Schedule of values (SOV)
When a job is created, it will not have a schedule of values. The project manager needs to then create the draft SOV. Then once the draft is created, it must be manually clicked as 'Approved' in order to make your first pay app/billing/draw.
The intent here is that you do not click Approved until the client/GC/Owner has approved the SOV breakouts.
Creating the SOV draft
Click on your project Financials tab, and scroll down to the SOV section.
- Click the edit SOV button, which will bring up the SOV editing module. Here you will enter as many rows as desired.
Due to Viewpoint limitations, Description is capped to 30 characters, so Additional Description allows an additional 40 characters if needed.
- Enter the dollar amount for each row. The 'Remaining' will show your delta between the current SOV total and Original Contract Amount. These must match in order to save the SOV.
- After you press Save, this will create the SOV draft.
SOV's are editable until the first Approved pay app status.
Approving the SOV draft
Once the draft SOV is created, and you are ready to approve it, simply press the 'Approve SOV' button on the Schedule of Values card.
Once approved, it then must be pushed to Viewpoint by clicking 'VP Push' button. This will become automatic in future updates.
- You are now ready to create pay apps.
SOV status badges on the WIP
You will see the SOV status icons next to each project in the WIP. These badges help identify the SOV status.
Red = SOV draft needs to be created
Yellow = Draft SOV needs approved
No badge = SOV is approved, no action required.
