Change Request - Schedule of Values - Overview
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Change Request - Schedule of Values
A Schedule of Values is entered for Change Requests to document details and the costs about changes to the original Contract. This includes things like materials, equipment, labor, services. See Schedule of Values - Overview for more information.
The Schedule of Values is a component that displays on the Change Requests form during the add of a New Change Request (see Change Request – Add - Form Layout and Navigation) or edit of an existing Change Request (see Change Request – View/Edit - Form Layout and Navigation).
A Schedule of Values has Line Items.
The Line Items can be:
- Created on a Contract Change Order Schedule of Values once the Change Request is Approved, to manage the changes with the Client/Owner.
- Created on a Commitment or Commitment Change Order Schedule of Values to manage and implement the changes with a Vendor or Subcontractor.
- Or alternatively, they can be associated with a Commitment or Company as a reference only (i.e. not actually created on a Commitment or Commitment Change Order)
- Used to create an RFQ to get quotes from a Vendor or Subcontractor
The Schedule of Values for a Change Request differs from other Schedule of Values in that there is both Cost and Revenue as well as an Over/Under column.
The Change Requests Schedule of Values can be:
- Created during the add of a new Change Requests OR
- Created during the edit of an existing Change Request (where the Schedule of Values was not previously created) AND/OR
- Maintained during the edit of an existing Change Requests where the Schedule of Values was previously created
Note, a Change Requests and its Schedule of Values can be edited only if it is in a status that enables editing. See Change Requests – Status for more information.
Schedule of Values Component
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.
- Messages 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 Schedule of Values
Before adding Line Items on the Schedule of Values, Cost Codes, Cost Types (and Sub Jobs if applicable must first be setup). 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 Change Requests Schedule of Values display.
Change request Financial Markups are inherited from the Contract it is related to. They can not be changed on the Change Request.
- If a New Contract Change Order is created for the Line Item, there is an option to Copy the Financial Markups from the Contract (which is the same as the Change Request). If the Financial Markups are copied to the Contract Change Order, they can be edited or deleted. Additional Financial Markups can be added or existing ones edited or deleted.
- If a Line Item is added to an existing Contract Change Order, there is an option to Copy the Financial Markups from the Contract (which is the same as the Change Request). If the Financial Markups are copied to the Contract Change Order, they can be edited or deleted. Additional Financial Markups can be added or existing ones edited or deleted.
- Change request Financial Markups do not impact Commitments or Commitment Change Order Financial Markups (those are maintained separately).
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 Change Request 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 added 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 more information, see Schedule of Values - Line Items.
During the add session i.e. before the Change Request 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 Change Request is saved. It is a working session.
Once the Change Request 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 Change Request is saved such as the Company, Commitment, Description, Cost, Revenue or Tax Code (but only as long as the Change Request is in a Status that enables editing). After the Save any of the Line Items can be deleted (again only as long as the Change Request is in a Status that enables editing)
To fix a situation where the Change Request 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 Change Request is in a status that enables editing).
For details on how the the Change Requests Schedule of Values Line Items display, see Change Request - Schedule of Values - Line Items.
Summary and Totals Section
The Summary and Totals Section on the Change Requests Schedule of Values has the following information.
- Subtotal - The Subtotal for all Line Items (including Financial Markups if they appear on each individual Line Item).
- Financial Markup Values for Financial Markups set to appear as separate items in the total (if this type of markup has been set)
- Tax - The total tax for all Line Items (with Tax Codes set) (if Tax Codes have been entered).
- Grand Total - The Subtotal for all Line Items plus Financial Markup Values in the totals section plus the total tax for all Line Items
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).
Change Requests on the Budget
The Change Request Schedule of Values totals do not impact Budget (the Budget is only impacted when the Contract Change Order or Commitment or Commitment Change Order is created with the Line Item).
Next Steps
- Create the Schedule of Values during the add of a New Change Requests, see Change Requests - Schedule of Values - Create During Add.
- Create the Schedule of Values during the edit of an existing Change Requests (and when no Line Items have been entered), see Change Requests - Schedule of Values - Create During Edit.
- Maintain the Schedule of Values during the edit of a Change Requests, see Change Requests - Schedule of Values - Maintain.
