In the 'Pay Application Details' tab, the Schedule of Values (SOVs) for the selected Work Items under the contract are displayed, providing crucial insights into the payment details. This guide offers an overview of how the SOVs are organized and the specific columns displayed based on the defined SOV types for each Work Item.
Display of Schedule of Values:
The SOVs are grouped by Work Item as per the default display settings.
The 'Total Payout Amount' is prominently showcased, indicating the collective amount of all SOVs selected with a 'Ready to be Paid' status across one or more work items.
Based on the SOV Types:
If the SOV type defined for a Work Item is 'Percentage of Work Completion,' the following columns are displayed:
% Work Completion: Illustrates the percentage of work completed for the selected item.
% Payout: Indicates the percentage of the total payout allocated for the specific work completion percentage.
Payout Amount: Displays the calculated amount for the specific payout percentage.
Balance Amount: Indicates the remaining balance amount after the payout.
If the SOV type defined for a Work Item is 'Quantity-based,' the following columns are displayed:
Unit Quantity: Represents the measured quantity associated with the work item.
Payout Amount: Displays the payout amount corresponding to the defined unit quantity.
Balance Amount: Indicates the remaining balance amount after the payout.
If the SOV type defined for a Work Item is 'Dollar Amount-based,' the following columns are displayed:
Work Stage: Illustrates the stage of work completed based on predefined categories.
Payout Amount: Displays the payout amount assigned to the specific work stage.
Balance Amount: Indicates the remaining balance amount after the payout.
Last Updated: Dec-11-23