ComponentDescription
Project Information   This section, usually located in the header, provides high-level information about the project including the project name, project number, project address and the contractor firm name.   
Item Number   Each line item is assigned an item number, which represents a specific work activity or task involved in the construction project. Line items are numbered sequentially and are assigned a corresponding description that clearly identifies the scope of work. The totality of these items represents the entire scope of work.   
Description of the Work    A detailed description of the work to be performed.    
Scheduled Value   The associated estimated cost of each work item or task. The total amount represents the payment amount due to the contractor upon completion.  
Start and End Date   The scheduled start and end dates for each task. These values are used when establishing the project schedule and for tracking project progress.  
Work Completed   The amount of work completed for each line item including:The total dollar amount of work that was listed as completed in previous pay applicationsThe dollar amount of work completed in the current period (essentially all completed work that was not captured in any previous pay applications)  
Stored Materials   The cost of materials purchased but not yet used on the construction project. Serves as a mechanism for contractors to recover the costs of purchasing and storing materials. This number does not include the value of materials accounted for in the work completed.   
Total Completed + Stored-to-Date   The total dollar amount of the work completed and materials stored for each work task.   
Percent Complete   The percent of work complete for each line item or task. It represents the progress made on each individual work activity or component.    
Balance to Finish   The value of work still remaining until the work task is complete.   
Retainage   The portion of each progress payment that is withheld until the completion of the project to ensure the contractor fulfills all contractual obligations. The percentage typically ranges between 5-10%. This is applied to the scheduled value of each work task to calculate the corresponding retainage dollar amount.   
Total Cost   The cumulative value of all individual tasks, which should precisely match the total project cost. This provides a comprehensive overview of the project's overall financials.