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22.22. Form 3 - Reporting Transactions on Line 10 (Schedule C/D)
Line 10 - Debts Owed by the Committee |
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Record Types: All Record Types Disbursement Kinds: Debt/Obligation Operating Expenditure Transactions: Debt Owed by the Committee Increase of Previous Debt Payment of Debt Owed by the Committee |
Debts Owed by the Committee are linked to their payments in the Transaction Links of the Record of the Debtee.
If multiple debts and obligations exist within the same master record, each debt and obligation will need its own transaction entry.
Debt Owed by the Committee
To enter a debt owed by the committee, one that is not a loan, select Unpaid Bills & Pending from the Financial submenu. Search for the vendor or create a new record if necessary. Reporting Code is important to notate, but Reporting Description will act a memo line of sorts for reporting detail and show on the Purpose line of the Form 3 detail.
The unpaid expense will appear on the Form 3 like this:
Payment of Debt Owed by the Committee
Within the transaction record for the recorded Debt, choosing the Linking tab located in the middle of the entry detail. Next, choose Loan History. Look for New Loan Activity at the bottom of the detail and select the Repayment tab. Once you enter the necessary information for Amount, Date and Lender, hit Add and the information will then show in the middle of the detail screen with the remaining loan balance highlighted in green as shown below.
For Loans, the transaction detail will look like this:
For Unpaid Expenses, the transaction detail will look like this:
Items from Schedule C
Totals from Schedule C will also pull to this line. For information on how to enter transactions to appear on Schedule C, view the helpfile "Form 3 - Schedule C".