On FEC reports, an outstanding debt that was reported in a prior period should carry forward, showing its Outstanding Balance Beginning This Period. If a debt from a prior period is shown as Amount Incurred This Period, the system does not have a record of that debt having been previously reported and is treating it as new.
Why is my prior period debt showing as new?
ISP determines whether a debt was previously reported based on whether the debt appeared on a report marked as filed. This applies even if you filed the earlier report outside of ISP. If the report covering the period when the debt was first reported was never generated and marked as filed in your account, the next report will show the debt as incurred in the current period instead of carrying the balance forward.
How do I fix it?
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Go to Reports, then Compliance, and generate a report covering the prior period when the debt was first reported. Be sure the debt appears on that report.
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When the report generates, click the Mark as Filed button at the bottom of the screen.
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Regenerate your current period report. The debt will now be carried forward under the Outstanding Balance Beginning This Period.
Please note that the FEC requires debts that are 60 days past due or $500 or more to be reported continuously until they are fully paid off or forgiven, so correcting the rollforward keeps your reports consistent across periods.
For more on the Mark as Filed feature, see Using the Mark as Filed Feature. If you received a Request for Additional Information about your debts, see Responding to FEC Requests for Additional Information (RFAIs): Debts and Accrued Expenses.
