Free progress billing invoice template with a schedule of values
A progress billing invoice bills a long job one period at a time against a schedule of values, and every line shows its scheduled value, what was billed before, what was earned this period, the percent complete and the balance to finish. Retainage comes off the total, then prior payments, and what is left is the payment due. The sample below is application 3 on a $160,000.00 shop building: $45,550.00 earned this period and $40,995.00 due after 10 percent retainage. Download the blank PDF or the CSV free.
What goes on a progress billing invoice
| Field | What goes there |
|---|---|
| Application number and period ending date | A running count of your billings and the last day of work this one covers, for example application 3, period ending August 31. Work done after that date waits for the next application. |
| Original contract sum and contract sum to date | The signed amount, the net of approved change orders, and their total. The schedule of values has to add up to the contract sum to date, to the dollar. |
| Description of work | One line per portion of the job, named the way the estimate and the contract name it: sitework, framing, roofing. Keep the lines identical from the first application to the last. |
| Scheduled value | The dollars assigned to each line when the schedule of values was approved. It only changes by change order. |
| Previous | Everything billed on the line in earlier applications. It is last period's total to date, copied forward without edits. |
| This period | The value of work put in place on the line since the last application. Added down, this column is the gross amount of the invoice. |
| Stored materials | Material delivered and paid for but not yet installed, if your contract lets you bill it. The AIA continuation sheet gives it a column of its own, and on this shorter sheet you flag it in the description and attach the supplier invoice. |
| Percent complete | Previous plus this period, stored materials included, divided by the scheduled value. Reviewers compare this number to what they see on site, line by line. |
| Balance to finish | Scheduled value minus the total to date. Added down, it is the work still to be billed before retainage, $62,350.00 on the sample. |
| Retainage | The percent the contract lets the owner hold, applied to the total completed and stored to date. It comes off on the summary, not line by line, unless your contract sets different rates for different lines. |
| Previous payments and current payment due | Total earned to date, less retainage, less what earlier applications already requested. On the sample: $101,150.00 earned, $10,115.00 held, $50,040.00 requested before, $40,995.00 due. |
The line-item table
| Description of work | Scheduled value | Previous | This period | % complete | Balance to finish |
|---|---|---|---|---|---|
| General conditions and permits | $12,000.00 | $6,000.00 | $2,400.00 | 70% | $3,600.00 |
| Sitework and concrete slab | $28,000.00 | $28,000.00 | $0.00 | 100% | $0.00 |
| Framing and sheathing | $36,000.00 | $21,600.00 | $14,400.00 | 100% | $0.00 |
| Roofing | $16,000.00 | $0.00 | $12,000.00 | 75% | $4,000.00 |
| Windows and doors, stored on site, not installed | $20,000.00 | $0.00 | $9,000.00 | 45% | $11,000.00 |
| Electrical and plumbing | $30,000.00 | $0.00 | $6,000.00 | 20% | $24,000.00 |
| Interior finishes | $18,000.00 | $0.00 | $0.00 | 0% | $18,000.00 |
| Change order 1: 200 amp service upgrade, approved August 12 | $3,500.00 | $0.00 | $1,750.00 | 50% | $1,750.00 |
How to use this template
- Get the schedule of values approved before application 1. Split the contract sum into lines a reviewer can verify on a site walk, and submit the list before you bill anything. Once it is accepted, every application uses the same lines and the same scheduled values.
- Copy last period's totals into Previous. Each line's total to date from the last application becomes this application's Previous. If Previous does not match what you billed last time, the reviewer stops reading there.
- Set this period's value line by line. Walk the job on the period ending date and price what went in place since the last application. On the sample, framing went from $21,600.00 to its full $36,000.00, so this period is $14,400.00 and the line reads 100 percent.
- Document stored materials. If you bill material that is on site but not installed, attach the supplier invoice, photos, and whatever proof of insurance or ownership the contract asks for. When it is installed next period, it moves into work completed and comes out of stored, so it is never billed twice.
- Work the summary from the top down. Add Previous and This period for the total to date, subtract retainage on that total, then subtract what earlier applications requested. The sample runs $101,150.00, less $10,115.00, less $50,040.00, which leaves $40,995.00.
Get paid faster
Retainage is set by contract and limited by law
Federal construction contracts cap retainage at 10 percent of the approved estimate and tell contracting officers to hold it only when progress has not been satisfactory. California caps retention on public works at 5 percent in most cases. Your contract and your state set your number, so read both, and treat this as general information.
If the contract says AIA, use the AIA forms
G702 and G703 are published and sold by AIA Contract Documents. A sheet that follows the same math is fine for owners who accept it, but when the contract names the forms, buy them and expect to sign the G702 in front of a notary.
Do not front-load the schedule
Loading early lines with extra value gets cash in sooner and gets noticed by every experienced reviewer. Put real early costs like mobilization, permits and bonds on lines of their own, where they can be billed honestly.
List change orders at the bottom
Keep approved change orders as separate lines after the base schedule, numbered and dated. The AIA continuation sheet treats them the same way, at the end of the schedule or on a sheet of their own.
The blank PDF prints the six schedule of values columns shown above, and the CSV lets you add Stored materials and Retainage columns if your contract calls for them.
Frequently asked questions
How does a progress billing invoice relate to AIA G702 and G703?
They carry the same math. AIA Document G702 is the Application and Certificate for Payment: a summary of the contract sum, change orders, total completed and stored, retainage, previous payments and the current payment due, which the contractor signs and the architect certifies. G703 is the Continuation Sheet behind it, which breaks the contract sum into schedule of values lines. This template follows that logic in fewer columns, but it is not an AIA form.
How do I calculate the amount due on a progress billing invoice?
Total the work completed and stored to date across all lines. Subtract retainage at the contract percent. Subtract the amounts requested on earlier applications. What remains is the current payment due. With $101,150.00 completed to date, retainage of $10,115.00 at 10 percent and $50,040.00 requested earlier, the invoice comes to $40,995.00.
Can I bill for materials that are stored but not installed?
Only if the contract allows it, and contracts that do usually attach conditions. Expect to show a supplier invoice, proof the material is on site or in an insured location, and sometimes a bill of sale. Stored material counts toward a line's total and percent complete, and once it is installed its value moves from stored into work completed.
How detailed should a schedule of values be?
Detailed enough that a person walking the job can judge each line by eye, and no more. One line per trade or phase is the usual starting point, with general conditions and permits broken out. The lines must total the contract sum exactly, and a line so large that 10 percent of it is a big check deserves to be split.
Does Staxen fill out AIA pay applications?
No. Staxen does not produce G702 or G703 forms and does not track retainage. What Ivy the Invoicer does is milestone billing: a job is split into milestone payments, each one is invoiced when it is reached, clients pay by card or ACH through Stripe, overdue reminders escalate, and everything syncs with QuickBooks Online both ways. That costs $59 per month per AI employee, or $149 per month for all three.