Free Construction Invoice Generator
| Item | Scheduled value | Previously billed | % complete | This period | Retainage % | Retainage | Balance to finish | |
|---|---|---|---|---|---|---|---|---|
| USD 10000.00 | USD 1000.00 | USD 0.00 |
Amount due this invoice = sum of "this period" minus retainage across all lines. Retainage sums separately so you can track it toward the final/closeout invoice.
Progress billing needs a schedule of values, not a line-item list
General contractors don't invoice for 100% of a project at once — they bill progressively as work completes, and the property owner typically holds back a percentage (retainage) until the job is finished and inspected. That requires tracking, per work item, how much was scheduled, how much has already been billed, and what percentage is complete now — the format used on AIA G702/G703 pay applications.
Of the tools that show up for "construction invoice generator," only one small site (ShiftFlow) has a real progress-billing model with retainage and a previously-billed field; the larger names (Canva, Wise, the generic online invoice makers) use the same flat item list as every other invoice type, with no concept of percent complete or previously billed at all. And even the one tool that gets the model right doesn't export it as an editable Excel file — you get a PDF, or a separate static template.
How the schedule of values works here
Each line is one scope item — framing, electrical rough-in, drywall, whatever your schedule of values breaks the job into. Enter the scheduled (contract) value, what's been billed in prior invoices, and the percent complete as of this invoice. The tool computes billed-to-date (scheduled value × percent complete), subtracts what was previously billed to get this period's amount, then holds back your retainage percentage from that — showing retainage separately so you can track it toward the final closeout invoice instead of losing it in the total.
Set your tax base to materials-only or materials-plus-labor: in many U.S. states, labor on a construction contract is exempt from sales tax while materials aren't, and billing both the same way is a common (and costly) mistake.
What exports with the Excel file
The downloaded workbook keeps every line's scheduled value, previously billed, percent complete, and retainage as live formulas — not just a final number — so if a client questions the math on a line item, you can show exactly how it was calculated, and update percent complete for next period's invoice without rebuilding the sheet from scratch.
If you're tracking retainage and previously-billed amounts across many invoices on the same job, our Bookkeeping for Small Business template (linked below) gives you a running ledger to sit alongside this tool.
Track every invoice you send
This tool generates one invoice at a time and nothing is stored on our servers. If you want a running record of every invoice, payment, and outstanding balance across all your clients, our Bookkeeping for Small Business template adds an invoice log, an accounts-receivable aging view, and a monthly P&L — built in Excel and Google Sheets, tested to the cent.
See the Bookkeeping template — $19Frequently asked questions
What is retainage and how is it calculated here?
Retainage is the percentage of each progress payment the property owner withholds until the project is complete, as security against defects or non-completion. On each line, the tool calculates billed-to-date (scheduled value × percent complete), then withholds your retainage percentage from that amount — shown as a separate line so it doesn't get lost in the total.
What does 'previously billed' mean and why does it matter?
It's the amount you already invoiced for that same line item on an earlier application. The tool subtracts it from the current billed-to-date figure so you only bill the incremental progress made since your last invoice — not the whole percentage again.
Why would I tax materials but not labor?
Many U.S. states exempt construction labor from sales tax while taxing materials — the rules vary by state and contract type. Set the tax base to 'Materials only' if that applies to your jurisdiction; this is a calculation option, not tax advice, so confirm the rule for your state.
Is this the same format as an AIA G702/G703 pay application?
It follows the same underlying logic — scheduled value, previously billed, percent complete, retainage, balance to finish — without being a copy of the official AIA form itself. If your contract specifically requires the AIA-branded document, use this tool for the numbers and transfer them, or ask your GC which format they need.
Can I track change orders separately?
Add a change order as its own line item in the schedule of values, with its own scheduled value and percent complete — that keeps it visible and auditable separately from the original contract lines.