Use this module to create and manage a schedule of values per Contract and to facilitate requesting payment through the Contractor Application for Payment (Contractor Pay App) process. Before creating applications for payment, first create a Contract and a Schedule of Values (SOV) for that contract.
The Contractor Pay App Schedule of Values reproduces the headings, descriptions, and values you supply here. This relationship aids in calculating and creating continuation sheets for Applications for Payment. You can access SOV through the SOV Setup button.
Only users with Change permission to SOV Setup can modify the SOV. Items added to the SOV Setup are automatically pulled into the Contractor Pay App on creation of the Contractor Pay App, however, changes to the SOV Setup do not affect the Contractor Pay App until you specifically update your SOV attached to the Contractor Pay App.
The General tab allows you to enter the general payment application data such as date range, amounts, and any supporting documents you want to attach.
The Details tab allows you to enter more information about the payment application, such as witness names, notary names and the contact notified.
Available only on standard (not non-SOV) payment applications, the SOV tab records progress updates to the headings and items associated with an application for payment. The headings and values displayed in the SOV tab come from the headings and items in the SOV Setup area.
- Remove– This feature is only available to users with Administrator permission. The Remove feature allows them to remove the association between an item and the payment application. Use Remove to void an item within the SOV Setup.
- Update– Clicking the Update button applies any changes made in SOV Setup after a payment application has been created. This updates current headings and item numbers, descriptions, and amounts; and will add new headings or times that were added after the payment applications was created.
- If the Allow Cost Item Creation option is enabled in Module Customization and a Budget Code is assigned in the SOV Heading Item, clicking this button creates Cost Items for any existing Pay Apps. See Module Customization for Contractor Pay Apps for more information.
- The four Cost Items fields will display on the SOV tab as long as there are active Cost Items, whether the Allow Cost Item Creation option in Module Customization is enabled or not.
- To completely remove Cost Items from the SOV tab, you must disable the Allow Cost Item Creation option in Module Customization and then click the Update button. At that point, all existing Cost Items are voided and the related Cost Items fields no longer display.
- Adjust retainage– Clicking the Adjust Retainage button opens a pop-up window that allows you to adjust the retainage percentage for the entire payment application or for selected headings. The system applies the new retainage percentages to all items in the selected headings.
If one or more items in SOV Setup has a % complete greater than 100, a message displays to notify you, but you can go ahead and save the data, if desired.
Use of the Companies tab is optional based on your contract requirements. Use it when a requirement exists in the contract to show on waivers and affidavits a list of companies that are owed money on the project, which is typical for many situations
- The value you enter for Listing of all Contractors and Suppliers with contract greater than does not drive business logic. This field enables you to bookmark such a value for display on Waiver forms (this field is typically shown on such forms).
The Inventory tab, like the Company tab, is optional based on project requirements. This tab allows an inventory of Stored Materials to be kept and reconciled against the total of Stored Materials from the Contractor Pay App SOV for that period. The Difference shows the variance between the stored materials declared on the SOV and the total listed in Inventory.