For change orders, I actually add a separate “Change Orders” section under each contractor’s tab, with its own running total. That way, I don’t have to rewrite the original line items—just reference the change order number, date, and amount, then link the doc or email. It keeps the main sheet cleaner, and I can see at a glance what’s original contract vs. extra work. Sometimes I’ll color-code those rows too, just so they stand out.
Curious—do you ever reconcile your spreadsheet with your bank statements, or is that overkill for you? I find it catches little mistakes before they snowball...
Curious—do you ever reconcile your spreadsheet with your bank statements, or is that overkill for you? I find it catches little mistakes before they snowball...
I’m 100% with you on reconciling—honestly, it’s not overkill at all. I’ve caught duplicate charges and even a missing refund that way. If you’re not cross-checking, you’re just hoping the numbers add up, and hope isn’t a strategy. I actually go a step further and tag each payment with the bank transaction ID in my sheet. It’s a pain, but when the bank or contractor messes up (and they do), I’ve got proof right there. Color-coding helps, but nothing beats a good old-fashioned audit trail.
Honestly, I get where you’re coming from with the audit trail, but I think there’s a point where it gets a bit too granular for most folks. Tagging every payment with the bank transaction ID? That’s dedication, but for me, it’s overkill unless there’s already a problem brewing.
- I do a monthly check—just match up totals and spot-check anything that looks weird.
- If something doesn’t line up, then I’ll dig into the details and pull out transaction IDs.
- Color-coding is great, but sometimes just a quick glance at the running balance tells me more than all the tags in the world.
If you’re not cross-checking, you’re just hoping the numbers add up, and hope isn’t a strategy.
Fair point, but sometimes you’ve got to balance time spent vs. risk. I’ve only had one real issue in five years—a contractor double-billed me, and my monthly review caught it. If I’d been tracking every single ID, I’d have lost my mind by now. Just my two cents...
Keeping Track Of Your Construction Loan Payments Without Losing Your Mind
That’s a really practical approach, honestly. I’ve found that monthly reviews catch 95% of issues before they snowball, and you’re right—if you tried to document every single transaction detail, you’d spend more time on paperwork than actual project management. I do keep a spreadsheet with running totals and notes for anything odd, but unless there’s a red flag, I don’t go down the rabbit hole either. It’s all about finding that balance between diligence and sanity...
Keeping Track Of Your Construction Loan Payments Without Losing Your Mind
I hear you on the paperwork overload—if I tried to track every penny, I’d never get anything built. But I do think it’s worth setting aside a little time after each major draw to double-check invoices and receipts, just in case. Once, I caught a duplicate charge from a sub that would’ve slipped through if I’d waited for the monthly review. It’s a pain, but those quick spot checks have saved me more than once... Still, you’re right—no sense in making yourself crazy over every coffee run or gas receipt.
