Free Excel download
The free pay application template that can't miscalculate
A G702/G703-style Excel workbook for small trade subcontractors: your schedule of values, monthly pay application, and retainage tracking, with every formula locked and machine-verified to the cent. Enter your numbers in the yellow cells; the math takes care of itself.
What's inside
Schedule of Values
| Item | Description | Scheduled value |
|---|---|---|
| 1 | Rough-in electrical | 120,000.00 |
| 2 | Panels & switchgear | 80,000.00 |
| 3 | Fixtures & trim | 50,000.00 |
| Contract sum | 250,000.00 |
Pay Application
| Description | Previous | This period | Stored | Total | % | Retainage |
|---|---|---|---|---|---|---|
| Rough-in electrical | 30,000.00 | 25,000.00 | 0.00 | 55,000.00 | 45.8% | 5,500.00 |
| Panels & switchgear | 0.00 | 0.00 | 15,000.00 | 15,000.00 | 18.8% | 1,500.00 |
| Fixtures & trim | 0.00 | 10,000.00 | 0.00 | 10,000.00 | 20.0% | 1,000.00 |
Yellow cells are yours; everything else computes itself, current payment due, balance to finish, retainage held.
Retainage tracking
Retainage held to date, pulled straight from the pay application, plus a release log for when your contract's reduction terms kick in.
The fine print (the honest kind)
- Verified in Excel desktop and Google Sheets, other spreadsheet apps mostly work, but those two are the ones we test.
- The worked example shows billing period 2 of a small electrical contract, so you can see how carryforward works.
- Every computed value in the file is generated and checked against the same billing engine that powers Misthora, to the cent.
G702 and G703 are trademarks of the American Institute of Architects. This independent template is not affiliated with or endorsed by AIA.