How to add a voucher in a construction loan?

Use construction vouchers to manage, allocate, and disburse funds from a construction project. Vouchers may be payable to any vendor or lender and the total amount distributed among one or more budget accounts. A voucher can be added from the loan file or from Tasks & Reports.

To add a voucher from a loan file:

Click on Loan Servicing in the left panel of The Mortgage Office®.
Click the Loans drop-down.
Click Construction below All Loans from the menu located on the left of the window.
From the grid, select the record you want to modify.

TIP: If the record you want to edit is not visible, use the grid's vertical scroll bar to scroll the contents of the grid up or down, or click Find to search for the record by entering your own search criteria. For additional information see How to use find and How to use the data grids.

Click from the options available on top panel or double-click on the record to open it for editing.
Click Terms from the list located on the left of the window and select the Construction Tab.
Click the Vouchers tab.

Click from the options available on top panel, and enter the following information:

Construction Voucher:

Field:	Description:
From Loan	Enter the loan account. TIP: Click to open a lookup window that allows you to select a loan from a list of existing records. For more details see How to Use Lookup Windows. TIP: If you are adding the voucher from the loan window, the loan account and borrower information is pre-filled by the system and cannot be changed.
Pay to the Order of	Enter a vendor or lender account. TIP: Click to open a lookup window that allows you to select a vendor or lender from a list of existing records. For more details see how to use lookup. TIP: If applicable, you may also click the Pay Contractor hyperlink. To use this feature, you must first enter the contractor information in the Project Information tab.
Memo	Enter a description for this voucher. (Maximum of 255 characters)
No.	Enter Print to schedule this voucher for payment and generate a check; otherwise enter a check number to record a pre-paid voucher. Pre-paid vouchers are immediately posted to all related accounts and marked as paid.
Date	Enter the date the voucher is due (or the date it was paid for prepaid vouchers). The system defaults to today's date.
Amount	This is the total amount of the voucher.
Hold	Select this option to hold payment on this voucher.
Joint Check	Select this option to generate a check payable to the borrower AND the vendor. To generate joint checks by default, select this option in the Project Information tab. NOTE: Widely used in the construction industry, a joint check is a check made out jointly to two parties. Both signatures are needed before the check can be deposited.
Paid	Select this option if you want to designate this voucher as paid-by-other. Paid-by-Other vouchers are assumed paid using outside funds and are not posted to the construction trust account. TIP: This option is only available if the voucher is being entered as paid (No. is numeric), and the Hold and Joint Check options are not selected.

Budget Distribution:

Field:

Description:

Click to add a new budget distribution to this voucher and enter the following information:

Field:	Description:
Budget Account	Enter a budget account or click to open a lookup window that allows you to select a budget account from a list. For more details see How to Use Lookup Windows. TIP: Only budget accounts selected when setting up this loan's budget are available. To learn how to setup a loan budget read how to enter budget information. and importing Budget Information.
Budget Group	The budget group number and description are displayed once a valid Budget Account is entered above. This field is read-only.
Budgeted	The total amount budgeted for this account. See Entering Budget Information. This field is read-only.
Holdback	The amount to hold back from the budgeted amount. See Entering Budget Information. This field is read-only.
Disbursed	The total amount disbursed or scheduled to be disbursed to this budget account. This field is read-only.
Available	The amount available for payment calculated as follows: Available = Budgeted - Holdback - Disbursed. This field is read-only.
Pay Amount	Enter the amount you want to pay. The system will display a warning message if the amount entered here is larger than the Budgeted amount.
% Completed	Enter a number between 0 and 100 denoting this budget account current completion status. For example, enter 85% here if you are paying $5,000 towards Roofing and you estimate the roofing contractor to be about 85% completed. NOTE: This amount supersedes any % Completed values previously entered.
Notes	Enter notes describing this transaction. The notes are printed on the vendor's check stub. (Maximum of 255 characters)

To make changes to a distribution, select it from the grid and click Edit.

To delete a distribution, select it from the grid and click Delete.

Click to attach additional notes to this voucher.
Click OK to enter the inspection and exit or click Cancel to abort changes and exit.

To add a voucher from Tasks & Reports:

Click on Loan Servicing in the left panel of The Mortgage Office®.
Click Tasks & Reports from the menu located on the left of the window.
Click Enter/Edit Vouchers (Draw Requests) under the Construction Loans Category.
Click from the options available on top panel, and enter the following information: