Overview
Use the Schedule of Values / Work Breakdown Structure (SoV/WBS) on a contract to identify the line items in a contract and tie the items to cost codes on your project budget. The SoV/WBS on the contract will become the Schedule of Values in the invoices for this contract.
Prerequisites
First create a Contract to configure the SoV/WBS.
Process
The SoV/WBS tab of the contract will contain the line item breakdown of that contract.
Note: SoV/WBS was previously referred to in INGENIOUS as Quoted Items/SoV.
Old Structure:
Quoted Item > Phase > Task
New Structure:
WBS 1 > WBS 2 > WBS 3
To add SoV/WBS items, click Load from Template or Add Schedule of Values / Work Breakdown Structure. Templates are configured by your workspace Administrators. If you are not using a template and are adding items individually, click Add WBS 1 to add more items.
Each WBS 1 item can be tied to a Cost Code on your Project Budget. To tie the entire contract to the same cost code, click Apply to All. Once the contract is executed, the contract value will show up as a Committed Cost in the Original Contract Value column on the Budget/ACR. Select the applicable cost code from the dropdown. A contract can be spread across multiple cost codes, if applicable.
WBS 2 and WBS 3 can be used to break out each WBS 1 into more detail. For example, on a General Contractor contract, the work breakdown structure may include a line item for Glazing broken out with the following detail:
WBS 1 = Glazing
WBS 2 = Exterior Glazing
WBS 3 = Level 2
WBS 3 = Level 3
WBS 2 = Interior Glazing
WBS 3 = Level 2
WBS 3 = Level 3
Fill in the Value of each WBS. The total of all WBS 1 is the total contract value.
WBS 1 is locked in at the time of contract execution. WBS 2 and WBS 3 can be added after contract execution and reflect the Schedule of Values being built out in more detail.
Retention on each line item will default to the percentage that was set on the Rules tab. You can modify the retention you will hold on each line item individually on this tab, if applicable.
Once the contract is executed, you can still make edits to WBS 2 and WBS 3.
When you are ready to lock in the SoV, click Approve SoV/WBS after executing the contract.
Next Steps