Free Schedule of Values Template (Excel) for Construction
A schedule of values and continuation sheet for progress billing. List each line item's scheduled value, enter this period's work, and the template calculates percent complete, retainage, and balance to finish — no signup required.
Excel (.xlsx) · works in Google Sheets · free, no email required
What's included
- Line items with item number, description, and scheduled value
- Work completed from previous applications and this period
- Materials presently stored column
- Automatic total completed and stored, percent complete, and balance to finish
- Retainage percentage set once and applied to every line
- Summary tab with contract sum, total earned, retainage, and current payment due
How to use the schedule of values template
1. Break the contract into line items
List each billable scope — by trade, phase, or cost code — with its scheduled value. The scheduled values must add up to the contract sum. Owners and lenders often review the schedule of values before the first pay application, so agree on it early.
2. Bill work each period
Each billing cycle, enter the value of work completed this period and any materials stored on site. Before you start, move last period's totals into the previous-application column.
3. Check retainage and balance to finish
Set the retainage percentage on the Summary tab. The template calculates retainage, percent complete, and balance to finish on every line so you can catch overbilling before the owner does.
4. Add approved change orders
Add approved change orders as new line items, or enter the total on the Summary tab, so the contract sum to date stays accurate.
Frequently Asked Questions
What is a schedule of values in construction?
How is percent complete calculated on a schedule of values?
Is this an official AIA G703 form?
Is this schedule of values template free?
Outgrowing the spreadsheet?
A schedule of values spreadsheet works until change orders, retainage, and last month's numbers have to be carried forward by hand every billing cycle. See how AECify's pay application software keeps the log, attachments, and deadlines in one project record.