shows the SOV items available for submission and gets updated dynamically with the progress updates of the tasks.

On the submission date, you can select the items you want to submit and push them for approval.
Any remaining items will be available for submission in future billing cycles.
Items pushed from the 'Progress' screen appear in the 'Open' screen for review and submission.
The 'Open' screen offers a detailed breakdown of values, enabling efficient management and verification of data.

Stored Materials:

For the applicable SOV line items, you can input the dollar value of remaining and unconsumed materials procured for tasks and stored on-site or in the warehouse. These unused material costs are factored into the calculation of billing-eligible cost values for each item. The system ensures accurate tracking by preventing repetitive calculation of material values across multiple Schedule of Values (SOV) submissions.

Note: You can submit your SOV for a month only within the submission window configured for the project by the GC.

Use the links below to jump to the section you need help with:

Create SOV for the current cycle

Open the 'SOV' > 'My Progress' screen. To do so:
- Ensure that you are on the management console of the project
- Click the app launcher on the top-right and select 'Finance'
- Click 'SOV' on the top, then select 'My Progress' from the options on the left

The table shows the list of task items that are eligible for invoicing, with the details like the overall progress, current month's progress and their values.

Select the items you want to submit by clicking their serial numbers
- Hold down the 'Ctrl' or 'Shift' key on your keyboard to select multiple items.

Click the 'Move to Open' button at the top right

Click 'Yes' in the confirmation dialog.

The selected items move to the 'Open' state. You can view the items waiting to be submitted from the 'Open' screen.

To view the open SOV items and add remaining material details

Open the 'SOV' > 'Open' screen. To do so:
- Ensure that you are on the management console of the project
- Click the app launcher on the top-right and select 'Finance'
- Click 'SOV' on the top, then select 'Open' from the options on the left

The table shows the list of SOV items that are pushed and eligible for invoicing with a detailed breakdown of their cost values. All monetary values are calculated from the project estimates maintained by the contractor.

Outline- The WBS system based serial number of the task item as in the contractor's schedule.
- Click 'Link' to open a side pane displaying any additional document items associated with the task description, if available.
Task Code - The cost code for the task item as in the contractor schedule.
Task Name - The label of the task item as in the contractor's schedule.
Scheduled Values (A) - The planned overall cost of the task calculated from the linked estimate line item.
Profit % (T) - The percentage of profit included in the total planned cost of the task.
Work Completed:
- Last Period Amount (B) - The total of the billable amounts incurred for the task up to the previous billing date.
- Last Period % (C) - The percentage of the 'Last Period Amount' for the task till last month relative to the planned overall cost of the task (Scheduled Value (A))
- Current Period Amount (D) - The gross billable amount incurred for the task in the current billing period.
- Current Period% (E) - The progress percentage of the task realized only in this month
Stored Materials - The dollar value of the leftover materials remaining unconsumed or in stock, related to the task. You need to manually enter the value. See Add Stored Materials Cost below to learn more.
Progress to Date (M) - The total completion percentage of the task reported till the current SOV submission date
Profit to Date (P) - The total profit accumulated till the current SOV
Current Retainage - The amount retained from the gross billable amount for the current billing period, as per the agreed SOV terms.
Net SOV (N) - The amount billable for the current billing period, excluding the retainage, in USD. ('This Period' (D) - 'Retainage' (R))
Value To Date (G) - The gross total billable amount incurred for the task up to the current billing date, including retainage ('Last Period (B)' + 'This Period (D)' + 'Profit to date (P)')
Last Retainage - The total value of the amounts withheld from previous billing cycles.
Balance to Finish - The remaining amount in the task's total planned cost after the current billing cycle. ('Scheduled Value (A)' - 'Value to Date (G)')

Search and filter options:

Use the 'Search' box located at the top left to locate items using any value from the table as search criteria
The options at the top right allow you to filter the entries, create nested groups of entries, and manage personalized and customized views of the table. You can also customize the table by adding or removing columns. Use the links below to learn more about these:

Add Stored Materials Cost

Click within the 'Remaining Materials' column for the specific item to input the cost of unused materials.

Enter the monetary value of the materials currently in stock in US dollars. This value should include all materials procured for the task, both from previous periods and the current month.
Enter your notes or comments about the remaining materials in the 'Description' field
Click 'Save'
Repeat the process for all applicable task items

Edit the SOV

You can:

Add more items to the list from the 'Progress' screen, as explained above.
Remove items from the current SOV and save them for future billing.

To remove items from the current SOV

Click the icon in the row to remove an item.

The item returns to the 'Progress' screen and will be available for inclusion in the future SOVs.

Submit the SOV for approval

Once you have finalized the SOV for the current billing period, you can submit it for approval.

Note:
You cannot make any changes to the SOV after you submit it. Hence, double-check the entries before submission.

To submit the SOV for approval

Ensure that you are in the 'SOV' > 'Open' screen. To do so:
- Ensure that you are on the management console of the project
- Click the app launcher on the top-right and select 'Finance'
- Click 'SOV' on the top, then select 'Open' from the options on the left

Click 'Publish' on the top right

Click 'Yes' in the confirmation dialog.

The general contractor gets notified of the SOV submission from each contractor and proceeds with the approval process.

Click 'Download Excel' to save a local copy of the SOV in Excel format for sharing and record-keeping purposes.