Accessing the Funding Sources Tab
To view funding source details, the ledger, and activity history:
Navigate to your project → Select a specific draw → Click the Funding Sources tab.
This tab displays your project's funding sources (e.g., Equity like "Mitchell Development Equity" and Debt like "Bank Loan"), allocation percentages, requested/funded amounts for the draw, available balances, and tools for adjustments and confirmations.
Here, you can:
Disburse funds based on draw requests.
View real-time balances (e.g., Requested/Funded amounts).
Access the Ledger sub-tab for detailed transaction history.
For more on disbursing funds and managing uses in a draw, refer to Rabbet's official guidance on Manage Funding Sources & Uses in a Draw
Understanding the Ledger (Activity Tracker)
The ledger provides a detailed history of financial activities in a draw or at the project level. It records transactions, adjustments, and user actions with timestamps for transparency.
You can navigate to the project level and to each draw using the drop-down to see the activity.
In the ledger, there will be activity for disbursements, configuration of the sources, and Funding source paydowns.
Adjusting Funding Sources in a Draw
Funding sources can be modified directly within a draw's view, and all changes are logged in the ledger for auditability.
How to Adjust: From the draw's Funding Sources tab, click "Adjust Funding Sources."
This opens a modal where you can edit amounts for sources like "Mitchell Development Equity" or "Bank Loan."
Changes are reflected in real-time
The ledger records these adjustments under the specific draw where the change occurred, including the user, timestamp, and new amounts.
Impact on Balances: Adjustments affect available balances, requested draw amounts, and post-draw balances. For instance:
Total Funding Source Amount: $10,889,709.00
Available Balance before draw: $9,492,488.00
Balance After Draw: $8,759,754.70
Always confirm balances after adjustments to avoid discrepancies.
Adding a New Funding Source
New funding sources must be added at the project level, not within an individual draw.
Process: In the draw's Funding Sources view, click the "+ Funding Source" button.
This redirects you to the project's Funding Sources tab.
Enter details like Funding Source Amount, Original Commitment, Close Date, Maturity Date, and type (e.g., EQUITY or DEBT).
Once added, the new source becomes available across all draws in the project and appears in the ledger at the project level.
Note: This ensures consistency; draw-level views only reference project-level
sources.
Handling Paydowns and Their Appearance in the Ledger
Paydowns track repayments to funding sources, such as loans, reducing outstanding balances.
Definition: A paydown is the amount paid toward a loan or funding source in a specific draw. It helps monitor what you're repaying, ensuring debt is managed accurately.
In the Confirmation Process: In the "Confirm Outstanding Balances" modal:
"Paid Down to Date": Cumulative repayments so far (e.g., $1,458,302.00 for Equity).
"Paydown This Draw": Amount repaid in the current draw (e.g., $0.00 or $50.00 as placeholders).
These values update the "Outstanding Balance" (e.g., $1,458,302.00 remaining).
Ledger Visibility: Paydowns appear in the ledger with timestamps, user details, and draw references. For example:
Positive entries for funding additions.
Negative or specific paydown entries for repayments.
They are tied to the draw where confirmed, showing under that draw's history.
Requiring Balance Confirmation (New Rule)
A new rule in Rabbet requires balance confirmation before finalizing a draw. This is a manual check to ensure accuracy.
What It Means: Confirmation asks if balances have been reviewed and matched against core system records. It does not automatically verify or calculate totals—it's a user acknowledgment step.
How to Confirm: In the "Confirm Outstanding Balances" modal:
Review sources (e.g., "Mitchell Development Equity" or "Bank Loan").
Enter or confirm "Paid Down to Date," "Paydown This Draw," and "Outstanding Balance."
Check the box if balances match your records.
Optional notes can be added for context.
This step appears in draws where the rule is enabled, promoting accountability without automated validation.
Do you have questions or feedback? Please email us at help@rabbet.com