Approve Submitted SOVs

The approval authority, usually the general contractor (GC) or the owner, can review the Schedule of Values (SOVs) submitted by contractors, including any submitted by the GC, for the current month. This allows for thorough assessment and processing. All monetary values are derived from the budget allocations assigned to tasks within the project budget by the GC.

• If the GC is the final approval authority, they can directly approve the SOV by themselves
• If the owner is the approval authority, the GC can review and submit the SOV to the owner for approval 

Once approved, the contractors can generate invoices following the SOVs.

To view the SOVs submitted by the contractors

• Open the 'SOV' > 'Current Month' 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 'Current Month' from the options on the left

The table shows the list of SOVs from your contractors.

• Click the name of the contractor to view their SOV

The table displays the list of tasks assigned to the contractor by the General Contractor (GC) and worked on during the current month's billing cycle, along with their associated details. The monetary values are derived from the budget allocations designated for each task within the project budget by the GC.

• Outline - The serial number of the task item in the master schedule managed by the GC
• Task Name - The label of the task as assigned to the SC by the GC
• Allocated Budget (A) -  The total budget amount allocated to the task from the project budget, including the GC's profit.
• Profit % (T) - The percentage share of the GC's profit within the task's total allocated value.
• Work Completed:
• Last Period Amount (B) - The cumulative gross billable amount accrued for the task up to the previous billing cycle.
• This Period Amount (C) - The gross billable amount corresponding to the current month’s progress percentage for the task, payable to the contractor.
• Stored Materials (D) - The dollar value of materials procured by the contractor for the task but not yet used, reserved for future work.
• GC Fee (F):
• Management - The management fee payable to the GC relative to the current month's value of the task
• Profit - The GC's profit relative to the current month's value of the task 
• Progress to Date(%)(M) - The overall completion percentage of the task, including the current month's reported progress
• Profit to Date (P) - The cumulative progress accrued to the GC relative to the task's value
• Retainage 10% (G) - The portion of the task’s value retained as per contract terms, payable to the contractor at a later stage.
• Net SOV - The net billable amount for the task relative to this month’s progress, excluding retainage. Calculated as: This Period Amount - Stored Materials - Retainage + GC Fee.
• Value to Date - The cumulative cost incurred for the task, including the current billing cycle’s payable amount and the GC’s profits.

Add Management Fees and GC Profit

The GC can add their management fees for each task item/deliverable for which the contractor is generating an invoice. The task-wise management fees and the profit will be reflected in the SOV generated by you and submitted to the owner for thier approval.

• Double-click inside the management column for the task and enter your fees in US dollars.
• Double-click inside the Profit column and enter your profit in US dollars.

Approve the SOV

• Click 'Approve' and confirm your action to approve the SOV.

• GC as the final approval authority - The contractor will be notified of your approval and can generate their invoice for the billing cycle.
• Owner as the final approval authority - The SOV is submitted to the owner. The owner is notified of the same. They can review and approve the SOV following the same process. 

You can view the log of approved SOVs from the 'Work Performed History' screen and can download any previous billing cycle SOV as an Excel file. See View Approved SOV Logs for more details.