Working with 3-Accounts Receivable > 3-8 Loan Draw Requests > Preparing the next loan draw application

Preparing the next loan draw application

After submitting a loan draw application, you can create the next application. Sage 100 Contractor assigns the current application status 4-Closed, moves costs from the Current column to the Previous column, and advances the number in the Application# text box.

To create the next loan draw application:

Open 3-8 Loan Draw Requests.
Using the data control, select the last application for the job and phase you want to update.
On the Options menu, click Create Next Application.

Tip: 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.