Contract Change Order - Schedule of Values
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Contract Change Orders - Overview
Contract Change Order - Schedule of Values
A Schedule of Values is entered for Contract Change Orders 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 Contract Change Order form during the add of a New Change Order or edit of an existing change order.
A Schedule of Values has Line Items. The Line Items in the Contract Change Orders Schedule of Values detail changes to the original Contract and populate line item values on the Budget to change the overall value of the Budget. Invoices can reference the line items from the Change Order Schedule of Values.
The Contract Change Order Schedule of Values can be:
- Created during the Add of a new Contract Change Order OR
- Created during the edit of an existing Contract Change Order (where the Schedule of Values was not previously created) AND/OR
- Maintained during the edit of an existing Contract Change Order where the Schedule of Values was previously created
Note, a Contract Change Order and its Schedule of Values can be edited only if it is in a status that enables editing. See Contract Change Orders – Status for more information.
Change Requests
When changing Contracts, there is an option to create Change Requests first before creating the Change Order. Change Requests are for a pre-approval and initial estimating of the change. The Change Order is used to proceed with the actual change. Invoices and Payments are tracked against Change Order (not Change Requests). See Change Requests - Overview for more information.
There could be multiple Change Orders for one Change Request.
When adding line items to the Contract Change Order Schedule of Values, there are options to add new line items or to add line items from the Change Requests.
Schedule of Values Component
The Schedule of Values is a component that displays on the Contract - New Change Order form or the Contract Change Order - 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 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 Contract Change Order 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.
If Financial Markups have been setup on the Contract Schedule of Values, there is an option to automatically copy them and apply them to the Change Order 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 Change Order 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, copied from the Change Request 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 Order 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 Order is saved. It is a working session.
Once the Change Order 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 Order is saved such as the Description, Amount or Tax (but only as long as the Change Order 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 Order is in a Status that enables editing)
To fix a situation where the Change Order 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 Order is in a status that enables editing).
For details on how the the Contract Change Order Schedule of Values Line Items display, see Schedule of Values - Line Items.
Summary and Totals Section
The Summary and Totals Section on the Contracts Schedule of Values has the following information.
- 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)
- 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).
The Grand Total of any Approved Changes (including Taxes and Financial Markups) displays on the Contract Schedule of Values in the Totals section in the Approved Changes row. See Contracts - Schedule of Values.
Contract Change Order 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 Change Order, see Contract Change Order - 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 Change Order - Schedule of Values - Create During Edit.
- Maintain the Schedule of Values during the edit of a Contract, see Contract Change Order - Schedule of Values - Maintain.
