Monthly Audit of WIP Draws and Transactions

Monthly audit of loans closed in the previous month to confirm WIP transactions are posted, draws are created/funded, and each WIP transaction is linked to the correct draw. 

Departments and Access

Department Supported - Product Support Audit

Super Powers Needed - NO

Dev Support Needed - NO

Context and Common Situations: 

This is audit covers 2 sections of WIP

Instructions:

1. Create a HubSpot ticket for the audit for tracking and external communication

1. Title of HS Ticket should include the Month and Title of the Audit

   1. Ex (July Monthly Audit - WIP Draws and Transactions)

2. Do an Export from the Loan Conditions in LMS to find all loans that should have a WIP

From LMS Menu:

1. Select Loans > Loan Conditions

2. Clear out all pre-existing filters

3. Filter by:

   1. Condition - "Draw at Close (WIP)

   2. "Status - Is Not Equal to "Waived"

   3. Loan Phase - "Servicing"

   4. Estimated Closing Date - Is after or Equal to [The first day of the previous month] AND  is Before [The first day of the current month]

4. Export this list

5. Open the spreadsheet and filter the Application column to locate and remove any duplicate entries - This will be your final list of loans that need checked

3. Using the Spreadsheet Review theLoan History, Budget Tab, and Draws Tab of each loan.

From your excel sheet  - copy each application number and paste it into loan details to find each loan

• Review the Budget Tab and "Total WIP" column next to each property
• Go to the Loan History Tab - for each total WIP on the budget tab there should be a WIP Transaction 
• Go to the Draws Tab - There should  be a Draw for each WIP Transaction
  
  

IV. Ensure the WIP Transactions created in Previous month are Linked to Draws

Export a spreadsheet from Loan Transactions 

From LMS Menu

1. Select Accounting >Loan Transactions

2. Filter by: 

• • Transaction Type - "WIP"

  • Effective Date - Is after or Equal to [The first day of the previous month] AND  is Before [The first day of the current month]

       3. Export this list or expand the LMS Table - and review the Loan Draw Column: There should be no blank entries.

IV: Notate Results of Audit: 

1. Notate the Results of the audit in the log provided in this document – Include any relevant notes comments and links to tickets 
2. Post a verbal the confirmation of audit’s completion in the Teams Chat 
3. Resolve HubSpot Ticket