Job Cost Line of Credit

<Q>

 Can Job Cost help with construction line of credit loans from a bank based on actual work done?

 

<A>

 Yes, the Job Cost module has a draw process on menu G5123. Draw reporting is usually done by companies that have an agreement with a bank to fund construction financing.  The draw report is the method you can use to receive reimbursement from the bank  for costs incurred during a specified period of time.                   

An eligible cost would be stipulated in the loan agreement. You receive disbursements for eligible costs after you incur them, up to the total amount of the loan. You generate a draw report to show the eligible costs you incur during a given period.