Duration and cost of a construction project is estimated based on the construction schedule and cost analysis which are arranged according to the quantity take-off data prepared before the commencement of the construction. Construction schedule and budget may deviate because of the unforeseeable factors which might happen during construction. This situation would also affect cash-flow. Omission of updating the cash-flow because of the heavy workload during the construction would prevent the foreknowledge of balance of income and expenditure which may jeopardize financial situation of the construction. In this study, a model is developed which construct a relation between construction schedule and progress payments in order to obtain most accurate and update cash-flow and prevent the aforementioned problems. To accomplish this, all of the operation steps of quantity take-off are formulated and the formulae are defined to spreadsheet application. Man-hour and durations of activities are estimated by considering the quantity take-off data. Start and finish dates of the activities are obtained by work planed which is prepared by linear schedule. Costs of activities are determined by unit price analysis and daily performed construction items and daily expenditures are computed. Possible revisions on the durations of the activities are updated together with the construction schedule and the progress payments are recomputed without any human intervention. Computations are executed and demonstrated on spreadsheet application in order to make sure that all of the contractors can implement the proposed method. The contractors would be able to update the cash-flow immediately and foresee any adverse condition beforehand and may take precautions.