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Updated over 8 years ago on . Most recent reply
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Hard Money Construction Draw
I was wondering what I would consider a construction draw in quick books. I have a loan for 88k through a hard money lender and about 25k is built into the loan for construction draws. I got a draw for 8k a few weeks ago and am going to be getting the remainder of the money within the next week or so. I was wondering how I would put this into quick books because it won't be considered income since it is built into the loan and I know a cash-out refinance isn't considered income. If I am wrong about any of this the input would be helpful, thanks!