Continuation sheet
| Description of work | Scheduled value | From previous applications | This period | Materials stored | Total completed and stored | % | Balance to finish | Retainage |
|---|---|---|---|---|---|---|---|---|
| Totals | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | 0% | $0.00 | $0.00 |
Contract and retainage
Application summary
How the continuation sheet columns work
Each schedule of values line is carried across the same columns every month. The figures are cumulative: total completed and stored to date is everything billed on that line so far, not only this period.
- Scheduled value: the contract amount assigned to the line.
- From previous applications: work billed on earlier applications.
- This period: work completed since the last application.
- Materials presently stored: materials on hand and not yet installed.
- Total completed and stored to date: the three amounts above added together.
- Percent complete: total completed and stored divided by scheduled value.
- Balance to finish: scheduled value less total completed and stored.
- Retainage: the retainage rate applied to the line.
How the application summary is calculated
- Contract sum to date = original contract sum + net change by change orders.
- Total completed and stored to date = the total of the continuation sheet.
- Retainage = retainage on completed work + retainage on stored materials, less any retainage released.
- Total earned less retainage = total completed and stored - retainage.
- Current payment due = total earned less retainage - previous certificates for payment.
- Balance to finish, including retainage = contract sum to date - total completed and stored + retainage.
Before you submit
The scheduled values should add up to the contract sum to date; the calculator flags it when they do not. No line should be billed past 100 percent. Stored materials need backup: invoices, a storage location and, for off-site storage, insurance and a bill of sale if the contract asks for them.
This calculator produces a working summary of your numbers. It is not an AIA document. If your contract requires the application on AIA forms, those are obtained from the AIA.
Frequently asked questions
What is a schedule of values?
A schedule of values breaks the contract sum into line items, usually by trade or phase of work. Every pay application bills progress against those lines, and the lines must add up to the contract sum.
How do I calculate current payment due?
Add work completed to date and materials presently stored, subtract retainage to get total earned less retainage, then subtract everything certified on previous applications.
What happens to stored materials when they are installed?
They move from the stored materials column into work completed on a later application. The line total does not change, so the material is not billed twice.
Can I use this instead of an AIA form?
Use it to check your numbers. Whether you must submit on the AIA forms themselves depends on your contract and what the owner or architect requires.