InEight Contract - Schedule of Values

TRANSCRIPT

This video demonstrates how to use schedule of value items on a contract and track their progress on the schedule of value tab. You can break down contract line items into schedule of value items to track field progress at a more granular level. Notice, each schedule of value item is tied to a contract line item and its associated W B S code for reference nEight Control. The columns in your view, are organized into sections you can collapse and expand.

You can click manage columns to add or remove columns and rearrange sections, and you can select a date range to see just what is claimed during a particular period. When you add a new schedule of value item, the add schedule of value slide out panel appears where you can fill in the pertinent information for the schedule item. If you have a W B S associated to this line item from the contract, it shows for reference on the schedule a value item. Also, you can select whether you want this item hidden in plan and progress.

Select no if you plan to claim your schedule a value item as a component in InEight Plan. Selelct yes to claim your schedule a value item here in InEight Contract. Once completed, select add. Notice the value at the bottom, which is the total of the scheduled values.

If the sum of the schedule items associated to a contract line item exceeded the contract line item value, then a yellow warning triangle appears. This is just a warning. Let's fix this by editing the schedule of value items quantity. Notice you can also claim quantities here and view claiming history.

Let's save the item and our warning is gone. To claim against a Schedule a value item from the register, under the contract section, double click on the quantity claimed or value claimed field. Enter your claim amounts, then click add to claim multiple items from the schedule of values. Register, select your items and click the claim multiple scheduled items icon.

You can add additional scheduled items from here too in case you forgot to select one. Enter the values for each item, then click Claim. To claim quantities against your schedule of value item using InEight Plan, first, make sure hide in plan and progress is unchecked. Remember, this will make your schedule a value item become a contract component in plan and claiming will no longer be done in contract for this item.

Under component progress, click on the quantity claim value for your item. This takes you to InEight Plan where you can see your schedule of values corresponding contract component. On the claiming tab, you can claim your quantity, then click save. Back in contract, you can see your component's progress.

Perhaps you're receiving claim quantities for your schedule of values from your vendor outside of the system. You can click the import icon to import claimed quantities via Excel. Click here to download the Excel import template. Once opened, you can copy the vendor's items and quantities.

Then save the file and select it for import. Notice your claim quantities are now updated. In the summary progress section, you can see the claiming summary of all your schedule of value items, whether they were claimed in contract or plan. While you're still on the schedule of value tab, you can convert schedule item values to an accrual slash receipt or write into a payment form.

Select your items, then click the Convert icon. You can then complete the process depending on what you selected. Well, that's an overview of how to claim and manage Schedule of value items in contract. Thanks for watching.