Using the Tracking menu > Disbursements
Mar 11, 2024
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- Where is the Disbursements menu?
- The Disbursements sub-menu is visible within the Tracking menu for all NON 504 category type loans in all loan status phases (Open, Prospect, etc.).
- What needs to be setup prior to recording disbursements?
- In order for you to record disbursements within the Disbursements sub menu, you will need the Financing menu > Job Costs tab completed with the various Job Costs. The Job Costs types and amounts will flow down into the Disbursements area.
- How do you add a disbursement?
- Click +Add.
- Cost - select the project cost that the disbursement is related to in the dropdown menu. ***Required field***
- Requested on - record the date that the disbursement was requested. An example of this could be the Closing department sent a request to Accounting on XX/XX/XXXX date. It will default to the day you are adding the disbursement record.
- Disbursed on - enter the date the disbursement was made.
- Amount - total amount of disbursement. ***Required field***
- Payee - enter who the disbursement was made to.
- Remaining Proceeds - locked field that shows funds available to disburse for selected job cost.
- Allocated Amount - locked field that shows total amount allocated to job cost.
- Method - select if check or wire was used to disburse funds.
- Linked Disbursement - only applicable if you have the Payments add-on module.
- Comments section - add any comments you want recorded about disbursement.
- Click Save.
- How will I know if the loan has been fully disbursed?
- If the loan has been fully disbursed within the Disbursements menu, you will will see the Fully Disbursed message at the bottom of the grid. You can also see if a job cost has been fully disbursed by looking at the Amount column within each job cost type, and seeing the amount listed as Remaining.
- You can generate a Loan Disbursement History by click on the Generate Disbursement History button. This history will show the total amount allocated per job cost, how much as been disbursed, and what is remaining to be disbursed. In addition, it also shows the current disbursement requests if applicable. This is a WORD document that you can edit manually after generation.
- Below are some helpful report fields related to the Tracking > Disbursements menu:
