Contract - Schedule of Values
Updated
Suggested Prior Reading
Contracts - Schedule of Values Overview
A Schedule of Values is setup for a Contract to outline the details of the Contract with the Owners/Architects. See Schedule of Values - Overview for more information.
The Schedule of Values is a component that displays on the Contract form during the add of a New Contract or edit of an existing Contract.
A Schedule of Values has Line Items. The Line Items in the Contracts Schedule of Values often make up the Budget for the Contract (i.e. the Contract is setup with the Owner/Architect and the Line Items from the Schedule of Values, then automatically create and populate line item values on the Budget). Invoices can reference the line items from the Contract Schedule of Values.
The Contract Schedule of Values can be:
- Created during the Add of a new Contract OR
- Created during the edit of an existing Contract (where the Schedule of Values was not previously created) AND/OR
- Maintained during the edit of an existing Contract where the Schedule of Values was previously created.
Note* A Contract and its Schedule of Values can be edited only if it is in a status that enables editing. See Contracts - Status for more information.
Schedule of Values Component
The Schedule of Values is a component that displays on the New Contracts form or the Contracts - View/Edit form.
For more information overall on the Schedule of Values component, see Schedule of Values - Overview.
A Schedule of Values is comprised of buttons, messages, settings, line items and totals:
- Buttons are used to invoke functions
- The Settings impact how the information is entered, displayed and calculates.
- Message display certain things about the Schedule of Values.
- Line Items outline the details and can be added, edited or deleted.
- Calculations are done on the line item values to display in the totals.
For details on the Schedule of Values component overall layout and Navigation, see Schedule of Values – Layout and Navigation.
Things to do before creating the Contract Schedule of Values
Before adding Line Items on the Contract Schedule of Values, Cost Codes, Cost Types and Sub Jobs (if applicable) must first be setup for the Project. See Cost Codes - Overview and Sub Jobs - Overview for more information.
Financial Markups
Financial Markups can be applied to Schedule of Values. See Financial Markups - Overview for more information. Financial Markups will impact how the Contract Schedule of Values display.
If Financial Markups are going to be applied, they can be setup before or after the creation of the Schedule of Values.
Schedule of Values Setting - Accounting Method
There is a Schedule of Values setting that sets the Accounting Method. This can only be set when no line items have been added (and as long as the Contract is in a status that enables adding or editing).
A default Accounting Method is setup by the System Administrator, however it can be changed before the Schedule of Values is created. See Schedule of Values - Accounting Method for more information.
Schedule of Values - Line Items
Line Items can be added individually or through a Bulk import.
The columns for the Line Items will vary depending on system settings and project settings as well as financial markups entered. For details on how the the Contract Schedule of Values Line Items display, see Schedule of Values - Line Items.
During the add session i.e. before the Contract is saved, Line Items can be added, all the information on the Line Items can be edited (if needed) and Line Items can be deleted. However, the Line Items aren't actually saved until the Contract is saved. It is a working session.
Once the Contract/Schedule of Values is saved, the Parent/Sub Job (if being used), the Cost Code and the Cost Type for a Line Item can not be edited. The reason, is that the Parent/Sub Job (if being used), the Cost Code and the Cost Type are linked to the Budget.
However, the other information can be still edited after the Contract is saved such as the Description, Amount or Tax (but only as long as the Contract is in a Status that enables editing). After the Save any of the Line Items can be deleted (again only as long as the Contract is in a Status that enables editing)
To fix a situation where the Contract has been saved but the the Parent/Sub Job, the Cost Code or the Cost Type for a Line Item is incorrect, the line would have to be deleted and re-entered (but again this can only be done if the Contract is in a status that enables editing).
Summary and Totals Section
The Summary and Totals Section on the Contracts Schedule of Values differs.
- If it created during the Add of a new Contract, the following information displays:
- Subtotal - The Subtotal for all Line Items
- Financial Markup Values set to appear as separate items in the total (if this type of markup has been set). This may or may not display depending on the settings.
- Tax - The total tax for all Line Items (with Tax Codes set) (if Tax Codes have been entered, if they have not been entered, this will not display).
- Grand Total - The Subtotal for all Line Items plus Financial Markup Values in the totals section plus the total tax for all Line Items.
- Billed to Date - The Total Amount Billed to Date (including Taxes and Financial Markups). Note* This does not include the Payments, just the approved Invoice amounts.
- Amount Remaining - The Contract Total minus the Billed to Date
- If it is created during the edit of an existing Contract or maintained during the edit of an existing Contract where the Schedule of Values was previously created, the following information displays:
- Subtotal - The Subtotal for all Line Items
- Financial Markup Values set to appear as separate items in the total (if this type of markup has been set). This may or may not display depending on the settings.
- Tax - The total tax for all Line Items (with Tax Codes set) (if Tax Codes have been entered, if they have not been entered, this will not display).
- Original Contract - The Subtotal for all Line Items plus Financial Markup Values in the totals section plus the total tax for all Line Items
- Approved Changes - The Total of any Approved Changes (including Taxes and Financial Markups)
- Contract Total - The Original Contact plus the Approved Changes
- Billed to Date - The Total Amount Billed to Date (including Taxes and Financial Markups). Note* This does not include the Payments, just the approved Invoice amounts.
- Amount Remaining - The Contract Total minus the Billed to Date
This information is automatically calculated. As Line Item values are entered it also automatically updates to reflect the information (but the form has to be saved to retain the changes).
Contract Totals on the Budget
Depending on the status of the Contract Change Order, the Grand Total displays on the Budget, see Contract Change Orders – Budget for more details.
Next Steps
- Create the Schedule of Values during the add of a New Contract, see Contract - Schedule of Values - Create During Add.
- Create the Schedule of Values during the edit of an existing Contract (and when no Line Items have been entered), see Contract - Schedule of Values - Create During Edit.
- Maintain the Schedule of Values during the edit of a Contract, see Contract - Schedule of Values - Maintain.
