How is the Cost Plus Schedule of Values different than the other Owner Billing templates?
The Cost Plus Owner Bill is a new Schedule of Values (SOV) template that can be selected under the Billing Area.
The primary differences are that values added via Change Order go directly to the line items, and it provides a way to show when an Owner pays for items directly.
The Billing feature is only
available when the project is In Progress. To prepare a bill go to:
Select the Cost Plus Owner Bill option from the list of Pay Applications.
Select the layout to use for the bills under Create SOV
Using one of the 3Cost Code templates highlighted below is the preferred method for Cost Plus SOV. It will clearly show the funds that are added and removed from the cost items as the project progresses.
The Division formats or Custom by CostItem templates can also be used, but will show less detail where multiple cost codes are grouped in a division or a description.
After Locking your SOV format, you will see that the primary differences of the Cost Plus Pay Application worksheet fall under the Schedule of Values and Work in Progress columns.
Schedule of Values – Under this section you can see the originally budgeted
amount and amounts that have been added/removed via Change Order. The Revised
amount of the cost code can be clicked on to show the summary of these items in
MAJOR CHANGE: The major difference from the other Owner Billing templates
is that Cost Plus automatically applies the changes to the individual Cost
Codes value. On the other templates, Change Order totals are added at the
bottom of the Owner Bill as a lump sum.
If a new cost item is added via Change Order, the line item will be added to the bill in the proper numeric division order.
Clicking on the blue hyperlink in the Revised column value will open the summary to show the detailed Original Bid and Change Order amounts.
Work in Progress (WIP) – the WIP column has been divided into two columns on the Cost Plus template; Owner Paid and To Pay.
Owner Paid is a new column for Cost Plus, where you will enter any amount that the Owner has paid directly to a vendor for materials or directly to a subcontractor and will NOT pass through the General Contractor (GC) hands.
It will remove this amount from the Payment Due on the Owner Pay Applications Cover page so it will not be paid to the GC.
It will remove these values from the Remaining Balance for the GC to bill.
Retainage will a not be held on these Owner Paid amounts since these do not pass through the GCs hands.
2. To Pay This is the
amount you are requesting the Owner Pay directly to the GC. It is
the same as the WIP column on the other PASKR Owner Billing SOV formats.
It should be used to enter the amounts that should be paid to the General Contractor for agreed upon expenses, including any subills or purchase orders that the GC will be paying directly to subcontractor or vendors.
These amounts will be subject to the Retention that was agreed upon in the Owner Contract and will be held out unless manually reduced in the retainage column on the far right of the Owner Billing form.