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#2195231 - 10/11/18 05:27 PM Where describe Prin Reduction in Summaries sectio?
MTBDeb Offline
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Joined: Oct 2016
Posts: 42
Where does the Prin Reduction go, in K or in L? (Trans with a seller) We are having a hard time resolving our debate and want it to end! smile

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#2195233 - 10/11/18 05:32 PM Re: Where describe Prin Reduction in Summaries sectio? MTBDeb
MTBDeb Offline
Junior Member
Joined: Oct 2016
Posts: 42
The commentary says K, but wouldn't that add to the amount they have to bring to closing? Or do we input as a negative number? Or does it go in L under Other Credits?

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#2195234 - 10/11/18 05:42 PM Re: Where describe Prin Reduction in Summaries sectio? MTBDeb
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 79,294
Galveston, TX
Section K - Negative Number, it is a contractual adjustment.
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#2195237 - 10/11/18 05:47 PM Re: Where describe Prin Reduction in Summaries sectio? MTBDeb
MTBDeb Offline
Junior Member
Joined: Oct 2016
Posts: 42
Yes and thank you. We kept reading and reading, looking for it being expressed as a negative number and just could not locate it.

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