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All great stuff. As a basic break down this is great. I would have like to have seen the previous draw or the next draw to compare. My questions would be about retainage and the column or previously applied funds. Does one include the retainage in the previously applied funds? Are the previously applied funds a combination of all the previous draw as well as the current draw (“this period” being a part of the previous billed but identifying the current draw only) or maybe I’m missing something that’s really obvious
Thank you, and these questions are noted for future content. Generally speaking the values in the 'previously billed' column is pre-retainage (ie including any amounts that'll be held as retainage), while at the same time the 'retainage' column is a cumulative % of all amounts billed ie all past requisitions plus the present one. The 'previously billed' column is a sum of all prior draws except for the current one. The 'completed & stored to-date' column is the one that includes all past draws plus the current one, too. Hope this helps in the meantime! Thanks for watching.
TLDR: The schedule of values is a crucial tool in the construction billing process, as it outlines the contractor's contract worth and is used continuously until the project is complete, becoming the backbone of the billing process. 00:00 💡 Construction billing process is complex due to multiple trades, materials, equipment, and other costs, with clients making progress payments on a monthly basis. 00:46 💡 The schedule of values is a breakdown of billable work tasks that determines the worth of a contractor's scope of work and is discussed with the client in the early stages of a project. 01:38 💡 The schedule of values outlines the contractor's contract worth and is used continuously until the project is complete, becoming the backbone of the billing process. 02:18 💡 The schedule of values in a contractor's requisition form includes basic project information and is used to bill the client for work done. 03:10 💰 Column b represents the total value billed, column c represents the amount billed during the period, and column d represents materials purchased but not yet installed. 04:03 💡 Materials in storage are separate from the amount being billed, as they haven't been installed yet, and their value will be subtracted from the store material column and added to the requisition when installed on site. 04:33 📊 Column e represents the total value of completed work and stored materials, while column f breaks down the percentage of completion for each item on the project. 05:21 💡 The schedule of values and requisition in construction involves calculating completed work, retainage, and payment upon project completion.
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Very well explained thank u!
Thanks a lot! My pleasure
Yo this is great stuff man, seriously.
It means a lot brother, will be putting out a lot more in 2021!
Very helful! Thanks
Awesome! Thank you 🙏
All great stuff. As a basic break down this is great. I would have like to have seen the previous draw or the next draw to compare. My questions would be about retainage and the column or previously applied funds. Does one include the retainage in the previously applied funds? Are the previously applied funds a combination of all the previous draw as well as the current draw (“this period” being a part of the previous billed but identifying the current draw only) or maybe I’m missing something that’s really obvious
Thank you, and these questions are noted for future content. Generally speaking the values in the 'previously billed' column is pre-retainage (ie including any amounts that'll be held as retainage), while at the same time the 'retainage' column is a cumulative % of all amounts billed ie all past requisitions plus the present one. The 'previously billed' column is a sum of all prior draws except for the current one. The 'completed & stored to-date' column is the one that includes all past draws plus the current one, too. Hope this helps in the meantime! Thanks for watching.
TLDR: The schedule of values is a crucial tool in the construction billing process, as it outlines the contractor's contract worth and is used continuously until the project is complete, becoming the backbone of the billing process.
00:00 💡 Construction billing process is complex due to multiple trades, materials, equipment, and other costs, with clients making progress payments on a monthly basis.
00:46 💡 The schedule of values is a breakdown of billable work tasks that determines the worth of a contractor's scope of work and is discussed with the client in the early stages of a project.
01:38 💡 The schedule of values outlines the contractor's contract worth and is used continuously until the project is complete, becoming the backbone of the billing process.
02:18 💡 The schedule of values in a contractor's requisition form includes basic project information and is used to bill the client for work done.
03:10 💰 Column b represents the total value billed, column c represents the amount billed during the period, and column d represents materials purchased but not yet installed.
04:03 💡 Materials in storage are separate from the amount being billed, as they haven't been installed yet, and their value will be subtracted from the store material column and added to the requisition when installed on site.
04:33 📊 Column e represents the total value of completed work and stored materials, while column f breaks down the percentage of completion for each item on the project.
05:21 💡 The schedule of values and requisition in construction involves calculating completed work, retainage, and payment upon project completion.
While I do appreciate the timestamps, one might as well watch the video at this point 😆