Working with 3-Accounts Receivable > 3-8 Loan Draw Requests > Updating costs from change orders for loan draws manually

Updating costs from change orders for loan draws manually

Loan draws do not post to the general ledger and do not affect accounts receivable. After the lender transfers funds to your account, enter a deposit that credits the loan-payable subsidiary account for the loan.

To manually update costs from change orders:

1 Open 3-8 Loan Draw Requests.
2 Using the data control, select the last application of the job and phase you want to update.
3 Select a cost code.
4 In the Changes text box, enter the amount of change.
5 Repeat steps 3–4 for each cost code you want to update.
6 On the Options menu, click Calculate.

Note: When you recalculate the loan draw, the contract balances reflect the effect of the change orders.

Links to more information . . .

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Creating new loan draw applications manually

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More resources

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