Creating new loan draw applications manually
If the lender requires a classification system other than cost codes, enter the classification system in the Description column.
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 create a new loan draw application:
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Open 3-8 Loan Draw Requests. |
- In the Job text box, enter the job number.
- If the job uses phases, enter the phase number in the Phase text box.
- In the Description text box, enter a brief statement about the work completed.
- In the Billing Date text box, enter the date ending the period for which you are submitting the request.
- In the Application# text box, enter the number of the application you are submitting.
- In the Loan# text box, enter your loan number.
- In the Lender text box, enter the vendor number of the lender.
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In a Cost Code text box, right-click, and select Display Picklist Window. |
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Create a Picklist of cost codes, and then click the check mark button to insert them in the Cost Code column. |
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In the grid, for each item: |
- In the Scheduled cell, enter the scheduled amount.
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Do one of the following:
- In the Current cell, you can enter the costs incurred. If you provide the costs incurred, do not provide the percent of work completed in the % Comp cell.
- In the % Comp cell, you can enter the percent of work completed. If you provide the percent of work completed, do not provide the current costs incurred in the Current cell.
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On the menu bar, click Calculate. |
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On the File menu, click Save. |
Note: Sage 100 Contractor creates a separate series of applications for each phase.
More resources
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.