View your SOV for the Current Period

Modified on Thu, 21 Nov at 5:40 AM

Once the contractors publish the SOV items, the general contractor can assess and approve/revise them, enabling them to generate invoices for the current billing period. General contractors can also access the SOVs generated for the self-performed tasks and push them for approval them for approvalicing.

The 'Progress' screen is also available to the GC's to review and submit the SOV items for their self-performed work.

To view the available SOV items for the current cycle

Open the SOV' > '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 'Progress' from the options on the left

The table shows the list of SOV items that are eligible for invoicing with their details. All monetary values are calculated from the project estimates maintained by the contractor.

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.
Shared Progress Date - The date on which the completion percentage was last reported to the GC by the contractor
Scheduled Values (A) - The planned overall cost of the task.
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))
- This Period Amount (D) - The gross billable amount incurred for the task in the current billing period.
- Incremental Progress (E) - The progress percentage of the task realized only in this month
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
Retainage this SOV - 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)')
Previous 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 projects 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:

You can select the items you want to submit for this billing cycle by clicking the checkboxes in the 'S.No' column and clicking the 'Move to Open' button at the top right. See the next section, 'Submit your SOV for approval', for more details.