(Accessed from the Lots > Lot Draw menu option)
Aside from event tracking, land developers can log specific payments for A/R purposes. LotWorks will log the payment amount with the date. It is important to note that LotWorks is not an accounting system in and of itself; while it will not calculate accrued interest, it will allow you to track payments received as well as future payments due.
Splitting Final Payment Due Dates (Bulk Payment Tracking)
Sometimes land developers will require a builder to pay out their lots on different dates. These are noted in Schedule “A” as well as in the database. Most systems allow users to enter up to four different due dates, similar to a takedown schedule.
Customizations for individual systems are very common here with some systems containing large takedown schedule sections or auto-updating dates.
LotWorks splits these lots up numerically among the payment dates; does not need to specifically check off which lots are due on which date because the Builder determines which lots will be paid out. LotWorks also logs a comment for each bulk draw to display final payment dates and how the dates are split.
Once the initial deposit has been received on a lot draw, the builder will gain access to the Add Home Buyer button. This allows them to add home buyers to lots or designate them as spec/showhomes.