Invoicing a Cost-Plus/T&M job with schedule of values invoicing

Knowify offers a feature to invoice cost-plus/time and materials jobs with a schedule of values invoice.

This feature is located in the admin section but needs to be enabled by our support team before it can be actioned in the account:

When creating a new cost-plus job, we'll want to ensure the "Quote total price" option is toggled on:

You will be able to set the job up like a normal cost-plus project by adding time and materials deliverables. You will also be able to add a profit/markup line which calculates automatically based on a percentage of the base bid:

When invoicing you will have all the same options as a normal cost-plus job (by selecting a date range to pull in billable items):

but the invoice will be displayed as such (You'll also notice the markup/profit line calculates automatically and is displayed in the subtotal section of each invoice):

It is imperative that if we need to make changes in plan and track, that we ensure each phase is mapped to the applicable contract item in order for the values to be displayed correctly on the invoice:

Warning

Please note that once you have started using SOV invoicing on a Cost Plus job, it is locked into this invoicing style until the job is complete and CANNOT be changed. The only way to change invoicing style at this point would be to recreate the job