35+ Free Blank Schedule of Values Templates In (Excel And Word)

In construction and project-based industries, payment is tied directly to progress. That’s where a Schedule of Values (SOV) becomes essential. It provides a detailed breakdown of work items, associated costs, and how much has been completed and billed over time.

To help contractors, project managers, and owners stay organized and compliant, we’ve compiled 35+ free blank Schedule of Values templates in Excel and Word. These templates are easy to edit, professionally designed, and structured for accurate payment tracking—from kickoff to closeout.

✔️ What Is a Schedule of Values?

A Schedule of Values is a financial document used in construction and contract management. It itemizes every billable component of a project, assigning a cost to each portion of the work. This allows:

Clear invoicing for completed tasks
Transparent communication with owners and clients
Alignment between work progress and payments
Simplified reporting and auditing

It’s typically submitted with progress billing or pay applications to justify the amount requested.

✔️ When Do You Need a Schedule of Values Template?

Use an SOV template when:

You’re submitting a progress payment request
A contract requires payment tracking per line item
You’re managing multiple phases, trades, or vendors
Owners require a detailed cost breakdown
You need to show percentage completion for each activity
Auditors or finance teams demand cost transparency

Templates help you present information clearly, consistently, and professionally.

✔️ Why These 35+ Templates Are So Valuable

✅ Formatted in Excel and Word – Use spreadsheets for calculations, or Word for printed forms
✅ Pre-built with formulas (in Excel) – Auto-calculate totals and percentages
✅ Fully customizable – Add company logos, update headings, or insert signature fields
✅ Suitable for all construction types – Residential, commercial, infrastructure, and subcontracted work
✅ Includes variations for lump sum, cost-plus, and unit-price contracts
✅ Ready for client submission – Designed with clean, professional layouts

These templates will save hours of formatting and reduce billing errors.

✔️ What’s Inside the Template Collection?

Here’s what you’ll find in the 35+ free Schedule of Values templates:

📋 Basic SOV Templates

Include columns for item number, description, scheduled value, work completed, and balance remaining
Perfect for small or mid-sized contractors

📊 Excel-Based Auto-Calculating Templates

Built-in formulas for total value, percentage of work completed, retainage, and payment due
Great for monthly pay apps and complex projects

🏗️ Construction-Focused SOV Sheets

Include line items for mobilization, site work, labor, materials, overhead, and subcontractor fees
Useful for general contractors and construction managers

🧾 Owner-Friendly Word Templates

Structured for clean PDF printing and signatures
Easy to attach with payment applications and transmittals

🛠️ Multi-Phase Project Templates

Ideal for large-scale or government projects
Organized by division, discipline, or CSI codes

All templates are formatted for clarity, professionalism, and compliance.

✔️ How to Use a Schedule of Values Template Effectively

List every work item or cost division in the order it appears in your contract
Assign a scheduled value to each item (based on estimates or fixed bid)
Track progress by entering the percentage or amount completed for each item
Calculate retainage (typically 5–10%) and subtract from total
Determine the payment due for the current billing cycle
Include previous amounts billed to show cumulative progress
Review and submit with supporting documentation

Make sure each SOV aligns with actual work performed and inspection reports.

✔️ Tips for Customizing Your SOV Templates

☑️ Add contractor, owner, and project details at the top
☑️ Use highlighted columns for current period vs. cumulative
☑️ Add rows for retention, change orders, and materials stored on-site
☑️ Use locked cells in Excel to prevent accidental edits
☑️ Insert a signature block for contractor and owner approval
☑️ Create separate tabs or sheets for different project phases

Your SOV should be easy to review—and easy to audit.

✔️ Who Should Use These Templates?

These templates are ideal for:

☑️ General Contractors submitting monthly pay applications
☑️ Subcontractors tracking phase-specific progress
☑️ Construction Managers overseeing multi-trade projects
☑️ Real Estate Developers ensuring milestone-based payments
☑️ Project Owners & Clients reviewing or approving billing
☑️ Architects & Engineers supporting cost management
☑️ Finance & Accounting Teams matching payments with actual performance

If you’re managing construction money—you need a solid SOV.

➡️ Download and Take Control of Your Billing

Stop wasting time recreating schedules in spreadsheets or Word docs. A clear, professional SOV speeds up approvals, reduces disputes, and keeps your project financially sound.

👉 Download 35+ Free Blank Schedule of Values Templates in Excel and Word now.
Bill clearly. Track accurately. Get paid on time.

Whether you’re a contractor submitting a pay app or a project owner reviewing one, these templates make it easy to stay aligned—legally, financially, and professionally.