Schedule of Values - Overview
Updated
Suggested Prior Reading
Schedule of Values - Where Used
Schedule of Values
A Schedule of Values is entered for various items in project costing and management and contains the details about what makes up the costs of the Contract, Purchase Order, Subcontract etc. including things like materials, equipment, labor, services. See Schedule of Values - Where Used for a list of all the items that use the Schedule of Values.
Although there are some variations on functionality in the Schedule of Values for the different items, for the most part it is the same. Where there are differences, they are explained in that items Schedule of Values help topic.
This help covers the general functioning of Schedule of Values:
- Overview of Schedule of Values Component
- Cost Codes, Cost Types and Budget
- Sub Jobs
- Accounting Method
If Financial Markups are applicable to the Schedule of Values, see Financial Markups - Overview for more information.
Overview of Schedule of Values Component
A Schedule of Values consists of one or more Line Items (and when referring generally to Schedule of Values, it includes all the Line Items plus the totals and summary.
There are a number of different settings that impact the Schedule of Values and how they function and display:
- Global Tax Codes (that are set globally in the system settings and apply to all Schedule of Values for all items)
- Financial Markups (that are specific to each Schedule of Values)
- Schedule of Value settings (that are specific to each Schedule of Values)
- Parent/Sub Job setting (that are specific to each Project)
There is also settings that apply overall to the Schedule of Values and then settings/functionality that apply to each individual Line Item on the Schedule of Values:
- The Accounting Method Setting that applies to the entire Schedule of Values can only be changed when the item is in a certain Status and no line items have yet been added. See Schedule of Values - Accounting Method.
- The individual Line Items that makeup the Schedule of Values can only be:
- Added if the Item is in a status that enables changes to the Schedule of Values.
- Deleted if the Item is in a status that enables changes to the Schedule of Values.
- Edited, if the Item is in a status that enables changes to the Schedule of Values AND
- If the Schedule of Values has not been saved, all the Line Item information can be changed OR
- If the Schedule of Values has been saved, then the Parent/Sub Job (if applicable), Cost Code or Cost Type can not be changed. This is because they are linked to the Budget and therefore can not be changed on the Schedule of Values (the line item would need to be deleted and re-entered in that scenario).
The Schedule of Values can be:
- Created during the Add of a new Contract OR
- Created during the edit of an existing Contract OR
- Maintained during the edit of an existing Contract
If its an existing Contract it can be created or maintained only if the Contract is in a status that enables editing. See Contracts - Status for more information).
See Schedule of Values – Layout and Navigation for more information om the layout and navigation.
Cost Codes, Cost Types and Budget
Before a Line Item can be added to the Schedule of Values, Cost Codes and Types must be setup and assigned to the Project (see Cost Codes - Overview).
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
- Cost Types are the types of work
Cost Codes and Cost Types must be setup prior to entering any Schedule of Values (see Settings - Cost Codes (and Cost Types)) and the Cost Codes must be assigned to the Project (see Cost Codes - Overview).
Line Items on the 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 so the Cost Code and Cost Type on the Line Items are required.
- If the Cost Code and Cost Type on a Line Item 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. The Budget Fields that are updated will depend on what the item is that the Schedule of Values are being created for. 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 or a Cost Type for a Line Item, the drop down list will be grouped by Budgeted and Unbudgeted.
See Budget – Overview for more information.
Sub Jobs
If Parent and Sub Jobs are going to be used, it is recommended to turn it on prior to entering line items. See Sub Jobs - Overview for more information. If Sub Jobs are not turned on and a Schedule of Values is created with Line Items and saved, then Sub Jobs are turned on later, all the pre-existing line items are assigned to the Parent Job automatically and can not be changed.
If Sub Jobs are turned on, each line item on the Schedule of Values will need to be assigned to either the Parent Project or a Sub Job before a Cost Code can be selected.
- When line items on the Budget are setup, they are assigned the Parent/Sub Job, Cost Code and Cost Type so the Parent/Sub Job, Cost Code and Cost Type on the Line Items are required.
- If the Parent/Sub Job, Cost Code and Cost Type on a Line Item match the Parent/Sub Job, Cost Code and Cost Type for a line item on the Budget, that Budget Line Item will be automatically updated with the values. The Budget Fields that are updated will depend on what the item is that the Schedule of Values are being created for. See Overview of Budget Fields and Calculations for more information on what Budget Fields are updated by what items and what status.
- If the Parent/Sub Job, Cost Code and Cost Type on a Line Item on a Schedule of Values does not match the Parent/Sub Job, 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.
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 calculate the line item total by multiplying 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.
For more information on what columns appear and when for the line items, see Schedule of Values - Line Items.
To set the Accounting Method, see Schedule of Values - Accounting Method.
Next Steps
Review Schedule of Values – Layout and Navigation, see Schedule of Values – Layout and Navigation.
Set the Default Accounting Method for the Schedule of Values, see Schedule of Values - Accounting Method.
Add a Schedule of Values Line Item, see Schedule of Values - Add Line Item.
Bulk Import Schedule of Values Line Items, see Schedule of Values - Import.
Edit a Schedule of Values Line Item before the Line Item has been saved, see Schedule of Values - Edit Line Item.
Edit a Schedule of Values Line Item after the Line Item has been saved, see Schedule of Values - Edit Line Item.
Delete a Schedule of Values Line Item, see Schedule of Values - Delete Line Item.
