Approve Received SOVs - General Contractor

Modified on Tue, 17 Dec at 11:55 PM

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.

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
Cost Code - The cost code associated with the budget line item from which the cost value is assigned to the task.
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 left unconsumed and/or 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. You need to manually enter the management fee. See 'Add Management Fees and GC Profit' below to learn more.
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
Current 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. (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.

Search and filter options:

Use the 'Search' box located at the top left to find a change order using any value from the table as search criteria
Right-click the column header and customize the display and order of the columns as you wish
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. Use the links below to learn more about these:

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.
The profit is auto-calculated for the period from the task completion percentage and the overall fund allocated to the task.

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 'History' screen and can download any previous billing cycle SOV as an Excel file. See View Approved SOV Logs - General Contractor for more details.