How to set up and maintain a construction budget master chart of accounts in a construction loan?

The part of the documentation explains how to set up and maintain a Construction Budget Master Chart of Accounts. The chart of accounts is fully user-defined, and project budgets can be as detailed as needed with many budget groups and accounts.

A construction budget master chart of accounts must be set up before you can effectively start servicing construction loans. The system initially creates a default chart of accounts for you. You can use it as-is or add and delete groups and accounts as necessary to fit your individual needs. The chart of accounts consists of one or more groups, with each group containing one or more sub-accounts. For example: you may have a group named Offsite Improvements with Engineering, Clearing and Grading and Sewer and Storm Drains as sub-accounts.

The construction budget master chart of accounts is shared by all construction loans. Each construction loan may use one or more of the accounts found in the master chart of accounts to set up its construction budget.

To open the construction budget master chart of accounts window:

Click on Loan Servicing in the left panel of The Mortgage Office®.
Click the Tasks & Reports from the menu located on the left of the window.
Under the Construction Loans section, click the Budget Master Chart of Accounts hyperlink.
The following functions are available in the Construction Budget Master Chart of Accounts assistance window:

Button:	Description:
	To add a new group to the Construction Budget Master Chart of Accounts: Click New Group and add the following information: Group ID. Enter a unique number between 000 and 999. Group Description. Enter a description for the group. (Maximum of 255 characters) Click OK to add the new group or Cancel to abort.
	To add a new account to the Construction Budget Master Chart of Accounts: Click New Account and add the following information: Using the drop-down list to select the group this account belongs to. Account ID. Enter a unique three-digit account number between 000 and 999. Description. Enter a description for the account. (Maximum of 255 characters) Select Soft Cost or Hard Cost. INFO: Also called non-brick costs, Soft Costs is a term commonly used to denote construction costs that you cannot visibly see such as architect's fees, engineering reports and fees, appraisal fees, building permits and plan check fees. Click OK to add the new account or cancel to abort.
	To edit a group in the Construction Budget Master Chart of Accounts: Select an account from the grid and click Edit. Edit the information as needed. Click OK to save or Cancel to abort. To edit an account in the Construction Budget Master Chart of Accounts: Select an account from the grid and click Edit. Edit the information as needed. Click OK to save or cancel to abort.
	CAUTION: Deleting a group also deletes all sub-accounts within the group. To delete a group from the Construction Budget Master Chart of Accounts: Select a group from the grid and click Delete. Click Yes to confirm. In the Confirm Delete dialog window, type the word Delete and click OK. To delete an account from the Construction Budget Master Chart of Accounts: Select an account from the grid and click Delete. Click Yes to confirm. In the Confirm Delete dialog window, type the word Delete and click OK.
	Click to preview and print a chart of accounts. Click here to learn more about Print Preview windows.
	Click to Refresh the contents of the grid.

How to set up and maintain a construction budget master chart of accounts in a construction loan?

This article discusses how to set up and maintain a construction budget master chart of accounts in a construction loan.

To open the construction budget master chart of accounts window: