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.
You can update the data from change orders as often as necessary.
Important! If you are using this update option, do not change the entries in the Description column on 3-8 Loan Draw Requests as you have entered them into the grid. Sage 100 Contractor uses an exact match of the text in the Description column to match the items from the Change Order grid to the Loan Draw grid.
| 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 | On the Update menu, point to Change Orders, and click Append as New Lines. |
| 4 | On the menu bar, click Calculate. |
For additional online resources for Sage 100 Contractor products, visit the Sage Customer Portal. Use the portal to access the knowledgebase, chat online with customer support, or enter a customer support ticket.
For additional training on Sage products, visit Sage University.