How to Change Schedule of Values Procore

Introduction to Schedule of Values in Procore

A Schedule of Values is an itemized list that breaks the total contract sum into individual work items, each with an assigned cost. In Procore, the SOV acts as a blueprint for project billing, helping to determine progress billing milestones and ensuring that all financial aspects are well documented. Whether you are a general contractor, subcontractor, or an invoicing contact, knowing how to update your Schedule of Values is crucial.

When you change the SOV, you are essentially modifying the way in which costs are allocated among different components of the project. This update might be necessary when new work scopes are added, adjustments are made due to change orders, or when more detailed breakdowns need to be provided. In Procore, changes can be managed using either the commitments tool or the Head Contracts tool, depending on the nature of your contract and organizational structure.

Why Change the Schedule of Values?

There are several reasons you might need to change your Schedule of Values in Procore:

• Detailed Breakdown Requirements: Sometimes the general SOV does not capture enough detail. For example, a subcontractor might be required to provide a detailed breakdown of a line item. This is done via the Subcontractor Schedule of Values (SSOV) tab.
• Adjusting to Change Orders: When change orders are added, the SOV may need to be updated to reflect the new scope of work or revised budget allocations.
• Budget Alignment: At the start of a project, you may create the SOV directly from the project’s budget. Over time, as the project evolves, you may need to update or correct incorrect line items.
• Invoice Approval: The SOV provides an essential reference for invoice billing and progress claims; any adjustments can directly impact invoicing and approvals between contractors and subcontractors.
• Regulatory and Reporting Compliance: Accurate SOV management ensures transparent reporting for stakeholders and regulatory compliance, reducing risks associated with project cost overruns.

Prerequisites for SOV Changes

Before diving into SOV modifications, certain foundational elements must be in place to ensure a smooth process. Taking time to verify these prerequisites can save considerable frustration later.

First, confirm that you've created the appropriate commitment or head contract in Procore. The SOV is always associated with a specific contract, so this step is essential. Additionally, verify that the contract uses the correct accounting method – either amount-based or unit/quantity-based – as this affects how the SOV functions.

User permissions represent another critical prerequisite. Not everyone on your team will have the authority to modify the SOV. Typically, only users with "Invoice Contact" or "Admin" level permissions can make these changes. If you're unable to edit the SOV, check with your Procore administrator about your permission settings.

For subcontractor SOV updates, ensure that all relevant parties have Procore accounts with appropriate access levels. This preparation facilitates smoother collaboration and prevents delays in the approval process. Remember that communication remains key – notify all stakeholders about planned SOV changes to maintain transparency and avoid surprises.

Manual SOV Updates in Procore

The most straightforward approach to changing your Schedule of Values involves manually adding or updating line items directly in Procore. This method works well for projects with relatively few line items or when you need to make targeted adjustments.

To begin the manual update process, navigate to your project's invoicing module and locate the commitment or contract you need to modify. Click on the contract link to open its details page, then select the "General" tab and click "Edit" to enable changes. From there, you can access the Schedule of Values tab, where all line items are displayed.

Adding a new line item requires filling in several key fields. You'll need to select the appropriate change event or prime contract line item, assign a budget code and description, select any applicable tax codes, and specify the amount. Take care to ensure accuracy in these entries, as they directly impact your financial reporting and billing processes.

After completing your changes, you have the option to simply save them or to save and email the updates to relevant parties. The latter option helps maintain communication and ensures all stakeholders remain informed about financial adjustments. Regular communication about SOV changes prevents misunderstandings and keeps everyone aligned on project financials.

Working with Subcontractor SOVs

For projects requiring more detailed financial breakdowns, Procore offers the Subcontractor Schedule of Values (SSOV) feature. This powerful tool allows for granular tracking of costs within broader line items.

The SSOV tab provides a space where subcontractors can break down their work components into detailed line items. For example, a general "Electrical Installation" line item in the main SOV might be broken down in the SSOV to show specific allocations for labor, materials, equipment, and overhead. This detail helps both parties understand exactly how funds are being utilized.

To update the Subcontractor SOV, navigate to the appropriate tab within the commitment and click "Edit." You can then add detailed breakdown line items by clicking "+Add Line Item" and entering descriptions and amounts for each component. The system tracks the remaining amount to be allocated, ensuring that the sum of all breakdown items exactly matches the original SOV line item value.

Once all breakdowns are complete and balanced (with "Remaining to Allocate" showing $0.00), you can submit the updated SSOV for review. The status will change to "Under Review," and further edits will require the invoice administrator to change the status to "Revise & Resubmit." This approval workflow ensures proper oversight while allowing necessary flexibility.

Importing SOV Data Efficiently

Manual updates work well for smaller projects, but larger ones with numerous line items benefit from Procore's import capabilities. These features save considerable time and reduce the risk of data entry errors.

Importing SOV data from your project budget represents one efficient option. This approach works particularly well at project initiation when your budget is already established in Procore. To use this method, ensure your project budget is finalized and locked, then navigate to the Head Contracts tool and open the draft contract you wish to update. From the Schedule of Values tab, select "Import" and choose "SOV from Budget" from the dropdown menu.

The import process replaces the current SOV with line items from your budget, so review the imported data carefully to ensure accuracy. A green success banner confirms when the import completes successfully, but always double-check the results before proceeding with any further actions.

For even greater flexibility, Procore allows importing SOV data from CSV files. This method proves invaluable when working with data from external systems or when you need precise control over which line items to include. The process begins by downloading Procore's CSV template, which you can then populate with your line item data in a spreadsheet program.

When uploading your completed CSV file, you'll have options to either add the new line items to your existing SOV or replace it entirely. Choose carefully based on your specific needs, as replacing the existing SOV will remove all current line items. After importing, verify that all data appears correctly before proceeding with any approvals or submissions.

SOV Best Practices for Success

Implementing strategic approaches to SOV management can significantly improve your project's financial clarity and reduce administrative headaches. Consider these proven practices to optimize your SOV processes.

Consistency serves as the foundation of effective SOV management. Maintain uniform budget codes and descriptions across all project documentation to prevent confusion and facilitate easier reporting. This consistency becomes especially important when importing data between different Procore modules or when generating financial reports for stakeholders.

Regular reviews of your SOV help catch discrepancies early before they cause billing problems. Schedule periodic SOV review sessions with your team, particularly after major project milestones or following the approval of significant change orders. These reviews ensure that your SOV remains aligned with the actual project status and helps identify any necessary adjustments promptly.

Documentation of all SOV changes provides an essential audit trail for your project. Record the reasons for each modification, who approved it, and when it occurred. This documentation proves invaluable during financial audits or if questions arise about specific line items later in the project. Procore maintains system logs of changes, but supplementing these with your own notes adds valuable context.

Navigating Common SOV Challenges

Even with careful planning, you may encounter obstacles when updating your Schedule of Values. Understanding these common challenges helps you address them efficiently without disrupting your project timeline.

Making changes after billing has begun presents one frequent challenge. Once invoices or progress claims have been saved against specific SOV line items, modifying those items becomes more complex. In such cases, you may need to work with your Procore administrator to adjust the status to "Revise & Resubmit" before making changes. Always verify that modifications are permitted under your specific project settings before proceeding.

Allocation discrepancies can prevent SSOV submission if the detailed breakdown doesn't exactly match the original SOV amount. The "Remaining to Allocate" field must show $0.00 before you can submit the SSOV. If you encounter this issue, carefully review each breakdown line item and adjust amounts as needed to achieve perfect balance. Even small rounding errors can prevent submission, so attention to detail matters.

Integration with external systems presents another potential challenge. If your organization uses an Enterprise Resource Planning (ERP) system integrated with Procore, be aware that detailed SSOV line items typically don't sync with the ERP. You may need to establish separate processes for updating external systems when SOV changes occur in Procore. Clear communication between your accounting team and project managers helps ensure all systems remain synchronized.

Organizing Your SOV Effectively

A well-organized Schedule of Values makes project management more efficient and improves communication with all stakeholders. Strategic organization helps everyone locate information quickly and understand the financial structure intuitively.

Consider implementing a logical grouping and numbering system for your SOV line items. Many successful projects use numbered ranges for different work categories – for example, 01-100 for General Conditions, 101-399 for General Scope of Work, and so on. This systematic approach makes it easier to locate specific items and helps maintain order as the SOV grows more complex.

The following organizational strategies can enhance your SOV clarity:

• Chronological sequencing - Arrange items to follow the actual construction sequence when possible
• Consistent terminology - Use standardized descriptions across all line items
• Appropriate detail level - Balance between too much and too little detail based on project needs

When adding new line items through change orders, maintain the organizational structure by inserting them in appropriate sections rather than simply appending them at the end. This approach preserves the logical flow of your SOV and makes it easier for all parties to locate specific items when reviewing financial documents.

Real-World SOV Update Example

Understanding the SOV update process becomes clearer through practical examples. Consider this scenario that illustrates the typical workflow for a subcontractor SOV update.

Imagine you're working as an invoice contact for an electrical subcontract on a commercial building project. The general SOV shows a single line item for "Electrical Installation" valued at $85,000, but the client requires a detailed breakdown showing how that amount is distributed across different components of the electrical work.

To provide this breakdown, you access the commitment in Procore and navigate to the Subcontractor SOV tab. After clicking "Edit," you add several detailed line items: $42,000 for materials, $35,000 for labor, and $8,000 for testing and commissioning. You verify that these items total exactly $85,000, resulting in a "Remaining to Allocate" value of $0.00.

With the breakdown complete, you click "Submit" to change the status to "Under Review." The project administrator receives a notification and reviews your breakdown. After confirming the details, they approve the SSOV, making it the official record for future billing purposes. This detailed breakdown provides greater transparency for all parties and facilitates more accurate progress tracking throughout the project.

Leveraging Procore's Interface Features

Procore's thoughtfully designed user interface offers several features that streamline the SOV update process. Familiarity with these elements helps you work more efficiently and avoid common pitfalls.

The dynamic button labels in Procore provide context-sensitive guidance based on your current task. For example, you might see "Create" when establishing a new SOV, but "Save" when updating an existing one. These subtle differences help you understand exactly what action you're taking at each step, reducing the risk of unintended changes.

Error notifications serve as valuable safeguards against common mistakes. If you enter data that doesn't meet system requirements – such as breakdown amounts that don't match the original SOV value – Procore displays clear error messages explaining the issue. The "Show Errors" button provides detailed information about each problem, helping you quickly identify and correct discrepancies before they affect your project timeline.

Visual indicators throughout the interface help track your progress during complex updates. Color-coded status indicators, progress bars, and success banners provide immediate feedback about your actions. These visual cues reduce confusion and help ensure that all necessary steps are completed before moving forward with approvals or submissions.

Final SOV Update Verification

Before finalizing any SOV changes, a thorough verification process helps prevent errors that could impact your project's financial management. Taking time for this final check saves considerable trouble later.

A comprehensive verification should include these key elements:

1. Confirm that all amounts add up correctly, with no allocation discrepancies
2. Verify that budget codes and descriptions match your project's overall tracking system
3. Ensure all required fields contain appropriate data
4. Check that the SOV status is appropriate for your current project phase

Additionally, review any imported data with particular attention, as automated processes sometimes require manual adjustments. Compare the updated SOV against source documents like change orders or budget revisions to verify that all modifications have been properly incorporated.

After completing your verification, consider documenting the changes with notes explaining why each modification was made. This documentation provides valuable context for future reference and helps maintain transparency with all project stakeholders. Clear communication about SOV updates helps prevent misunderstandings and ensures everyone works from the same financial baseline.

Maximize Your Procore SOV Management

Mastering Schedule of Values management in Procore transforms your project's financial tracking from a necessary task into a strategic advantage. The techniques covered in this guide provide a solid foundation for efficient SOV updates that maintain accuracy while saving valuable time.

Remember that successful SOV management extends beyond technical procedures – it's fundamentally about clear communication and financial transparency. When all project stakeholders share a common understanding of how funds are allocated and spent, collaboration improves and disputes decrease. Regular updates to your SOV help maintain this shared understanding as the project evolves.

Consider implementing a regular SOV review schedule as part of your project management routine. Monthly reviews help catch discrepancies early and ensure that your financial tracking remains aligned with actual project progress. These regular check-ins also provide opportunities to identify potential issues before they impact your budget or schedule.

The skills you develop while managing SOVs in Procore transfer to other aspects of construction financial management as well. The attention to detail, systematic organization, and clear documentation practices that support effective SOV updates contribute to overall project success. By applying these principles consistently, you'll build a reputation for financial transparency and accuracy that benefits your entire organization.

Take Control of Your Project Finances Today

The Schedule of Values represents more than just a financial document – it's a powerful tool for project communication, progress tracking, and financial management. By mastering the SOV update process in Procore, you position yourself as a valuable asset to your construction team.

The techniques covered in this guide provide practical approaches to common SOV challenges. From manual updates for smaller projects to efficient imports for complex ones, Procore offers flexible tools that adapt to your specific needs. Regular practice with these features builds confidence and efficiency, allowing you to handle SOV changes quickly without sacrificing accuracy.

Remember that effective SOV management contributes directly to project success. Accurate financial tracking prevents payment delays, reduces disputes, and provides valuable insights for future estimating. By implementing the best practices outlined here, you'll create a more transparent financial environment that benefits everyone involved in your construction projects. Start applying these techniques today to experience the benefits of streamlined SOV management in your next Procore project.