Recording a Loan Made or Loan Received documents the transaction expressly from the point of view of the Committee.
Loan Made is a record of funds extended from the filer committee of record to the other entity indicated, with expectation of repayment under the terms provided in the transaction as recorded.
Loan Received is a record of funds received by the filer committee of record from the other entity indicated, with expectation to repay the funds under the terms provided in the transaction as recorded.
To enter a Loan Received:
- Navigate to Accounting and select Add Transaction (or navigate to the lender’s record and click the green + icon in the corner of the Transactions area).
- Fill the entity field with the name of the Individual or Organization who gave the loan to the Committee. (This is often a committee’s candidate, another donor or a bank.)
- Other fields will populate, though not all fields are required. Be sure to fill out the fields that are applicable to keep your information correct.
To enter a Loan Made
- Navigate to Accounting and select Add Transaction (or navigate to the recipient’s record and click the green + icon in the corner of the Transactions area)
- Fill in the entity field with the name of the Individual or Organization to whom Committee gave a loan. (This is a rare situation; an example would be if a candidate was reimbursed for an expense that was not considered a qualified expense and must pay the Committee back.)
- Complete the remainder of available fields as appropriate, depending on the nature of the loan and the conditions required by the entities involved
Once you add a Loan to your database, it will then be listed under your Balances.
