Creating new loan draw applications automatically

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 automatically create a new loan draw application:

1. Open 3-8 Loan Draw Requests.
2. In the Job text box, enter the job number.
3. If the job uses phases, enter the phase number in the Phase text box.
4. In the Description text box, enter a brief statement about the work completed.
5. In the Billing Date text box, enter the date ending the period for which you are submitting the request.
6. In the Application# text box, enter the number of the application you are submitting.
7. In the Loan# text box, enter your loan number.
8. In the Lender text box, enter the vendor number of the lender.

9. On the Options menu, point to Import, and then click one of the following:

   • Import Budget
   • Import Proposal
10. On the menu bar, click Calculate.
11. Click File > Save.