Navigation:  Loan Screens > IRS Form 1099-C Screen > 1099-C Entry Fields field group > Debt Description

Entry: User, selection list

F/M: Yes

Mnemonic: IRPROP                                

Screen: Loans > IRS Form 1099-C screen

 

Use this field to indicate a description of the debt that your institution is canceling on the customer loan account.

 

You must choose a value in this field before <Add Entry> can be clicked. Debt descriptions must first be set up on the Loans > System Setup Screens > Debt Description screen before they can be used in this field.

 

If your institution wants the loan open date to appear in this field, a debt description can be set up using special descriptor "^LNOPND." For example, if you enter the description “Note Dated ^LNOPND” on the Debt Description screen, the dept description will show “Note Dated MM-DD-YYYY” (where the “MM-DD-YYYY” is the loan open date) on the form.