Prerequisite
The project contract's quoted items must be defined prior to building out the schedule of values. See Creating the Project Contract for more details.
Process
Display Units: units allow you to calculate costs based on a specified quantity multiplied by a define Unit of Measure to come up with the Scheduled Value:
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Require SoV Approval: select this to require the final SoV to be approved internally by a Project Executive or higher
Require Approval to Update SoV: select this to require the project team to have an approver unlock the SoV at a later time for updates
Require Cost Type: select this if you would like to match phases/tasks with a cost type (Labor, Equipment, Material, Sub-contracts ...etc.)
Enable My Accounting Cost Codes: selecting this will allow you to pair your company's cost codes with a phase/task of the SoV. The 'My Cost Code' column pulls cost codes entered at the company settings > cost codes configuration
Note: click "Collapse All" to hide this bar on the contract's SoVs once selections are made.
3. Add Phases/ Tasks
Click Add Phase within the quoted item to create more lines that break down all the SoVs that are included for that quoted item
Click Add Task to add more detail to the Phase.
Adding a task within a phase will keep all line items within that one phase of the quoted item.Click Save in the upper right-hand corner to store your entries
Note: The total calculation for each SoV Task will add up to give a total $ value for the quoted item that it is nested under.
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4. After finalizing the SOVs, you're ready to approve them. Scroll to the top under "Review Schedule of Values" and select Approve.
Next Step