A schedule of values is a document that divides a construction contract sum into line items of work, assigns a value to each item, and records how much of each has been completed and billed in every payment period. It is the backbone of the payment application process: the contractor updates it each period, submits it with the application for payment, and the client or their consultant certifies payment against it. This page gives you a free schedule of values template in Excel and CSV formats, with the standard columns used on AIA-style payment applications and UK valuations alike, and no form to fill in before you download it.
Download the schedule of values template
Both files contain the same columns and the same example rows. The Excel version has formatting applied; the CSV opens in any spreadsheet tool, including Google Sheets.
Delete the example rows, enter your own line items, and the structure is ready to use. Values are shown without a currency symbol so the template works in any market.
The template structure, with example rows
These are the ten columns in the template, shown with example entries so you can see what a completed billing period looks like. The example assumes retainage held at 5% of the value of work completed; retainage is the US term, and UK contracts call the same deduction retention.
| Item No. | Description of work | Scheduled value | Work completed previous periods | Work completed this period | Materials presently stored | Total completed and stored to date | % complete | Balance to finish | Retainage |
|---|---|---|---|---|---|---|---|---|---|
| 01 | Site preparation and groundworks | 120,000 | 96,000 | 24,000 | 0 | 120,000 | 100% | 0 | 6,000 |
| 02 | Concrete frame | 340,000 | 170,000 | 68,000 | 12,000 | 250,000 | 74% | 90,000 | 12,500 |
| 03 | Mechanical and electrical first fix | 210,000 | 42,000 | 31,500 | 8,000 | 81,500 | 39% | 128,500 | 4,075 |
Every column, explained
Each column exists because someone downstream relies on it: the certifier checking this period's claim, the accounts team reconciling retainage, or the commercial lead confirming the totals still match the contract sum. Here is what each one does.
- Item No. A sequential reference for each line item. Certifiers refer to lines by number, so keep the numbering stable from period to period; add new lines at the end rather than renumbering.
- Description of work. A short, unambiguous name for the work package, usually following the trade or cost code breakdown used in the contract documents.
- Scheduled value. The portion of the contract sum allocated to the line. All scheduled values together must equal the current contract sum, including approved change orders.
- Work completed previous periods. The cumulative value billed in all earlier applications. This carries forward from the last certified application, not from your own draft.
- Work completed this period. The value of work performed in the current period. This is the number under the most scrutiny at certification, so be ready to evidence it.
- Materials presently stored. Materials delivered to site, or stored off site where the contract allows, that are paid for but not yet built into the work. Once built in, their value moves into work completed.
- Total completed and stored to date. The sum of the previous three columns. This is the cumulative claim for the line.
- % complete. Total completed and stored to date divided by scheduled value. A quick sanity check: if a line shows 95% complete but the work on site is visibly half done, the schedule is front-loaded.
- Balance to finish. Scheduled value minus total completed and stored to date. The client reads this column as their remaining exposure on each line.
- Retainage. The amount withheld from payment under the contract, typically a percentage of work completed, released at milestones such as substantial completion. Track it per line so the release calculation is simple later.
Filling in the template each billing period
Start every new period from the last certified application, not from your own submitted draft, because the certifier may have adjusted values. Copy the certified total completed and stored to date into work completed previous periods, enter the current period's work and stored materials, and let the totals, percentages and balance columns recalculate. Before submitting, confirm two things: the scheduled value column still sums to the current contract sum, and no line claims more than 100%. Those two checks catch most of the errors that delay certification.
Common schedule of values mistakes
The most frequent mistake is front-loading: weighting early line items above their true value to improve cash flow. Experienced certifiers spot it quickly, and it poisons trust in every application that follows. The second is lines that are too coarse; a single line for an entire trade forces arguments about percentage complete every month, where ten narrower lines would make progress obvious. Third, teams forget to update scheduled values when change orders are approved, so the schedule stops reconciling to the contract sum and every subsequent application inherits the discrepancy. Finally, materials presently stored is often double counted: once the material is built into the work, its value must move out of the stored column and into work completed, not sit in both.
When the spreadsheet becomes the bottleneck
A spreadsheet schedule of values works well on one project with one careful owner. The trouble starts with scale: carry-forward values copied from the wrong version, retainage recalculated by hand after a partial release, and three copies of the file in circulation the week the application is due. That is the point where payment application software earns its keep: line items, prior certified values and retainage live on one record, each new period starts from the certified position automatically, and the current application is always the only version, one place and one record.
Frequently asked questions
What is a schedule of values in construction?
A schedule of values is a breakdown of the construction contract sum into line items of work, each with an assigned value. It is submitted with every payment application and used to calculate payment based on the percentage of each line completed plus materials stored.
How detailed should a schedule of values be?
Detailed enough that progress on each line is easy to agree by inspection. One line per trade is usually too coarse; splitting each trade by area, level or work stage keeps certification quick and reduces disputes about percentage complete.
What is the difference between retainage and retention?
They are the same mechanism with different names: an agreed percentage withheld from each payment and released at milestones such as substantial completion and the end of the defects period. US contracts say retainage; UK and many Commonwealth contracts say retention.
