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Procore

Create a Schedule of Values on a Prime Contract using the Project's Budget

Objective

To create line items on a prime contract's Schedule of Values (SOV) using the line items from a project's budget. 

Background

After your initial project budget is finalized in the Budget tool, it is recommended that you lock the budget. Once locked, you can use the steps below to quickly add line items on your prime contract's SOV. When using this method, you have two options:

  • Create one line item on the prime contract's SOV for each line item on the project's budget.
    The example below shows you the line items on a budget that can be used to create corresponding line items on a prime contract's SOV. For example, 01-000-Purpose: Labor, 01-002-Instructions: Labor, 01-010 Project Manager: Labor, and so on. 

    sov-individual-line-items.png
     
  • Create one line item on the prime contracts SOV for each division summary on the project's budget.
    The example below shows you all of the division summaries on a budget. For example, 01-General Requirements, 02-Site Construction, 03-Concrete, and so on. 

    sov-division-line-item.png

Things to Consider

  • Required User Permissions:
    • 'Admin' on the project's Prime Contract tool.
  • Prerequisites:
  • Requirements:
    • The budget must be locked. See Lock a Budget
    • The prime contract must be in the 'Draft' status.
    • The SOV on the prime contract must be blank. The option to create an SOV from a budget is NOT available if line items already exist.
  • Limitations:

Steps

  1. Navigate to the project's Prime Contracts tool. 
  2. Locate the prime contract that you want to update in the list.
    Notes: To create a schedule of values from a budget:
    • The budget must be locked. See Lock a Budget
    • The prime contract must be in the 'Draft' status.
    • The SOV must be blank (no line items can exist for the options below to be available). 
  3. Click Edit.
  4. Click Schedule of Values.
  5. Click Edit.
  6. Under Create Schedule of Values from Budget, choose one of the available options:

    create-sov-from-budget.png
     
    • Option Button 1
      This option creates one line item on the prime contract's SOV for each line item on the project's budget. 
    • Option Button 2
      This option create one line item on the prime contract's SOV for the summaries of each division on the project's budget.
  7. ​Click Create.

See Also