View Received SOVs

Modified on Mon, 25 Nov at 5:42 AM

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 submitted SOVs

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.
- Responsible Contractor - The name of the contractor company from whom the SOV is received. Click the name to open the SOV received from the contractor for the current billing cycle. See Approve Submitted SOVs to learn more about viewing, assessing, and approving SOVs for the current billing cycle from the contractor
- Work completed:
  - Last Period Amount (B) - The total gross billable amount accrued for the contractor up to the end of the previous billing cycle.
  - This Period Amount (C) - The total gross billable amount payable to the contractor for the current billing cycle.
- Total Stored Materials (D) - The dollar value of the materials procured by the contractor for their tasks and remaining for future work.
- Total Profit (P) - The profit earned by the General Contractor (GC) from the budget allocation assigned to the work item for the current billing cycle.
- Retainage - The agreed-upon percentage of the contractor's billing amount to be withheld as per the contract terms.
- Total Retainage (G) - The specific amount to be retained from the current billing cycle's total billing amount.
- Net SOV (N) - The net billable amount for the current billing cycle, excluding the retainage. (This Period Amount - Stored Materials - Retainage)
- Total value to Date - The cumulative cost incurred by the contractor, 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 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:

See the next section Approve Submitted SOVs to learn about viewing the SOV from each individual contractor and approving the same.