Schedule of Values
Updated
Schedule of Values
Suggested Prior Reading
Commitments - Overview
Relationship Between Subcontract, Subcontract Change Order and Subcontract Invoice
Relationship Between Purchase Order and Purchase Order Invoice
Contracts- Overview
Relationship Between Contract, Contract Change Order and Contract Invoice
Overview
A Schedule of Values is entered for various items in project costing and management:
· Purchase Order
· Subcontract
· Subcontract Change Order
· Direct Cost
· Contract
· Contract Change Order
The Schedule of Values are the details about what items make up the Purchase Order, Subcontract etc. including things like materials, equipment, labour, services.
The individual details on the Schedule of Values are called the “Line Items”.
Tax may also be setup as a line item as well as any other items that are required to complete the project.
Each line item on the Schedule of Values is assigned to a Cost Code and a Cost Type. Cost Codes are the predefined categories of the types of item required to do the project and types are the types of work.
Schedules of Values are automatically connected to the Budget by the Cost Code and Cost Type.
When line items on the Budget are setup, they are assigned a Cost Code and Cost Type.
If the Cost Code and Cost Type on a Line Item on a Schedule of Values for any of the above items match the Cost Code and Cost Type for a line item on the Budget, that Budget Line Item will be automatically updated with the values. See Overview of Budget Fields and Calculations for more information on what Budget Fields are updated by what items and what status.
If the Cost Code and Cost Type on a Line Item on a Schedule of Values does not match the Cost Code and Cost Type on the Budget, an Unbudgeted Line Item will be automatically created on the Budget.
See Adding an Unbudgeted Line Item to the Budget.
When selecting a Cost Code for a Line Item, the Cost Codes will be grouped by Budgeted and Unbudgeted. The drop down for Cost Types are not separated by whether or not they are on the Budget.
See Budget – Overview for more information.
Line Items Default Accounting Method
There are two different ways the dollar amounts of line items can be added to a Schedule of Values;
1) Entering a single dollar amount
2) Enter a Unit, Quantity and Cost per Unit and the system will automatically calculated the total amount by multiple the three together.
Before entering the first line item on the Schedule of Values, this Default Accounting Method must be set. This setting will then apply to ALL line items on the Schedule of Values. If items need to be entered with both methods, then two Subcontracts, Purchase Orders, Direct Costs etc. will need to be created, one for each default accounting method.
Steps
Review Schedule of Values – Layout and Navigation
Set the Default Accounting Method for the Schedule of Values
Add a Schedule of Values Line Item
Edit a Schedule of Values Line Item
Delete a Schedule of Values Line Item
