Approve the SOVs - Owner

,The owner, as the final approval authority, can review the Schedule of Values (SOVs) submitted by general contractor for approval. They can assess the tasks and deliverables worked on by the contractors during the current month, and have an option to select only those for which they want to approve the SOV. This is useful if you want to verify the completion percentage then approve those. 

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

View the SOVs submitted by the general contractor

• 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 displays a consolidated list of all tasks worked on by all contractors, who submitted their SOVs to the general contractor. The monetary values are derived from the budget allocations designated for each task from the project budget by the GC.

• Task 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
• GC Fee - The amount owed to the General Contractor (GC), encompassing any specified management fee and the GC's profit. 
• Work Completed:
  • Till Last Period Amount (B) - The cumulative gross billable amount accrued for the task up to the previous billing cycle.
  • Current 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.
• Retainage % - The portion of the task’s value (in percentage) 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)
• Progress (%) - The progress of the task realized during the current month.
• Contractor - The name of the subcontractor who executed the task
• Status - Indicates whether the item has been approved or pending for approval

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:		
Customize Columns in List Views
Filter Options in List Views
Group and Organize Items in a List View
Manage Custom List Views

Approve the SOV

• Select the line items for which you want to approve the SOV
  • Use 'Ctrl' or the 'Shift' key on your keyboard to select multiple items at once
• Click 'Approve'

• The selected items are approved. The remaining items are available for approval at a later time.